Welcome back! In this installment, we’re diving deeper into the essential steps of proper budget preparation. At Bellaire Multifamily Management, we understand that success in property management begins with meticulous budgeting. It’s not just about numbers; it’s about laying a solid foundation that ensures the optimal performance of our properties and the satisfaction of our residents. Below are some of the areas we review in preparation for the upcoming budget season.

  1. Physical Inspections: Our commitment to excellence starts with on-site physical inspections of our properties. We examine the exterior and conduct annual unit inspections. This thorough assessment allows us to identify any deferred maintenance or preventative maintenance that needs attention in the upcoming year.
  2. Property Capital Plan: Based on our inspections, we put together a property capital plan for the upcoming year. This plan or strategic roadmap prioritizes critical maintenance and improvement projects, ensuring that our properties remain in top-notch condition.
  3. Re-Bidding Contracts: We leave no stone unturned when it comes to contract services. We re-bid all our contracts to ensure that we not only secure the best-priced vendors and services but also maintain the highest quality standards.
  4. Staffing and Operational Evaluations: Proper budget preparation includes a comprehensive evaluation of our staffing plan. We also review model units, marketing plans, and conduct a fee analysis to ensure our other income aligns with our competitive set.
  5. Replacement Costs and Utility Evaluations: We assess replacement costs for major building components and evaluate utilities to identify potential savings or efficiency improvements.
  6. Forecasting: Lastly, we complete a thorough forecast of the current year to ensure that our new budgeted projections are based on actual/forecasted data. This allows us to make informed decisions and set realistic financial targets.

Our commitment to proper budget preparation is a testament to our dedication to transparency, accountability, and continuous improvement. It’s a dynamic process that ensures we’re not only meeting but exceeding the expectations of our residents and property owners.

Thank you for your continued trust and partnership with BMM. Stay tuned for the next edition of our 2024 Budget Newsletter Series, where we’ll delve into more insights and strategies for a successful year ahead.

If you would like additional information on our budget preparation process, please reach out and we will send our budget prep workbook to assist you with your upcoming budget!


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