Every year it’s a grueling process to get the estimates on services from vendors who are already stressed for time on services they are providing. If we have services already provided by vendors, why should we provide a budget?
Preparing a budget should be viewed as a worthwhile exercise and not an unwanted task. A budget helps the property manager analyze the property operations and look for opportunities to bring value to the property’s actual performance.
Budgets help property managers coordinate a property’s resources based on past performance and current conditions to predict future trends. It also ensures that it meets the client’s financial objectives for the property/investment.
An operating budget not only helps the client but helps the property manager plan for future activity by comparing actual to its projected accomplishments. Your budget becomes the standard against which a property’s operation is managed.
Give Velocity Management Services a call if you have questions on how to add value to your property’s operations.
