Minimize Revenue Shrinkage

By The Management Team, Summerfield Management 

Remember the first time you realized a member of on-site staff was taking liberties?

You were angry.

You liked that employee.  How could they steal from you?

After it happens a few times, you reluctantly come to accept and expect theft by staff.

Sad, but true.

Theft is such an unpleasant subject they gave it a new name to make it sound less potent. 

Now, we no longer talk about theft, we talk about Revenue Shrinkage.

Revenue Shrinkage sounds pretty bland compared to theft. It sounds like someone left a pair of jeans in the dryer too long. Sucks, but oh well.

Revenue Shrinkage at larger properties is often considered unavoidable, and little is done to prevent it. 

What’s $100 a day in shrinkage on average to a large property owner? Why bother?

Nonetheless, theft hurts. Not just in the feels, but in the pocketbook. 

Over 5-years, $100 a day of theft adds up to $182k that could have gone into YOUR bank account, instead of out the door.

Here’s what you need to know and what you can do to stop taking those losses lying down.

Know that theft at your property will generally fall into three categories:

  1. Making personal purchases on property accounts
  2. Pocketing cash
  3. Labor fraud

Here’s what you can do about it — hire us. 

Summerfield has effective procedures in place to discourage theft in each of the above areas.

Need examples?

Walking vacant units, implementing a purchase order system for materials, maintaining supply inventory records, on-site time keeping systems for staff, and compliance procedures for vendors are all part of our SOP. Cameras paired with remote monitoring are also an option when an owner decides that’s the right investment.

Criminals are relentless. But so are we. We’re winning more than we’re losing.

Our processes will discourage maintenance staff from charging hand tools for personal use on your Home Depot account and help discover if your on-site manager is ordering appliances for their home reno on your tab

When you’re ready for a better property management experience, we’re ready to get down to business.

Call us,

Robert Parmar Headshot

Robert Parmar

Danielle Daily

Communications Director

ddaily@smfield.com

703-972-5755

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Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.

If you would like to discuss additional specifics of our management program, please reach out to our Managing Director, Robert Parmar at rparmar@smfield.com or call 770-628-5943.

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