6 Ways to Lower Elevator Operating Expenses in Commercial Properties

Managing a commercial building comes with high costs and constant responsibilities, especially when it comes to maintaining complex systems like elevators. With regulations and standards evolving, property managers need practical ways to keep expenses in check without sacrificing safety or performance.

Drawing on more than 35 years of vertical transportation consulting experience in cities such as Chicago, Miami, Philadelphia, and New York, industry experts recommend the following strategies to help reduce elevator-related costs in as little as 60 days:

1. Revisit Your Service Agreement – Often, maintenance contracts include services that aren’t fully used. Reviewing and adjusting the terms can quickly free up savings.

2. Document All Equipment – Keep a complete inventory of your elevator systems, noting each unit’s expected lifespan, common issues, and the years when repairs are most likely to be needed.

3. Track Inspection Dates – Missed or failed inspections are a frequent cause of costly penalties. Mark test dates and prepare in advance to ensure compliance.

4. Maintain Thorough Records – Store accurate, up-to-date building and equipment documentation. These records make it easier to identify trends, address recurring issues, and make informed decisions.

5. Strengthen Vendor Relationships – Building rapport with your elevator technicians can lead to faster response times and smoother service during emergencies.

6. Scrutinize Your Bills – Review every charge on your invoices to confirm you’re only paying for work that was requested and completed.

   

Conclusion:By staying organized, maintaining open communication with service providers, and actively managing both contracts and records, property managers can significantly reduce elevator operating costs while extending the life of their equipment.

Contact VSA ConsultingVertical Systems Analysis. Offices in New York City

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