How are you measured in your role? Chances are that no two CRE property managers can answer this question the same. And many times, building operations are managed as problems arise, with spur of the moment decisions, making it even more difficult to measure your impact on your organization. But those who can actually measure and understand it are the ones who see an extra bump in their paycheck.
Property management organizations that implement systems of measurement on their teams realize great value including the ability to track and analyze performance of personnel. Proactively and effectively using technology will give you the ability to understand your contributions to your team and not let your handwork go unnoticed.
If you’re looking to build the case as to why you deserve a raise, first you must understand – and prove – your value. Here are few reasons to share with your manager:
1. You keep your tenants happy and coming back
A strong tenant satisfaction rating is a critical success metric property managers to keep tabs on. Tenant satisfaction ratings show at any given time how happy tenants are with the service you are providing. And because tenants are the lifeblood of any CRE building, their happiness is monumentally important. The higher the ratings, the more valuable tenants find you and your team. More importantly, the happiness of your tenants directly impacts your bottom line. Meaning, if your tenants are happy with property management, they will continue to renew their leases which shines a positive and valuable light on your role.
In order to understand your impact on tenant satisfaction you must successfully track it. To do this, you need to have a process and system in place to quantify current sentiment in real time. One easy way this can be done is by sending a simple survey after each work order is completed. This type of frequent feedback collection will measure satisfaction and can also indicate other, more pervasive problem areas. Staying on top of tenant satisfaction is an extremely valuable skill for property managers.
2. You mitigate the risk of liability and loss
There are many threats against CRE properties today that develop from poor incident management, lack of inspection compliance, and neglect of expiring insurance coverage. A valuable CRE team member understands these threats are constantly looming in CRE properties but knows how to proactively manage them so that they don’t negatively and severely impact the building. To show your value, be sure to prove to your management team that you’re capable of mitigating risk and preventing loss by measuring impact across three areas:
- Inspections: Measuring inspection completion rate shows your ability to comply with necessary inspections when they are due. Ensuring inspections are completed on schedule is critical to the safety of your property.
- Certificate of insurance tracking: Insufficient insurance coverage for your tenants and vendors can be a very costly mistake. If you’re diligently ensuring COI compliance is up to date, you’re saving your organization from the risk of liability and loss.
- Incident response: Properly tracking information related to incidents will reduce risk in your property. The best way to do this is to document all incidents to prevent exposure to future liability and to reduce the risk of financial loss resulting from poor follow-up and record retention practices.
3. You work efficiently and know how to accomplish more with less
CRE property management teams are always under pressure to do more with less. As CRE teams continue to become more lean property managers will feel even greater pressure to streamline processes and become more efficient. There are three important areas that you should be tracking to demonstrate your commitment to efficiency:
- Work order completion rate: You can understand your service delivery program by measuring the percentage of work orders completed on time, by their due date. Not only is this paramount to tenant satisfaction, but it proves your ability to get the job done on time.
- Visitor access pre-clearance: Keeping your lobby running smoothly is key to be an efficient property manager. To understand how efficient your lobby is, measure how many visitors have been pre-cleared by tenants in advance of their visit compared to those who need to be cleared by guards in person.
- Engineering staff and vendor productivity: Ensure that your staff is being as productive as possible by tracking the number of work orders or tasks completed. This will allow your team to run as lean as possible a while not overloading your engineers and vendors.
4. You drive revenue across your properties
Ensuring your tenants are satisfied and renewing their leases is one way to drive revenue across your property, but there are other ways to earn some extra revenue and positively impact NOI. If your lease allows, charging for extra services can positively impact your bottom line. A few ways to do this is accounting for all billable work orders, being aware of signs that tenant satisfaction is declining, making sure that rentable spaces (I.e. conference rooms and event space) are rented out continuously, and filling vacant space with aggressive leasing strategies.
At the end of the day, management teams are concerned with providing expectational service to tenants, maximizing revenue opportunities, and running operations efficiently and lean. This is all connected to improving the overall value of assets. Tracking and measuring your hard work to achieve these goals is key to showing how valuable you are – and who knows it could be the key to gaining that raise you deserve.
You can’t explain your value to the business if you can’t prove your performance. And you can’t track your performance without a clear process and technology to support it. Find out how we can help!