The BOMA Emerging Professionals committee hosted the Breakfast & Budgets presentation on Wednesday, July 19 at Pacific Center, a CommonWealth Partners building in Mission Valley. Property management teams started arriving after 8:30am and were eager to begin the training. The presentation began with a quick introduction from the Emerging Professionals Committee and Michele Ignacio of A.O. Reed & Co., who sponsored the event.
At 9:00am, Sonia Miro of Kearny Real Estate Company dove right into the presentation by expressing the importance of establishing an efficient budget process consisting of reviewing, confirming, updating, drafting, editing, and submitting for final approval. Some of the subjects included monthly CAM estimates, base years, leasing assumptions, and vendor proposals, amongst other related topics.
In addition to sharing tips, tricks, and tools to survive the budget season, Sonia also provided great real-life examples and expressed how crucial it is to include the building’s team in the process as they have valuable knowledge related to the property. She engaged the attendees by asking critical thinking questions and demonstrated how property management teams would benefit from incorporating the tools learned in the training to their own budget process. Below are some takeaways from the industry professionals that attended the presentation:
- "Start the budgets as early as you can and work with your vendors/building engineers to get their input on the properties’ needs.”
- "Loved the event and how Sonia gave a baseline on budgets. Learned new things, like GL and how to approach it. Loved that the event was in the morning time because it’s harder to take a break in the middle of the day (great start to the workday).”
After the presentation, attendees enjoyed an assortment of pastries and breakfast sandwiches and had the opportunity to network with other industry professionals. With budget season around the corner for most property management teams, Sonia’s insightful and detailed presentation was timed perfectly. Attendees left the presentation with an enormous amount of knowledge and were ready to take on budgets.
Stay tuned for more events from the Emerging Professionals in 2024!