Maintenance is inevitable in the property management industry and every company takes a different approach to managing areas that fall within the maintenance realm. All these elements that demand attention, require different skill sets to be managed effectively, which often results in partnering with contractors to do the job. However, contractors can be expensive and run up costs.
As your property management grows in terms of portfolio size, staff, or revenue, it is increasingly important to have the right protocols in place, especially within the accounting department to ensure that every transaction, task, and process is done consistently and securely. Organizations with data monitoring controls in place had 54% less loss than other organizations and more than 50% faster detection time. Internal controls and compliance protocols regulate workplace transactions and avoid internal errors by minimizing the risk of fraud by maintaining data integrity as well as user accountability.
Return on Marketing Investment, also known as ROMI, is a branch of ROI which measures the return on investment of marketing. Different marketing avenues, strategies, and mediums come at a range of costs. Depending on which combination are being used or the frequency, the cost of marketing an organization’s services, product, or brand can quickly rack up a hefty price tag. But the results of that marketing campaign if successful or effective can balance those costs and bring in additional revenue. So, ROMI is used to measure how much revenue can created in compared to expenses.
Whether you call it “remote work,” “working from home,” or “telecommuting,” there is not doubt that the use of physical office spaces will decrease in favor of these alternatives. According to Global Workplace Analytics, the number of remote workers since 2005 grew 140%, and just one year, 2017 to 2018, accounted for 22% of that growth. The president of Global Workplace Analytics, Kate Lister, estimates that by 2021, approximately 25%-30% of the workforce will being working from home multiple days of the week.
Your HOA board plays a key role in both the short and long term planning within your property management business. In order to fulfill their responsibilities, board members must have access to certain information. In particular, they need details on company financials.