Avoid these Budgeting Mistakes in Retail Real Estate: I Own A Shopping Center, Now What? Ep 69

Do you guys do budgets? If not, I highly recommend it.

Do you review your budgets line by line? I’ve been knee-deep in mine lately, and I thought I’d share exactly what I look for when I’m going through them. I don’t create the budgets myself, my team and CPA put them together, but I always make sure I review them carefully before moving forward.

When I sit down with a budget, these are the things that matter most to me:
➡️Income consistency – I check base rent and expense recovery month by month to ensure nothing dips without a good reason.
➡️ Expense comparisons – I compare costs per square foot across properties to make sure nothing looks out of line.
➡️ Mortgage and escrow accuracy – I verify that principal and interest stay consistent and that we’re not double-counting taxes or insurance.
➡️ Capital project timing – I make sure big projects like paving or painting are scheduled in the right seasons, avoiding rainy months or busy retail seasons.
➡️ Cash flow health – I review the entire year to see when capital improvements might push cash flow negative and decide if adjustments are needed.

Budgets aren’t just numbers on paper, they’re a tool for making smarter decisions and protecting the long-term health of our properties.

Do you take time to dig into your budgets, or do you rely fully on your team?

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