Budgeting for the recovery

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From Chris Wessen
Property Manager
Jones Lang LaSalle

Recent job reports show that Massachusetts is on the road to recovery a little faster than the rest of the nation. Now property managers can stop focusing on controlling cost. Wrong!

We have all heard during the last 36 months that we need to do more with less. I suggest that this should be nothing new. One of the core functions of a property manager is to find ways to develop responsible budgets that keep our buildings occupied, tenants happy, and clients value protected. 

Efficient contract management isn’t a passing trend, but rather the hallmark of a responsible partner. As we emerge from the shadows of recession, the emphasis on smart management must be stronger than ever.

Prudent operating costs should be a given.  When additional funds do become available, they should be focused on building improvements that drive down operating costs further. Projects such as lighting retrofits, upgraded boiler controls, or wastewater recovery are just a few examples.

A prolonged dedication to smart and sustainable spending will always pay dividends. Boom or bust, intelligent and innovative budgeting is a skill property managers should deliver day in and day out. 

 – Chris

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