Generally speaking, electricity doesn’t cost you too much if you only own one home. While it might fluctuate from season to season based on an increase in overhead lighting, or even air conditioning units, the overall cost of electricity likely isn’t the difference between you living paycheck to paycheck or living the luxe life. That being said, if you’re reading up on how to become a real-estate mogul, you may wonder what you can do to limit your expenses as you hold more and more properties—and, by extension, receive more and more utility bills.
The good news is that there are a variety of ways that you can cut costs, even if you’re holding a significant amount of properties in an expensive city like New York City, London, or Sydney. The internet makes it easier than ever to compare and switch electricity providers, meaning that you’ll spend a lot less time and energy doing research into different utility companies than you might have had to a decade ago. That being said, just because it’s easier to compare energy providers doesn’t mean that it should be taken lightly. After all, when the profits from your real-estate empire are on the line, every decision you make counts. Read on to learn more about a few of the different factors you can expect to come into play as you compare different utility providers.
You’ll want to size up the business before you commit.
As you start to look into different electricity providers, it’s important to look beyond their service and consider their business model itself. If they’re relatively new to the industry, you may want to steer clear of them since it could mean that they don’t have the years of experience to handle power outages and other emergencies in a timely and efficient manner.
Another factor to consider as you’re weighing the pros and cons of a few different energy companies is how they handle customer service issues. Especially if you have a large real estate empire and are conducting an important open house or a showing, the last thing you want to do is have a service interruption. Still, sometimes problems do arise, and it’s important that you know how customer-centric your electricity provider is, especially for bigger clients. Reading up on some reviews online or asking for referrals from existing customers can help you get a better feel for how a utility company truly treats its customers.
Make sure you’re comparing plans and not just prices.
The devil is in the details, and just because a contract may save you money in the short term doesn’t mean that it’s the right choice for your real estate empire in the long run. In addition to looking at different costs, it’s important to consider what’s included in different electric plans. Some electricity companies will waive service charges at slightly higher rates, and others put energy caps on what they can output to your property. These sorts of details will be able to be found, but likely aren’t going to be front-and-center in any utility company’s advertising. Paying less money on worse service is a lot like lighting your money on fire—something you don’t want to do if you’re serious about becoming a real estate mogul.
Consider whether an energy company is capable of helping you do good for the planet.
Miraculously, renewable energy is becoming a more cost-effective option. This is important to note because, in addition to helping you save money, you can also help save the planet by switching to a greener electric company. Especially with the weight behind a decision from a real estate mogul who owns lots of property, these sorts of moves can make a big difference in other electric companies deciding to offer more energy-efficient, eco-friendly solutions to their customers, too.
Being careful about your energy plan isn’t just for single-home owners. It’s important for everyone to make the most informed decision possible.