Most boards don't realize they're operating blind until something goes wrong.
A budget line that's been 25% over for months doesn't surface until year-end. A compliance deadline gets missed. Insurance renewal happens in a rush. Maintenance issues sit for weeks before anyone notices.
These aren't isolated problems, they're symptoms of boards not having real-time visibility into their building's operations.
Financial surprises that could have been prevented
Without real-time visibility into spending, boards find out about overruns months too late.
A line item trending 30% over budget in March doesn't surface until August. By then, the building has overspent by tens of thousands with no chance to adjust.
When boards can't see cash position in real time, they make decisions with incomplete information. A capital project gets approved based on outdated numbers. An assessment gets delayed because no one knows what's actually in reserves.
The risk: Budget overruns, depleted reserves, and emergency assessments that could have been prevented.
Compliance violations no one saw coming
When compliance is tracked manually through calendars and emails, deadlines get missed.
FISP inspections, elevator certifications, boiler inspections all have strict deadlines. Without centralized tracking, deadlines pass unnoticed until violation notices arrive. By then, fines are accumulating and the building is out of compliance.
The risk: Violations, compounding fines, and scrambling to fix issues that should have been handled proactively.
Maintenance issues that sit and compound
Without visibility into open maintenance requests, boards don't know what's been sitting too long.
A leak reported three weeks ago hasn't been addressed. The board doesn't know because they can't see what's outstanding. By the time it surfaces, there's water damage in multiple units.
The risk: Small problems become expensive repairs, residents grow frustrated, and there’s no way to spot patterns or hold anyone accountable.
Decisions made without data
When boards don't have real-time information, every decision involves guesswork.
Should we approve this vendor contract? The board doesn't know how other vendors are performing.
Do we have the budget for this repair? The board doesn't know the current cash position.
Is our insurance renewal competitive? The board doesn't know when it's due or if multiple quotes were obtained.
The risk: Overpaying for services, approving work that should wait, missing opportunities to negotiate better terms.
Board oversight gaps
Board members have a fiduciary duty to oversee building operations. That requires visibility into finances, compliance, maintenance, and operations.
When boards operate without real-time access to information, they depend entirely on their property manager's reporting. They can't verify, they can't spot issues early, they can't fulfill oversight responsibilities effectively.
The risk: Boards are unable to exercise proper oversight, creating potential liability exposure.
What visibility looks like
Boards that operate with real-time visibility avoid these problems.
They can see cash position and budget tracking at any time. All open maintenance issues and their status. Upcoming compliance deadlines. Spending trends before they become overruns. Critical deadlines like insurance renewals.
They finally have the information needed to govern effectively.
