For property managers responsible for multi-family communities, the end of summer typically signals the beginning of budgeting time. A recent webinar from the Community Association Institute suggests that to be prepared for next year's budget, you should start your data collection no later than September.
For other properties, such as retail and restaurants, now may be the time to supplement this year's budget by sprucing up your assets before the busy holiday season.
Regardless of the type of property you manage, painting is likely one of your largest budget items. That's why it's crucial to have a plan in place to ensure you're getting the most for your money.
Here's our Top 10 checklist of factors to consider ASAP to improve your budget:
Start the budgeting process sooner rather than later. The more time you have to get bids and adjust your budget accordingly, the better.
Tie a repainting schedule to your yearly maintenance budget. Reserve or allocate specific evaluation resources. Sherwin Williams states that the normal painting cycle is every 5-7 years, but high-traffic areas may need refreshing annually and repair work.
Walk through your property with your painting contractor. Discuss any areas of concern and discuss your painting needs for next year.
Get multiple bids. Compare proposals from both national painting companies and local or regional painting businesses.
Review proposals thoroughly. Each proposal should include a comprehensive breakdown of costs: amount of paint and coats needed, the preparation required, labour costs, insurance costs, and any specific equipment essential to complete the work.
Price is just one factor in assessing the quality of your contractor. Other factors include their years in business, experience with commercial projects, customer testimonials or referrals, and safety protocols.
Consider painting in the off-season when painting businesses are less busy and may be more flexible on pricing.
Explore phasing or staging your commercial painting project to make it more manageable.
Can your contractor work after hours or start earlier to minimise disruptions to your tenants or customers?
Lock in with a reputable painting company now for work in the next fiscal year. Scrambling to find a vendor at the last minute can be costly.
Save yourself some budgeting headaches and talk to the painting professionals at Pro Decor Painters® now. We have 30+ years of experience, with 25,000+ commercial sites painted last year. Our 7,000 community painting experts can help you be prepared and protect your assets in the future.
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