Understanding and Creating Budgets
Just as airplanes don’t leave the ground without a flight plan, operating without a budget can lead to financial hazards in the multifamily industry. Learn why budgets are necessary, what information makes up a budget, how to decipher what a budget tells us, and how to create a basic budget for your community. Each multifamily budget training module is approximately 5-15 minutes.
- Why Do I Need a Budget?
- Reading a Budget
- Creating a Budget
Multifamily Budget Training for Property Management Professionals: Caring for your residents is a significant part of your job and key to your community’s success.
But a community is also a business that must make a profit and reimburse its investors. If the community does not keep that in mind daily, it won’t stay in business for long. To reach those goals, you need a solid plan. That’s where Multifamily budget training comes in.
Multifamily budget training shows where you’ve been, where you are, and where you hope to be. You could say that a budget is a roadmap shown in numbers, dollars and cents.
If you love maintaining control, seeing into the future, or playing with numbers, you’re going to love working with budgets.
However, if you’re a bit put off by all those numbers, think of it this way: behind every number and calculation are stories of the people living and working in your community. (This includes the tickled-pink moments like that gorgeous model makeover and the challenging episodes such as the massive number of turns in January when half your maintenance team had the flu.)
When you can read and understand a budget, you’ll see the stories of your community leaping from the numbers. You may also find, like many people, that managing a budget becomes an exciting contest of winning the battle between profit and loss!