Top 3 Tips to Budgeting in a Pandemic

2 min read

Budget season is coming to a close and we are still in the midst of a pandemic. In March, the world shut down and everything was at a stand still. Many communities had to act quickly in order to survive. This year has been full of surprises and challenges that old budgeting strategies don’t have room for. So what are some ways to budget during the unexpected? 

 

1. Invest in what you need

 

Focus less on what you want and more on what you need. It’s time to invest in tools and products that help you reach your customers where they are – online. More prospects are opting for virtual tours and ways to schedule viewings from a safer distance. Towards the end of summer, as some properties began allowing for in person tours to happen again, we see that many prospects are still choosing to look virtually instead.

 

2. Collaborate 

 

Collaborating across all departments is key to making sure your budget works for everyone. Pandemic or not, you will get the best ROI when every department is taken into consideration and is part of the strategizing. 

 

3. Expanding Your View

 

Instead of looking at 2020’s budget up against 2019’s budget, Marcella Eppsteiner, VP of Marketing for Mission Rock Residential, says that it’s important to look at more years to better understand just how out of the norm 2020 is. By looking at a broader viewpoint, you can use the data to your advantage and see what needs to be prioritized and what can take a back seat. 

 

This year has brought a lot of challenges but it has given us the opportunity to adapt and grow. The things we learn from this year will make us better equipped in the years to come. 

 

Resources:

Multifamily Budgeting for 2021

Digital Marketing Budget Must Haves