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A vital health check for the sector

16th August 2016|POSTED BY: Admin

By Dr. Nigel Glen, ARMA CEO

ARMA is undertaking its first ever Benchmarking Survey and I would like to highlight why we are doing this and what ARMA members and the residential leasehold property management sector at large will get out of the exercise.

How the sector will benefit

The survey will track the performance of many facets of members’ business. This will provide member firms with a confidential analysis of their business dynamics compared with their peers.

We recognise that benchmarking will improve understanding of the sector and reduce reliance of anecdotal information. It will also shine a light on areas where efficiencies can be gained.

Government has recognised there is often a lack of reliable industry data. Sectors that benchmark are viewed positively by government and key stakeholders, and will improve the sector’s reputation for professionalism and commitment to raising standards for leaseholders.

Member benefits

If you think about your business can you be really confident that you have everything right? The right balance of people? The right levels of income? The right split of where income comes from? Expenses at the right level?

The answer in many cases has to be “No”. Were the fees at the right level? Firms may get some feedback but many may be relying on anecdotal or old evidence and a bit of hearsay. The same goes for how many units each property manager had, how many sites each accountant had, what percentage of income came from non-management fees and the list goes on.

Benchmarking will help members with all of these metrics and more. It will also help our industry to understand its economics to a far greater degree than at present and members will be able to see how their company stacks up against the rest of the industry.

Everyone that takes part will read a free headline report and members can buy a detailed individual report and see how their company not only fares against the national average, but also a much larger range of metrics and a comparison with other firms in their region/of a similar size.

The Benchmarking project will be repeated for at least three years so we will be able to examine trends over time. All in all, a vital reality check for their business.

The survey results will be available at ARMA’s Annual Conference on 10th November 2016.

So all in, all the survey will provide a vital health check of our members’ business and highlight ways in which they can improve their operations over the years to come.

The survey closes on Wednesday 31st August 2016.