{"id":5590,"date":"2019-08-12T10:36:05","date_gmt":"2019-08-12T17:36:05","guid":{"rendered":"https:\/\/www.parcelpending.com\/?p=5590"},"modified":"2023-03-29T17:50:28","modified_gmt":"2023-03-29T17:50:28","slug":"property-management-budgeting-tips","status":"publish","type":"post","link":"https:\/\/www.parcelpending.com\/en-us\/blog\/property-management-budgeting-tips\/","title":{"rendered":"Property Management Budgeting Tips"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">As a property manager, one of the hardest aspects of the job is searching for ways to maximize your limited budget. Due to the constraints it places upon your ability to properly do your job, you need to find places where you can afford to cut costs or additional ways you can generate revenue, whether directly or indirectly. <\/span><span style=\"font-weight: 400;\">Whether it be installing an <\/span><a href=\"\/en-us\/markets\/multifamily-parcel-lockers\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">apartment package delivery system<\/span><\/a><span style=\"font-weight: 400;\"> to save you time or regular <\/span><span style=\"font-weight: 400;\">maintenance<\/span><span style=\"font-weight: 400;\"> to avoid a more expensive fix down the road, budgeting tips will be essential.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Are you budgeting strategically? Below, you\u2019ll find budgeting tips and cost-saving opportunities you will want to consider employing. Keep reading to discover what those are.\u00a0<\/span><\/p>\n<h2><strong>Property Management Budgeting Tips<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">As costs rise, properties are no longer guaranteed, high-yield cash flow, particularly for those property managers with little experience or who came into such a role by chance. As margins decrease, budgeting mistakes compound and are magnified, especially when it\u2019s the result of incompetence. Therefore, by taking the time to budget and plan for the future you can accomplish the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set performance targets<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Make income and expense projections\u00a0<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Plan for capital improvements<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Identify problems that need addressing<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Create a standard for property management reviews<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The following tips should help you avoid <\/span><span style=\"font-weight: 400;\">potentially ruinous errors:\u00a0\u00a0<\/span><\/p>\n<h3><b>Budget for both one-time and ongoing costs<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">As you begin to outline your <\/span><span style=\"font-weight: 400;\">annual<\/span><span style=\"font-weight: 400;\"> budget<\/span><span style=\"font-weight: 400;\">, it\u2019s essential that you\u2019re considering all of your potential future costs by budgeting for ongoing costs as well as one-off expenses. Examples of these include:\u00a0<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><b>Ongoing<\/b><span style=\"font-weight: 400;\"> \u2013 Leasing, maintenance, <\/span><span style=\"font-weight: 400;\">on-site<\/span><span style=\"font-weight: 400;\"> management, staff, security, vendors, utilities. <\/span><span style=\"font-weight: 400;\">Think of your day-to-day <\/span><span style=\"font-weight: 400;\">operating expenses<\/span><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>One time <\/b><span style=\"font-weight: 400;\">\u2013 Repairs, fixing a room for a new resident, replacing parts, or remodeling rooms or parts of the property.\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><b>Create a cushion for emergencies<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">You also need to factor in the chance for not only one time costs, but emergency costs as well. If you do not have room in your budget for emergencies and the like, one disastrous occurrence could be the hole that sinks the ship. Create a budget that has room for random expenses that may arise sporadically. If you don\u2019t end up using that spare cash, you can either roll it over into the next year\u2019s <\/span><span style=\"font-weight: 400;\">annual<\/span><span style=\"font-weight: 400;\"> budget<\/span><span style=\"font-weight: 400;\"> or use that money to improve the property.\u00a0<\/span><\/p>\n<h3><b>Address small issues immediately<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One mistake many property managers make involves allowing small issues to linger, remain unaddressed, and then get worse over time. Often, the excuse made is that fixing something that\u2019s manageable would be a waste of the limited budget. The reasoning goes that there are larger, more costly problems. That said, like an injury, if you let it fester, things only magnify and get worse. A patched pipe costs far less than a total replacement. <\/span><span style=\"font-weight: 400;\">With that said, you&#8217;ll find that the small <\/span><span style=\"font-weight: 400;\">investment<\/span><span style=\"font-weight: 400;\"> now will save you a lot more money later.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you run a large property, you might be overwhelmed by the sheer number of issues that require your attention. In such cases, consider splitting issues into three tiers of urgency:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>High urgency<\/b><span style=\"font-weight: 400;\"> \u2013 Should be fixed within the same day, if not within the hour.<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Structural Issues<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Mold<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">No heat or hot water<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leaks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clogged toilets<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Safety issues\u00a0<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Medium urgency<\/b><span style=\"font-weight: 400;\"> \u2013 Should be addressed within 48 hours.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Broken appliances<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Clogged shower or sink<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Busted lights<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Malfunctioning AC<\/span><\/li>\n<\/ul>\n<\/li>\n<li style=\"font-weight: 400; padding-bottom: 16px;\"><b>Low urgency<\/b><span style=\"font-weight: 400;\"> \u2013 Should be dealt with within a week.\u00a0<\/span>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Leaks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Drips<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small holes<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Cracked tile<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Grout coming out<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Bad molding <\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<h3><b>Look for ways to save by spending<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Although it\u2019s counterintuitive, sometimes you have to spend money in order to save it. Similar to repairs, a small upfront investment can increase efficiency that saves you money over time. For example, consider your package management.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you <\/span><span style=\"font-weight: 400;\">manage<\/span><span style=\"font-weight: 400;\"> a large <\/span><span style=\"font-weight: 400;\">multifamily<\/span><span style=\"font-weight: 400;\"> apartment, you\u2019re likely receiving dozens of packages a day from Amazon and the like. Even if you have a mailroom, this constant influx of deliveries takes up your time as you sign for, accept, sort, store, and\/or deliver <\/span><span style=\"font-weight: 400;\">packages<\/span><span style=\"font-weight: 400;\"> to <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\">. For each package, that\u2019s five to ten minutes of your day that could be more effectively spent elsewhere. <\/span><span style=\"font-weight: 400;\">It might be time to turn that messy mailroom into a <a href=\"\/en-us\/blog\/the-rise-of-the-smart-package-room\" target=\"_blank\" rel=\"noopener noreferrer\">smart package room<\/a>.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A solution to this problem would be adding <\/span><a href=\"\/en-us\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">smart package lockers<\/span><\/a><span style=\"font-weight: 400;\"> such as those made by Parcel Pending.<\/span><span style=\"font-weight: 400;\"> Apartment automation through these electronic<\/span><span style=\"font-weight: 400;\"> lockers would let you stop moonlighting as a postman, saving you hours of time and allowing you to spend your time more wisely. In addition to the time saved, you provide your residents with additional value and contribute to their overall satisfaction with their living situation. <\/span><span style=\"font-weight: 400;\">These small <\/span><span style=\"font-weight: 400;\">improvements<\/span><span style=\"font-weight: 400;\"> that you make for your <\/span><span style=\"font-weight: 400;\">residents<\/span><span style=\"font-weight: 400;\">\u2019 living situation will make them more likely to remain a resident.\u00a0\u00a0<\/span><\/p>\n<h3><b>Track your payments<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Since budgets need to be adjusted and made on an annual basis, it\u2019s much easier to create a solid budget when you have previous numbers and <\/span><span style=\"font-weight: 400;\">financial <\/span><span style=\"font-weight: 400;\">reports to use as the baseline comparison. To make this <\/span><span style=\"font-weight: 400;\">budgeting <\/span><span style=\"font-weight: 400;\">process<\/span><span style=\"font-weight: 400;\"> easier, invest time throughout the year to track your current payments and invoices. By organizing and staying on top of your filing, you make the job much more manageable and create increased visibility going forward.\u00a0<\/span><\/p>\n<h2><strong>Property Management Budget<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">Being a property manager is no easy task. That said, it\u2019s easier to handle when you have a comprehensive property management budget. So, as you go about the <\/span><span style=\"font-weight: 400;\">budgeting <\/span><span style=\"font-weight: 400;\">process<\/span><span style=\"font-weight: 400;\"> remember the five<\/span> <a href=\"\/en-us\/blog\/property-management-tips-and-tricks\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">property management tips<\/span><\/a><span style=\"font-weight: 400;\"> for budgeting<\/span><span style=\"font-weight: 400;\"> discussed above:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Budget current and ongoing costs<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Set aside money for emergencies<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Address small problems before they become larger ones<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Look for areas to invest money,<\/span><span style=\"font-weight: 400;\"> like the mailroom process<\/span><span style=\"font-weight: 400;\">, in order to save time or money down the road<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Use your ledger and be thorough<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">By being mindful of your budget <\/span><span style=\"font-weight: 400;\">and equipping yourself with the right <\/span><a href=\"\/en-us\/blog\/5-savvy-property-manager-tools-you-should-be-using\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">property management tools<\/span><\/a><span style=\"font-weight: 400;\">,<\/span><span style=\"font-weight: 400;\"> you can ensure that your property will continue to thrive even when times get hard!<\/span><\/p>\n<p><strong>Sources:<\/strong><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">Banta, T. TBB. Creating an Annual Operating Budget for Your Multifamily Property. <\/span><a href=\"https:\/\/theresabradleybanta.com\/annual-operating-budget-for-your-multifamily-property\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/theresabradleybanta.com\/annual-operating-budget-for-your-multifamily-property\/<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Manage Casa. 10 Good Ways to Keep Property Management Costs Under Control. (2018). <\/span><a href=\"https:\/\/managecasa.com\/articles\/control-costs-permanently\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/managecasa.com\/articles\/control-costs-permanently\/<\/span><\/a><\/li>\n<li><span style=\"font-weight: 400;\">Beers, B. Investopedia. 6 steps to a better business budget. (2019). <\/span><a href=\"https:\/\/www.investopedia.com\/articles\/pf\/08\/small-business-budget.asp\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">https:\/\/www.investopedia.com\/articles\/pf\/08\/small-business-budget.asp<\/span><\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>As a property manager, one of the hardest aspects of the job is searching for ways to maximize your limited budget. Due to the constraints it places upon your ability to properly do your job, you need to find places where you can afford to cut costs or additional ways you can generate revenue, whether [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":5593,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-5590","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-multifamily"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Property Management Budgeting Tips | Parcel Pending<\/title>\n<meta name=\"description\" content=\"Are you budgeting strategically? 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