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Top 3 Things to Budget for in 2022

Top 3 Things to Budget for in 2022
Fall is fast approaching and you know what that means. Budget season! As you carefully calculate your property management budget for 2022, it’s a perfect time to consider ways to improve your property and resident experience.   To help you be strategic with your finances, we’ve compiled a list of the top three things to budget for in your 2022 plan:  1. Amenities2. Resident Retention3. Property Technology   Amenities Due to the COVID-19 pandemic, your residents are spending more time at home than ever before. As a result, residents are prioritizing different amenities for 2022. This is a unique opportunity for your property to stand out by including more of what today’s renter is looking for.  Desirable community amenities include: • Coworking space: Accommodate the growing work-from-home trend and foster community at your property by adding a coworking space. • Onsite storage: Over 31% of Americans say they wish they had more storage space. Capitalize on this by turning any underutilized space into storage for rent.• Outdoor amenities: Appeal to renters with upgraded outdoor amenities like rooftop patios, dog parks, and community gardens.• Guest parking: Improve the day-to-day lives of your residents by renovating or expanding your parking to accommodate visitors.    You can also increase your property value with in-unit amenities such as: • Onsite laundry: In-unit washers and dryers are a top priority to renters. Although it requires an upfront investment, your rent revenue can increase up to 20 percent!• Heating and cooling: Improvements to your units such as central air conditioning ......
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Have You Ever Considered a Budget Wish List?

Apartment Community Budget Wish ListBy Linda Day Harrison, theBrokerList, Chicago, IL It is a tough time of the year for us property managers as many of us are in the process of planning our budget for next year. However, it’s also a perfect time to poll all of your property owners, vendors, customers, and staff to see what might be on their wish list! What is a wish list you ask? Well a wish list is a reminder of all of the things your customers, staff, vendors, or property owners have wished for that can help your property to improve, save money, or maybe even provide a new service idea! Simply create a friendly form and title it 2013 ABC Property Budget Wish List. Leave a blank page of lines and explain that you are interested in feedback for ideas to make your property better, greener, or more efficient. Ask them to share their wish list items and suggestions because you may be able to incorporate some of the ideas into the budget for 2013, or into your long range planning for 2014, 2015, 2016! There is no time like the present to start looking out beyond next year’s budget! Everybody understands budgeting and cost containment. People know that you cannot purchase everything all at one time. But, if you offer everyone on the property team a chance to contribute to the future you are not only giving everyone a chance to be heard, you are also holding them accountable to planning and strategizing for......
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