When does the budget process typically occur?

The budget process typically occurs annually because it involves a comprehensive review and planning of financial resources for the upcoming year. An annual budget allows property managers to assess the previous year's performance, set financial goals, allocate resources effectively, and plan for capital improvements or necessary maintenance. This long-term view helps ensure that all aspects of property management align with overall operational and financial strategies.

While monthly, quarterly, or biannual reviews of the budget may occur to track progress and make adjustments as necessary, the foundational planning and allocation of funds generally take place on an annual basis. This allows for a cohesive strategy that accommodates both expected recurring expenses and the varying needs of the property over the entire year.