Established property management key performance indicators (KPIs) set operationally effective commercial real estate organizations apart from their peers because these organizations have the ability to use these metrics to make productive decisions leading to profitable business outcomes.
Today, many CRE organizations have multiple technology solutions collecting a vast amount of data. As this enormous amount of data is collected it is posing challenges for CRE organizations. The considerable challenge these companies face is sifting through, what seems like, endless amounts of data to pinpoint what metrics will truly make an impact on their business operations. If you’re overwhelmed with data, you’re not alone.
Often, we over-analyze data, excited by the possibilities of what we can measure and end up losing sight of what we should measure. Property management teams don’t have the time to look at 20 different KPIs and make actionable decisions based on all of those metrics on a daily basis. Instead, property management teams should focus on measuring a few concrete KPIs that will provide insights they need to advance property management operations. Clearly defined KPIs with measurable and comparable metrics will provide a yellow brick road to follow as you work to maximize your business outcomes and profitability.
Knowing where to begin when selecting effective KPIs is the biggest challenge that we hear from property managers. This simple cheat sheet provides five essential property management KPIs along with suggestions of what to measure in each category. If metrics are a challenge for you or your organization, this is a useful place to start.
To learn how to select property management KPIs based on your specific organization, download the full guide to selecting essential property management KPIs. Measuring the right KPIs, specific to your organization will give your organization the ability to make proactive decisions based on actionable intelligence.
