August is the calm before the storm—budget storm, that is.
For Property Managers and Community Association Managers, the final weeks of summer offer a critical window to prepare for annual planning. Wait too long, and you’ll be buried in urgent vendor quotes, board deadlines, and resident questions. Start early, and you’ll be ahead of the game—with fewer surprises, smoother approvals, and more negotiating power with vendors.
Here’s a step-by-step approach to get ahead before budget season kicks into high gear.
🗂1. Review Vendor Contracts by Community
The first step in smart budgeting is knowing what you’ve already committed to. Take time this month to pull and review all active vendor contracts per community.
Focus on:
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Contract expiration dates and renewal terms
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Scheduled price increases
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Services that may need rebidding or renegotiation
If a vendor contract is expiring soon or no longer meeting community expectations, now is the time to start thinking about replacements—not mid-September when board meetings are stacked.
💰 2. Analyze Year-to-Date Vendor Spend
Understanding where your money is actually going helps you identify high-cost areas, unexpected overruns, or budget categories that are consistently underused.
Questions to ask:
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Are any vendors exceeding what was originally budgeted?
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Are there duplicate services or overlapping scopes?
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Is the spend justified by the value delivered?
This financial snapshot helps guide conversations with both boards and vendors about what needs to stay, go, or change for next year.
📅 3. Request Updated Quotes Early
Don’t wait for vendors to send updated pricing in September—beat the rush by requesting updated proposals and service quotes in August.
Why it helps:
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Vendors are less overwhelmed and more responsive in early August.
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You have time to compare pricing or services without rushing.
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Early quoting gives boards more time to review and discuss.
And if you’re considering a switch, starting now gives you time to collect competitive bids through a formal RFP process.
🔄 4. Identify Services That May Need to Go Out to Bid
Has service quality declined? Has your community grown or changed in a way that requires different support? Use budget planning season as a natural point to revisit your vendor lineup.
Good candidates for new bids:
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Contracts expiring this year
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Vendors who’ve raised prices without improving service
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Long-term contracts that haven’t been reviewed in 3+ years
If you want help issuing an RFP or evaluating options, our team can support you in organizing the process and connecting with qualified vendors.
📝 5. Organize Notes and Recommendations for Each Board
Each board has its own preferences, priorities, and hot-button issues. As you gather budget inputs, document your recommendations and context clearly.
Include:
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Notable vendor performance or issues from the past year
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Any proposed changes and why
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A summary of quotes or renewal terms for upcoming contracts
Well-organized insights will help you guide boards with confidence—and speed up decision-making in the months ahead.
✅ Start Early, Stress Less
Budget season doesn’t have to be overwhelming. By taking a few proactive steps in August, you set yourself up for smoother board meetings, smarter vendor decisions, and fewer surprises in Q4.
Remember: you don’t have to wait until the official kickoff to get moving. Future-you will thank you for starting now.