Budget Basics
CTRL C and CRTL V
What is copy and paste?
Higher occupancy increases revenue.
What is how does occupancy rate affect your bottom line?
When the RPM does not hold the manager accountable for their portion of the required prep work
What is I have a lot of work to do myself!!
Adjust projections based on actual performance
What is the purpose of forecasting in a property management budget?
There is a hyperlink to and from this tab for Admin and marketing
What is the reference tab?
Annually, with quarterly reviews to ensure you are on track
What is how often should a property budget be reviewed and updated?
Net Operating Income
What is NOI
This is where you go to find the most recent mortgage statement for your property
What is the most recent final financial packet that should be in your Box folder?
Roof replacement
What is a capital expense?
Management Fee per unit - PUPM
What is the minimum $ amount on the PMA? (not the percentage)
Do not ignore and hope VP catches when in doubt.
What is ask questions?
Fixed remain constant like contract landscape; variable fluctuate with usage like utilities
What’s the difference between fixed and variable expenses?
Instrument to locate the percentage and price per door for the management fee.
What is a PMA?
Use the correct GL code.
What is AMC’s Chart of Accounts?
False shows on the property data tab
What is I need to research and find the missing GL?
The income side of the budget related to rent, showing both the potential income and the realistic net income once adjustments are made.
What is the rent revenue tab on the budget?
Records all financial transactions
What is the General Ledger?
Real Estate taxes for the budget
What is the Maricopa County Assessor Office.
=annualization number/12 + the number you want ($200)
What is the formula to annualize a number?
Just highlight and clear contents
What is do not use the DELETE button on a budget?
Income, Expenses, and Capital Expenditures
What are the three main components of a property management budget?
What is the Assumption Tab
What is the best way to confirm overall assumptions over prior year.
This is where you go to get the most recent insurance amortization schedule/statement for your property.
What is ask your accountant - now don't wait!
Take from your T12 divide bad debt 599900 by GPR
What is the formula to obtain bad debt?
Use LTOL to adjust
What is how to adjust the GPR numbers?