Observation Logs: Catch mistakes before they cost you big money
October 10, 2022
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By the Accounting Team, Summerfield Managment
You’re managing multiple assets in multiple locations. Transaction volume is high at every building and it’s easy for mistakes to go unnoticed.
Consider this common(and costly) example.
Your Property Management company hires a new Community Director.
Later, it’s discovered they failed to transfer five lease renewals to the accounting system correctly.
Now, instead of paying $2,000/mo plus for a new lease, five residents are still paying their former rate of $1,500/mo.
Imagine this goes undiscovered for a year… that’s $30K that didn’t make it into your bottom line.
Mistake like these are why we’ve implemented Observation Logs as a best practice. It is an extra step where our accounting staff reviews property activity weekly and reports potential errors to operating staff for review and correction as needed.
How do they help?
First, Observation Logs allow us to catch and correct operating errors before they snowball.
Second, our practice calls for escalation every two days so they don’t go unresolved.
Third, it’s maintained outside of email, we manage it via our information system because trying to resolve issues in an environment with a high volume of email is challenging.
Finally, a tidy log in our system makes it accessible to staff at any level of the company, not just one or two people.
Are you ready for a better Property Management experience? Call or text us.
During the COVID-19 pandemic, moratoriums created widespread restrictions on collection and eviction. Although the rules for collections changed overnight, Summerfield did not see this as a throw in the towel and walk away situation. We’re much more proactive than that.