By: Anton Systems
The first key aspect of budgeting is revenue. Due to the nature of leases and contracted rent amounts, this information is usually very accurate. Good lease administration processes, specifically lease “onboarding”, ensures that this information is available and correct. Taking the time to fully abstract the lease and entering rent increases and any concessions not only ensures proper billings to the tenants, but also aids in revenue projections. Where contracted rents are not available, experience and analysis completes the forecasting picture.
The second key aspect of budgeting is expenses. Budgeting for expenses is a more complex activity and organizations have developed many different models and formulas to “crunch” and project expenses. Elements such as the previous year’s expenses, current year expenses, and evaluating trends are key to projecting future expenses. Additionally, tracking the property assets and having proper preventative maintenance procedures in place helps minimize unexpected costs.
In order to complete this process in the most automated and efficient manner, organizations need a solution such as the SKYLINE Property Management system. SKYLINE’s Enhanced Budget feature and F9 Financial Report Writer quickly update future rent steps from Property Management and give the user the choice of actual historical, current, or budget information for expense assumptions and analysis. With proper procedures in place, the SKYLINE solution provides this information in a timely and automated fashion, allowing users to focus their time on analysis and data projection instead of on data accumulation.
For information on how SKYLINE Property Management Software Solutions can get you on budget, please contact Mark Ziemba at 312-443-7531 or download a brochure.