Boost Your Bottom Line: How Temporary Staffing Can Help Property Managers Manage Rising Insurance Costs

Cut Costs with Flexible Staffing Solutions.

Property insurance premiums are skyrocketing across the real estate industry, forcing multifamily and commercial Property Managers to seek creative ways to cut costs while maintaining operational efficiency. Rather than compromising the tenant experience or property upkeep, there’s a better solution: using temporary staffing strategically to keep operations lean and effective without breaking the bank.

Tackling the Real Problem: Rising Costs

It’s no secret that the property insurance market is in turmoil. According to a 2024 report by the Insurance Information Institute, property insurance rates have risen by an average of 20% in the past year alone, driven by factors such as increased natural disasters, rising repair costs, and heightened liability concerns. For Property Managers, this translates to tight budgets and difficult decisions. How can you ensure your property remains attractive, functional, and safe when operational expenses are being squeezed by soaring insurance rates?

Staffing Smartly to Reduce Risks and Costs

This is where temporary staffing solutions come into play. Rather than hiring full-time employees across all departments—many of whom may not be fully utilized year-round—temporary staffing allows Property Managers to scale their workforce according to seasonal demands, resident turnover, or unexpected repairs. For instance, properties can bring in maintenance teams on standby for sudden issues or lease consultants during high-traffic seasons, ensuring you have the help you need, exactly when you need it.

Lowering Liability, Reducing Claims

One significant factor impacting insurance costs is effective risk management. Well-maintained properties are less likely to experience accidents, leaks, or emergencies that could lead to costly insurance claims. By bringing in certified maintenance technicians or groundskeepers on an as-needed basis, Property Managers can ensure that their properties remain safe and compliant with regulations.

For instance, a study from the National Association of Home Builders (NAHB) revealed that properties that invest in regular maintenance experience 30% fewer incidents leading to insurance claims. This proactive approach not only enhances tenant safety but also reduces the chance of claims, helping to keep insurance premiums in check over time.

Flexibility Without the Financial Strain

Staffing costs are typically one of the largest expenses for property management. Instead of committing to long-term hires, temp staffing allows you to bring in specialists, like HVAC-certified technicians or groundskeepers, during critical periods. This ensures your property remains in top shape without the burden of permanent salaries.

According to a recent report by Staffing Industry Analysts, temporary staffing can reduce labor costs by 10-20% compared to hiring full-time employees. In today’s volatile insurance landscape, flexibility is essential. By leveraging temporary staffing solutions, Property Managers can remain nimble, meet resident needs, and mitigate operational risks—all while managing the pressure of rising insurance premiums.

Boosting Your Bottom Line with BGSF

At BGSF Property Management, we understand the unique challenges facing Property Managers today. Our tailored temporary staffing solutions are designed to help you navigate the complexities of maintaining operational efficiency while keeping costs down. Let us support you in finding the right staffing solutions that fit your needs, enabling you to thrive in this uncertain landscape with smart, financially sound decisions.