Utility Management: Make it Efficient

Utility costs should be built into your room prices. To keep your room prices competitive, invest upfront in energy efficiency including insulation, energy efficient appliances and mechanicals and devices that monitor and reduce the consumption of utilities.

Heating

Install a smart thermostat that locks with a pin, such as a Honeywell lyric T5. Improve the overall performance of the property by ensuring adequate insulation and investing in air-sealing (about $400). 

Water

Water consumption is reduced through the use of low-flow fixtures. Further detail is in the specification sheet, but we strongly recommend swapping out all showerheads and older toilets, and installing 0.5 gpm aerators in all bathroom faucets. 

Water monitors such as Flo or Flume may be used to detect slow leaks. Most water departments will reimburse a portion of the cost if you find a leak and can show that you’ve fixed it by submitting a copy of the invoice. 

Electricity

Use LED bulbs for all fixtures. LED bulbs use less energy and last much longer. 

Some owners opt for smart monitors such as the Sense for better insight into power usage within the property. Many electric utilities offer discounts and rebates on energy-saving investments, from smart thermostats to insulation.

WiFI

In general, it’s worth the extra money to invest in unlimited WiFi if you have more than 4 bedrooms. It is notoriously difficult to reduce WiFi “consumption” in the age of Netflix.