By Operations Team.
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:
- Making personal purchases on property accounts
- Pocketing cash
- Labor fraud
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.
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.
Are you dissatisfied with your property performance?
If so please book a call, we would appreciate the opportunity to introduce our program.
