The end of the year signifies a big push on budget for property managers, which can have many pitfalls. But planning ahead with vigilance means that your retention rates stay high and your reputation grows as a reliable property management company. Here are the biggest 5 things to make sure to stay on top of.
1. Communication
Ensuring that your building owners are on the same page, both at the annual budget stage as well as anytime something comes up. While you have an annual budget set, there is always unplanned changes and events that may change what needs to be allocated where. When you keep your owner in the loop they are more likely to be on board, instead of being shocked at a project going over-budget when they get the bill. Have a contingency plan in place, for example, if any project is quoted to be above a certain amount, always have the owner sign off before any work is started. Having things in writing leaves a paper trail that can be consulted at any time, a safeguard that any property manager will cherish.
2. Conduct Regular Inspections
Setting a recurring event in your calendar may be the saviour when it comes to preventative care, with the help of a property management software system. This can mean the different between disastrous water damage or just a small leak. Make sure you have a list of all the systems that need to be checked regularly for each building, including the age and vendor contacts you’ll need.Another helpful task to help with this is to have a building history, if you know the age of the water boilers, you’ll know about the time they need to be inspected for replacement. This also helps with seeing trends and prevent any further damage from faulty systems.
3. Plan for Emergencies
While we’d all like to think positively, there are things to be prepared for and emergencies are at the top of that list. Ensure you have all the contacts and vendors you need in case something happens. This also means making room in the budget for this, so that owners can rest assured that it won’t necessarily mean blowing the yearly budget (plus it makes it looks great if nothing happens and you’re under-budget!)
4. Review, Review, Review
Plan for quarterly reviews of the budget. Staying on top throughout the year means you can break up changes into more manageable pieces and takes notes for next year. Keep up with this with a calendar app, usually included in most building management software.
5. Research.
Take the time to go through your vendor list for ensure you are getting the best service possible. Find out what the current market rates are for them, as well as for materials, labour costs, as well as inventory items like appliances, flooring and any other item you’ll need regularly for amenity spaces and common areas.
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