New Year, New Approach to Budgets

Budgeting season is typically mundane. Most businesses have their standard process for creating the next year’s budget that has been that way for ages. But this year, we can all agree creating your company’s budget has been anything but normal. To start, with shelter-in-place orders varying across the country as COVID-19 hot spots flare up, 2021’s budgeting process should include a thorough evaluation of how productive your brokerage business can work digitally if it is required. Running a 20-person brokerage and acting as principal of a CRE software company (which has since been sold to Yardi), I had the opportunity to speak with numerous managing principals. These experiences gave me insight into conducting self-evaluations of business and operations. During your evaluation, every aspect of your business will likely be under review as the industry moves into an increasingly digital age. Although there seems to be overwhelming opportunities to digitally market listings, multiple options can help your CRE brokerage operate more productively and profitably on the back-office side. Amid all this chaos, covering the basics is still important when creating a thorough budget for the upcoming year. Some managing brokers have shared that they are also focused on enhancing agent time, effectively managing corporate desk cost, and understanding their deal pipeline. Click here to read more at www.ccim.com.