Preparing the Annual Property Budget PAAWW#13
PAA Webinar Wednesdays-supported by Multifamily Insiders-is the largest weekly premium webinar series in the multifamily industry, helping you gain the skills to improve your performance and advance in your career! Through this program, you get access to innovative ideas, best practices, and emerging trends from a variety of topics, including customer service, leasing and marketing, resident retention, career advancement, leadership techniques, and other property management skills to become a superstar at your company and/or in your profession!
Believe it or not, budget season is right around the corner, and sound financial knowledge is essential to the success of each and every multifamily community. As a management professional, creating the annual property budget can be a daunting and overwhelming task. This course will breakdown the process of preparing the annual budget into an easy to follow step-by-step process so you can be prepared for budget season with confidence.
Alex will outline the purpose of the annual budget, describe the reports you’ll need to help make appropriate forecasts and share key metrics to consider before submitting your budget for review.
- Determine Ownership Objectives for the Property
Identify long-term ownership objectives, identify budget year property goals, and establish key property metrics.
- Build the Revenue Side of Your Budget
Establish rental revenue for the next budget year, determine commercial/retail rent, if applicable and establish other income potential for the next budget year.
- Build the Expense Side of Your Budget
Payroll, general administrative costs, advertising and marketing, utilities, repairs and maintenance, taxes and insurance.
- Prepare for the Budget Review
Check your bottom line and ensure that ownership goals have been met, back-up documentation to substantiate all budget assumptions, know your market, justify the need for each capital expenditure, and make final adjustments as needed.
About Alexandra Jackiw
Alexandra Jackiw is Chief Operating Officer of Argenta Property Management Group where she oversees the corporate functions, training, and business development for its affiliated management companies. She is a nationally recognized speaker and an accomplished expert in all aspects of property management, marketing, and training, with extensive experience managing all types of assets. Alex was Chairman of the Board of the National Apartment Association in 2013, served as President of the NAA Education Institute in 2008 and 2009. She was inducted in the NAA Hall of Fame in 2018. Alex graduated from the University of Rochester with a B.A. in Chemistry and received her M. Ed. from Ohio University.
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