As stressful as budget season can be for property managers, it is the best opportunity to set your location up for success in the following year. Taking the time to consider all aspects of your property’s needs will alleviate stress in the months ahead.
“What’s one way to ensure you have a rough year as a property manager? Have a budget that doesn’t reflect what the property needs.” -Erin McTear, Assistant Property Manager, Mid-America Real Estate-Michigan, Inc.
1. Start with a running list of the things your property needs and the things your property could benefit from having. While it’s not practical to afford your entire wish list, having everything in front of you will help you see which “wants” you can budget in after “needs” have been accounted for.
Consider: What Tenants Want
What sets your property apart and creates long-term tenants? Don’t let maintenance go by the wayside. An aging property can still look fresh with the right upkeep. Tenants, and especially prospective tenants, seek spaces that are clean and modern.
2. Next, consider the best contractors for the job. Is your landscaper constantly underperforming? Does your roofing contractor guarantee repair work? Is each vendor performing and sticking to their numbers? Budget season is the right time to consider bids from new contractors. Your relationship with your contractors should be a partnership.
Consider: Who are the Major Players in Your Budgeting Process?
Involve as many people as you find helpful. An all-encompassing budgeting team comprises owners, asset managers and outside partners, plus professionals representing property management, leasing, accounting, design, construction and marketing.
3. Lastly, you can never check your budget too many times. Don’t miss important services such as irrigation, snow removal and pressure washing.
Consider: What services help my property thrive?
Don’t consider these services a luxury. An inviting property can mean the difference between loyal customers and people that become accustomed to just driving right past. Leaving these out may be the biggest mistake you make for your budget!
Sun Brite’s pressure washing expertise can make your property shine. We have over 25 years of experience in the Greater Atlanta community! If we can provide a quote for your upcoming budget, please give us a call at (678) 498-7660.