Revenue shrinkage an unfortunate subject but a real one and something Ownership should think about. The fact is most if not all apartment properties experience some loss of revenue due to questionable On-site activities. Properties experience negative pressure on NOI from anything from not getting a fair return on labor to actual theft that goes unaddressed.
In our discussions with people in the business, we find most people are honest and upstanding but a few just cannot help taking advantage. Here are some examples of how someone may try to benefit themselves to the detriment of the property:
We make an effort to minimize revenue shrinkage by making regular site visits to walk vacant units, utilizing a purchase order approval system for materials, maintaining supply inventory records, implementing a timekeeping system that requires staff to be on-site to clock in or out, utilizing a compliance service to qualify vendors, and in some cases where Ownership either asks or approves we install cameras that can be monitored remotely via a PC or smartphone.
Contact us if you would like to discuss your concerns or other revenue shrinkage examples we have discovered and our recommended solution.
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 770-628-5943
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