Ben Jordan is Managing Director of Premier Estates, a fellow of the IRPM and an ARMA Council member.
ARMA Benchmarking Perspective
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Here Ben Jordan, Managing Director of Premier Estates Limited, comments on his experience with the benchmarking process….
I have found the benchmarking process embarked upon by ARMA and Benchmark My Business in 2016 to be an incredibly useful process.
I have to confess that when completing the survey, I was a little taken aback by the amount of time it took. However, this will undoubtedly improve year on year as financial information to be supplied is aggregated or indeed our business learns to split out certain costs in our accounts to fit in with the survey requirements. However, that said, the time taken to input the information pails into insignificance when compared to the numerous benefits to our business in analysing and using the results. Being able to compare statistics associated with our business against “industry averages” has generated a number of marketing benefits alongside informing a number of business decisions including, ratios of support staff to front line property managers, fee levels, business churn, etc.
Whilst the information produced on the back of the 2016 survey was useful, it will only become more useful if more ARMA members participate in the survey in future years. I regard the results of the benchmarking exercise as being a real golden nugget that we could not have obtained through any other source and therefore question why any business principal would not take the time to complete the exercise given the immeasurable benefits created by doing so. Please help move our industry forward by assisting in generating the most useful data possible by participating in future surveys. The data generated will help you to run a better business.
