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Property Management Metrics: What Should You Be Tracking?

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Property Management Metrics: What Should You Be Tracking?

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How's business? In uncertain economic times, panic can set in if you don't understand the health of your property management business.

Even when life is business-as-usual, knowing your business status and following key property management metrics can help you continue growing your business—no matter what.

You can't fix a problem that you don't know you have. However, your property management business can feel the effects of a problem before you realize how far off base you are. The right property management tools help you track the most critical metrics for your business.

What are those metrics? What should property managers track to meet business goals? Here are our Top 5 property management metrics—and why you need to track them even when the economy is riding high, and business is growing!

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1. Maintenance Turn Times

The way you handle maintenance for your owner's properties can make or break your business. Tenants need a responsive maintenance process that makes it easy to request service and hear back from you as soon as possible. 

When property managers don't respond quickly and effectively to maintenance issues, tenants leave. Providing outstanding, quick-turn maintenance services should be one of your best selling points to new clients.

What Is the Metric?

To gauge your effectiveness with maintenance turn-around:

  • Track the number of requests you get and how quickly your team responds
  • Log the time it takes to resolve the requested maintenance.

Tracking maintenance performance is easier with property management tools like Propertyware. An online platform helps tenants and owners make online maintenance requests, alerts you when you have a new request, and tracks the time and expense of fixing the issue.

2. Finding and Closing Leads

The best indicator of business growth is how you find and close new business. Keeping current owners and tenants is critical to maintaining your business. However, if you want to grow, you need more leads that turn into new clients. 

Relaxing your marketing program—even for a short time—can have a devastating long-term impact on your bottom line. Doubling down on your property management marketing during a crisis or when others take a step back is an excellent way to continue consistent growth and own your market. 

What Is the Metric?

To monitor your growth, track the number of new owner leads and their status every month. 

  • How many new leads did you receive this month? 
  • Where did they come from? 
  • How many closed?

Property management tools like HubSpot are an ideal solution to tracking this crucial data.

Relationship Management on the Mechanism of Metal Cogwheels.

3. Properties on the Market

Keeping an ongoing inventory of your doors is essential to monitoring your property management business success. Owners need to know how many of their properties have tenants, how many are on the market, and what you're doing to make sure those empty properties don't sit vacant for very long. 

What Is the Metric?

Vacancy and occupancy rates are critical numbers to stay on top of to keep accountable to your property owners and make sure you have income coming in the door. Keep a running list of:

  • The number of total doors you serve
  • The number of homes you have on the market (vacant)
  • How long they have been on the market
  • The average vacancy time per home.

Reducing vacancy times keeps property owners happy and helps you grow your business! Nixing vacancy even during a crisis can be a huge selling point as well, and is a crafty way to show owners your skills and cutting-edge property management tools like self-showing technology.

4. New Leases

Much like your occupancy and vacancy rate, property managers need to track the number of new leases you sign every month. New leases mean consistent income that helps you plan cash flow for the months ahead. 

What Is the Metric? 

A month without a rent-paying tenant can cause a financial hit for your owners and your bottom line. Each month, review: 

  • The number of new leases signed
  • The number of completed lease renewals.

New leases are essential—but renewed leases and reducing tenant turnover can boost your bottom line more substantially. 

5. Month-Over-Month Revenue

Tracking your month-over-month revenue helps you pinpoint where you're losing money or where you need to increase rents or fees to grow your revenue. 

What Is the Metric?

Gross income looks nice on paper, but your business success lies with your net income numbers. To track revenue, you need to know:

  • How much money comes in every month
  • Your monthly property management business expenses
  • The difference between your income versus your costs and how it compares to last year.

Every new client, property, and tenant adds up to the success of your property management business. Make sure everything works together to help you grow your bottom line!

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Before the Numbers, Set up Your Team

What do your numbers say? They can't lie! Using property management tools to keep an eye on your business can help you stop the bleeding in specific areas and find ways to grow in other ways. If the idea of tracking numbers and monitoring metrics feels challenging, let Geekly Media help! 

We can set you up with the tools you need to track key metrics. We can also help you understand what your numbers are telling you—and how to make sure they tell the story you want to hear. However, even cutting-edge data collection can fumble if your team isn't all on the same page. More than ever, to face the impact COVID-19 is having on your numbers, you need to work as a cohesive unit—even if you're all working from home!

This is exactly why we're offering our property management partners FREE access to our new Property Management Handbook for Successful Remote Teams.

Before you can optimize your business using property management metrics, take the time you need to get your own house in order! Once your team is remote-ready, you can take advantage of statistics to keep your property management business on course and head of the competition.

Get The Handbook

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