Obtain bids on fuel and insurance
Fuel is a big item in your budget.  Request bids every year and save by dealing with the lowest bidder.  Get bids on insurance, too.  (Insurance is not a favor you do a friend.)  Another way to save on insurance is to reduce your premiums by taking higher "deductibles".

Examine your utility bill
It takes a specialist to understand a utility bill.  Have your gas and electricity charges evaluated by an outside firm and split the savings with them.

Taxes are not inevitable
Real estate taxes can be held to modest increases (or even lowered) if you make the effort to present the city with an annual income/expenses statement.

Live by your budget
Prepare monthly, quarterly and annual budgets and stick to them.  You can't always order everything you would like to have.

We have held bad debts write-offs down
by applying these methods:

We use a real estate broker
Tenants who can afford to pay the broker's fee, plus the first month's rent and a security deposit, are more apt to be responsible.

Do home visits
Visit the home of the prospective tenants to verify their current address, family size and life style. Cancelled checks and past rent receipts will indicate if they usually pay rent on time.

Double-check applications
After the rental staff approves the tenant's application, credit rating and income, have the rent collection manager review it. Because it's his responsibility to collect the rents, he will be even more careful.

Monitor rent payments daily
Act immediately on arrears. The longer you delay, the faster bad debts grow. If necessary, we arrange semi-monthly and weekly payments to help financially hard-pressed tenants.

Don't overlook vacant apartments
Because the maintenance staff is under pressure to do tenant-requested repairs, vacant apartments can be overlooked, delaying inspection and new rentals.

Good labor relations reduce labor costs
Learn each man's skills and give recognition to good work. When a man knows he has a future, you're more apt to get a good day's work for a good day's pay. To eliminate non-productive employees, follow the procedures outlined in the union contract. It can aid you as well as the union.

Use a computer to track all your operations
For example, deviations from the average fuel burn per apartment will spot costly problems at once. Monitor, too, all lease expirations. Rent increases approved by Rent Stabilization cannot take effect until a lease is renewed.