4 Areas to Focus on to Better Understand Financial Budget Variances

Being able to manage the leasing, residents and staff are critical functions of a good property manager, but often I hear from regional managers and other leaders in the multifamily housing industry that managers are good at running properties, but don’t fully understand how to read a financial statement. Understanding financial budget variances in property[]

property management

7 Tips to Improve Your Property Management Expenses and Financials

The accounting, purchasing, and budgeting processes in property management don’t have to be painful. Managing the complexities of a large or small portfolio of apartments and other lease properties requires a keen eye and efficient processes. And as difficult and cumbersome as it may sound to blend all the moving parts of property management into[]

multifamily-budgeting

5 Multifamily Budgeting Myths Debunked

“Budgets were originally designed as control mechanisms. As such, they are traps …” ― Stephen Bungay, “The Art of Action: How Leaders Close the Gaps between Plans, Actions and Results” Budgets are effective tools if implemented correctly. Understandably, they are large undertakings and require a lot of time and planning. The challenge is that good[]

budgeting season

8 Ways to Prepare for Budgeting Season

8 tips to ready a web-based accounting system before budgeting season. Like baseball has spring training and football training camp, budgeting has its own pre-season. It’s the time before the crunch that property managers and administrators prepare for planning the next year’s budget. Or at least they should be. Never mind the two-a-days, budgeting preparation shouldn’t[]

budgeting season

7 Ways to Make Budgeting Season Less Painful

Yes, it’s arrived, like a distant a relative who you wish would not visit and definitely not stay. It’s budgeting season. A regional manager once quipped, “I’d rather have root canal surgery once a week than create the budget.” Ouch! Why is this such a dreadful time of year? The year is making the turn[]

Budgeting Property Management

What Went Wrong with Your Budget and How Can You Improve it?

Your budget year has just begun and already it’s out of whack. Even though occupancy is trending with the national average or better, expenses are unexplainably showing variances that need to be explained. How could this happen? Examining your Budgeting Process One way is that your managers were not mentored on how to read and[]

property management growth

7 Must-Have Resources for Apartment Property Management

From setting rent rates to screening residents and managing payments, property management professionals often wear many hats. What are you currently doing to be successful? Multifamily industry leaders have the right resources backing them up, and here are our top seven must-haves to adopt for your property management business today: 1. Revenue Management Take the[]

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