Property management is more than just working with a smart manager. It’s about having a back office that can handle the requirements of a complex array of billings and receivables. It’s about a commitment to use up-to-date communication tools. It’s about having a clear set of internal controls to protect your building’s finances. And it’s about employing a staff whose compensation reflects the demands of the job.
While it’s important to know these details, getting them is no easy task. Our annual survey, which gathered information from 42 major property management firms in the New York area, is unique, with exclusive information provided by the firms. This year we have added several new sections on energy procurement, banking and internal controls, apartment purchase and refinance fees, and social media. Energy procurement has become a new revenue stream for many in the property management industry, and it’s important for your board to understand who is offering it and how they are doing it. The internal controls companies employ are pretty basic to this type of industry, while the use of social media among these companies is just beginning.
A note of thanks to those who participated in the survey. If management is actually more than just working with a smart manager, it still takes a savvy professional to make matters run smoothly. And having the information showcased in “The Business of Management” helps boards better understand the workings of the management companies they employ. And that, we think, leads to a more productive partnership.
Habitat's Business of Management Survey 2017 here.