PROPERTY MANAGement capital project budgeting app
Overseeing a capital project budgets can be a daunting task. Finding the right property management capital budget management app/software is key.
Let’s start with the importance of the capital budgeting. Including capital improvement projections in your annual budget will allow you to see a larger picture of what updates need to be completed and will also allow you to spread those out over time. It’s a key component to avoid surprises. These capital improvements can include things like:
- Large building system repairs or replacements.
- Individual unit remodels.
- Common area improvements.
Capital budgets are directly related to how the operating budget is managed. Having a system that keeps track of both is beneficial. For example, if you were to replace all the roofs on your buildings and decline any preventative maintenance, the long term benefit to those roofs would be shortened enormously.
Capital projects and investments typically require care, operation and maintenance after they are completed. Having a property management capital project budget management app/software is crucial in maximizing the life cycle cost of any asset on your property.
The first step in determining the capital budget is to set the dollar amount over a period of time. This dollar amount is mainly determined by the property(s) financial position, priorities, and anticipated revenue.
The second step is corporate allocation of the funds amongst the various projects. For the most part, these decisions are made according to what will support the strategic business plan.
Finally, it will be completing the projects in the projected years.
We at One Spot understand that optimal economic performance is achieved through pro-active management. Maintaining efficient operations of real estate assets requires a hands-on, full-service approach. We know that your property management team carefully evaluates and monitors market and property conditions to determine effective strategies for maximizing income potential while minimizing operating costs.
Using a property management capital budget management app/software that can stream line some of your processes has arrived.
With the One Spot Assessment Product Suite, you'll be able to walk your property/facility with ease. Document projects with comments and photos which automatically are saved to the cloud as your digital file cabinet. Geo-tagged and time-stamped points of interest are easily added in property/facility walk-throughs for assessments. Users can also set reminders to avoid warranty lapses, schedule preventative maintenance and stop being blindsided.
With the One Spot Bids Product Suite, you'll be able invite your preferred vendors into the bidding process for timely and seamless project bids. Let your team of vendors and technicians help you create powerful budget reports to allow your team to make better decisions on what projects will be the most beneficial to your business plan.
And finally, with the One Spot Jobs Product Suite, you'll create continuity with your internal team as well as your outside preferred vendors. Using One Spot's mobile and desktop enhanced communication tool, you'll be able to have a line-of-sight into all workflows at properties, facilities and managed projects. Approval and bid acceptance is a snap with our mobile app.
With One Spot, you can virtually see everything you need from a single platform. Locations are geo pinned to customized maps, and most any aspect of managing projects related to each location can be organized, planned, updated, change-ordered, budgeted, bid out, and more.
A BIG WIN FOR ONE SPOT’s PROPERTY MANAGEMENT CAPITAL PROJECT BUDGET MANAGEMENT APP!
In 2017 a worldwide developer, manufacturer and marketer of medical devices whose products are used in a range of interventional medical specialties was looking for a way to organize, standardize and customize the way they plan for long term capital projects.
Using One Spot they were able to provide their vendors with access to the system and allow them to perform the assessment in order to identify areas that need repairs or replacements. After the data was collected the management team was able to triage the information and arrange it using One Spot’s free-tagging capability. The tags used included:
- Asset codes
- Service line items
These tags allowed the management team to define exactly what they wanted to accomplish based on their criteria, run reports needed and store all the property management capital budget management information in one software system that can be accessed from anywhere using Amazon’s cloud services. Now the team can quickly filter for the projects they are working on and the ones that coming up.
See if One Spot is the right fit for you.