Multifamily Budgeting for 2021 During a Pandemic2 min read
During our latest lunch and learn, our EVP of Marketing, Muhammad Yasin, led a lively virtual chat on how to weather budget season in the middle of a pandemic. He sat down with Marcella Eppsteiner, Vice President of Marketing for Mission Rock Residential, Kim Boland, Director of Digital Marketing for Morgan Properties, and Savannah Wheeler, Vice President of Finance, Treasury and IT for Mission Rock Residential to discuss not only next year’s budgeting strategy, but also adjusting to unpredictability and moving forward.
The conversation lead to discussing important considerations such as:
- Prioritizing needs over wants
- Embracing agility and nimbleness for future changes
- Collaborating across departments for expertise
“This year is about prioritization — what we need versus a wish list,” Savannah says. “What do we need to get through this time? Then, investing in the tools and technology to have the edge.”
Savannah also pointed out that multifamily budgeting usually progresses as more of a push-and-pull process, but the pandemic requires prioritizing requests. From there, it’s all about investing in the right technology.
Marcella shares that this year data should be a key factor for budgeting, along with prioritizing requests. “Traditionally, we would share feedback and input for the strategy. This year, the real difference is seeing the granular data points that are strategy-determining factors for each department.”
This year’s global economic upheaval propelled the Morgan Properties team to get creative and increase leads and occupancy using the tools they already had in place.
“We learned a lot from last year, because our company went through so many changes and grew significantly,” Kim says. “We’ve been able to do a lot of smaller things that haven’t cost as much money, so we don’t need to budget as large.”
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*During the session, Marcella Eppsteiner quoted “David Davidoff” The person she is quoting is named “Donald Davidoff.”