The move-in trucks are gone and your new residents are starting to make themselves at home. You survived “the turn.” While it may feel like you can finally take a deep breath and relax, for multifamily operators, your next challenge is right around the corner. Budget season is looming.
Every year, the late summer and early fall marks the start of multifamily budget season. During these months, owners and operators diligently prepare their property management budget for the upcoming year.
Traditional Multifamily Budget Considerations
When planning your budget, it’s essential to prioritize the needs of your residents and prospective residents. Resident expectations have changed in recent years. How are you planning to stay competitive with other properties in the area? Is it time to upgrade the appliances, countertops, or flooring in your units? Do you need to incorporate a coworking space to appeal to those residents who work from home?
Another area to consider is staffing and maintenance. Staff turnover in the multifamily industry, particularly on the maintenance side, is high. How can you improve employee retention? In addition, as your property gets older, consider what preventative maintenance needs may arise in the next year. This includes everything from a boiler, to something as simple as repairing the cracks in the sidewalk.
Technology is no longer optional
One aspect of the budget operators tend to overlook is technology. Traditionally, technology has never been a priority for multifamily operators. Over 80 percent of them do not have an operations and maintenance platform solution. Most are still using paper checklists, manuals, and spreadsheets.
As you create your budget, take the time to think about the future. How can you continue to make your property an attractive place to live, while making it less costly to maintain?
Technology allows you to simplify and streamline every aspect of your property operations and maintenance. Imagine you have a platform where each team member logged in every day and knew exactly what needed to get done, and how to do it while giving you real-time visibility into each task. Over time, this helps to reduce maintenance expenses, increase equipment’s useful life, and increase the efficiency of your staff. The proper technology platform ensures higher occupancy and makes your property more profitable.
Take the Stress out of Multifamily Budget Season
Budget season can be hectic. Don’t feel overwhelmed. By investing in technology, you set yourself up for a successful year ahead, while still preparing for the future. Leonardo247 uses technology to automate tasks and workflows ensuring mission critical tasks to your business never slip through the cracks. To learn more, schedule a demo today!