In 2022, a prior property management proposal was approximately $27,000 annually, excluding certain office fees. By changing property managers, Promenade reduced management costs to approximately $20,000 per year, and subsequent changes have brought costs closer to $15,000.
Technology continues to improve rapidly. As automation, AI tools, and self-service platforms become more capable, additional efficiencies may become possible over time. Next year that fee can be less than $10,000.
The math is compelling: A $17K improvement in free cashflow means RAPID buildup in Reserves for restoration and other improvements.
Promenade's First Weather Based Irrigation Controller
Housed at the pool, our first ever ET Based Controller (Smart Controller) will be installed in July and make sure each zone gets the right amount of water. The system recieves weather updates and automatically adjusts watering times. It's about time --this technology has been available for over 20 years.