At the ONE Conference, Maria Pietroforte held an engaging and informative session. She is the CEO of Maria Pietroforte Consulting. In her talk, she explained a difficult topic in a clear way.
Many property professionals shy away from property management financials. Her session was titled Mastering Variance Reporting: Thinking Like an Owner. With over twenty years of experience leading operations, Maria had a clear goal. She wanted everyone in the room, from maintenance to management, to start thinking like an owner about variance reporting.
She opened by emphasizing that variance reporting isn’t just a monthly task—it’s a leadership tool. When done right, it reveals patterns, uncovers risks, and informs decisions that drive long-term value. No matter your role, you have a responsibility for ROI in property management. This includes property managers, regional leaders, and maintenance team members.
What Do Owners Actually Want?
Maria asked a key question: “What does an owner really care about?” The answer wasn’t just NOI. It’s cash flow and asset value.
Cash flow pays the bills, funds upgrades, and covers you in lean months. Property Management Companies do not want their property to be worth the same in three years—they want its value to grow.
To think like an owner, Maria urged attendees to change their mindset. She wanted them to stop focusing on past numbers. Instead, she encourages them to use those numbers to plan for the future. Your variance report shouldn’t just explain what happened, it should help your financial plans in the short term and long term.
Why Variance Reports Matter
Variance reports aren’t just about spotting red flags. They also help you make informed, proactive decisions. They identify areas where you’re outperforming, underperforming, or headed toward a trend you need to address.
Maria encouraged attendees to go beyond surface-level explanations like “under budget” or “over budget.” Ask why and then keep asking. Use the “Five Whys” method to find the main cause of the variance problem. This could be a delayed invoice, a miscode in the general ledger, or lost income from inefficient operations.
Monthly vs. Year-to-Date Views
Too often, teams only look at month-to-date performance and operational expenses. Maria emphasized the importance of tracking both month-to-date and year-to-date financial statements.
A good month does not necessarily erase a bad financial trend. Likewise, a bad month does not mean you are off track year-to-date with your financials either.
You need both views to plan effectively. She said, “A variance report is a warning system. Red doesn’t mean failure, it means opportunity.”
She also urged everyone to rely on their general ledger (GL). “Your general ledger is your best friend”, Pietroforte said, “That’s where the story lives. Don’t guess. Go look.”
Financial Reviews For Property Managers Should Be a Team Effort
Maria made a compelling case for full-team financial reviews. She urged leaders to involve maintenance teams, coordinators, and leasing staff in monthly or quarterly reviews. This will help build understanding and accountability across the board.
“I don’t care what your title is — if you’re on the team, you should know the numbers,” she said. “When people understand the why, they perform better. They feel like they’re part of the business, not just the building.”
Ask your team:
● What’s wasting time?
● Where are the inefficiencies?
● What skills are being missed?
When your team understands the “why” behind financial goals, they’re more likely to support them. When you allow honest feedback, you find important insights from the people who do the work.
Think ROI for Everything
Maria also shared creative ways to improve value through small, strategic upgrades. For example, if you replace old bathroom fixtures with new ones, it might cost $500. However, you can raise the rent by $75 a month which means the upgrade pays for itself in less than a year.
Thinking like an owner means doing this kind of math often. Use this knowledge to support small capital improvements that make a difference in financial performance.
She also encouraged measuring ROI for resident events. Are you spending hundreds on pizza and wine nights that only serve the same 20 residents? What’s the return in retention or engagement?
Final Takeaway: Teach, Talk, and Take Action
Maria closed with this challenge: if you’re not already doing full-team financial reviews, start now. Monthly if possible, but at least quarterly. Use the variance report to start important conversations. It can help to make smarter decisions.
Teach your team how to support the financial success of property performance reporting. Pietroforte wrapped up with a call to action for every attendee, regardless of their role or experience level:
“You want to be seen as a leader? Then think like a leader. Think like an owner,” she said. “That means asking questions, taking action, and using your numbers to get ahead—not just explain what went wrong.”
And most importantly?
“Make your team part of the process,” she said. “They’re not just employees. They’re your eyes, your ears, and your biggest untapped asset.”