Don’t Sweat Your 2021 Budget with BOMA

In the midst of so much uncertainty, never has it been more important to be armed with accurate and actionable data when confronting the challenges of preparing your budget for next year.  While BOMA OEB doesn't anticipate a dues increase for 2021, our budget won't be complete until late October.  If you're doing your budgeting now, budgeting a 3% increase would be a good placeholder.
BOMA International's interactive online Office Experience Exchange Report is the comprehensive resource you need to find out if your budget numbers are on the right track and help you during your upcoming budget presentations.
Use the Office EER this budget season to:
  1. Validate your budget assumptions. Not sure how your property stacks up? Compare your income and expense figures with buildings that most closely match yours by running customized reports based on building location, size, age and other characteristics.
  2. Justify your operating expenses. Find out what other buildings are spending for countless line items and share this data with your asset managers and other key stakeholders.
  3. Demonstrate why you might need to increase spending. For older buildings, use the data in the Office EER from buildings of a similar age to show why you might need to spend more on repairs and maintenance. You also can use this information to help you pitch and justify those projects you've always wanted to tackle in your building.
  4. Identify market trends. Make sure your numbers are moving in the right direction for your market and identify ways to refine operating strategies if they aren't. And find out if your building service contracts are over or under market averages and use the data to rebid them.
  5. Create custom charts and graphs to plug right into your budget documents. Export figures from any custom reports you run with the Office EER right into Excel and create charts to help you illustrate the data.
As you prepare your 2021 budget, be sure to have the Office EER's valuable data on your side. Subscribe to the Office EER today for the insights you need to make any tough decisions.


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