Most business owners each month simply look at 2 things- total property numbers on the portfolio and total fee income received. That’s about it!
Property management needs more attention than that!
We’ve compiled a details list of a number of different things you can be measured in property management.
• This list is not exhaustive- I’m sure there are more things you could add that you measure in your business.
• It’s a Smorgasbord- this list has been compiled as a useful tool for you to ‘cherry pick’ from of what is of use to you.
• Fees measured- should be measured less GST.
Here are over 100 things you can measure in your business:
• Average rent per week
• Average management fee %
• Management fees as a % to overall fees
• Management fees multiplied by your rent roll multiplier/value- Asset Value
• Average total fee income (less GST) per property/month
• Total property numbers (current and current vacant properties, not including newly listed/not yet rented properties)
• Total properties growth
• Total properties lost
• Net growth (total properties gained less properties lost)
Source of new property/business
• Salespeople/Sales department (record what salesperson business came from)
• Multi Referral Partners (mortgage brokers, accountants etc.)
• General ‘word-of-mouth referral (non-client)
• Current client adding
• Current/Previous client referral
• Phone enquiry
• Website lead
• Family/friends of staff
Reasons for property/business loss:
• Total properties lost
• Property sold- company
• Property sold- other company
• Property to be sold (selling)
• Property renovation
• Property development/demolishment
• Owner/family member moving in
• Owner self-manage
• Owner dis-satisfied
• Agent transfer
• Management hand back/termination of the management
• Total managements signed/new properties
• Total emails on your e-newsletter database- prospective clients
• Total new email contacts added to the database
• Total listing appraisals conducted
• Conversion ratio %(total appraisals to new management signed up)
• Total CRA- Comparative Rental Analysis reports issued
• Total open inspections attended
• Total qualified leads received from salespeople (owners looking for a new rental property without a preferred property manager)
• Total annual fee income attained in signed managements- $
• Average annual fee income attained per signed management
• Total management signed up with discounted fees
• Total management signed up with another agent
• Total prospecting phone calls made
• Total existing clients contacted
• Total prospecting letters/emails sent
• Sales open for inspection leads followed up
• Total Multi Referral Partner leads received (mortgage brokers, accountants etc.)
• Total referral leads received
• How many properties open.
• How many applications received?
• How many applications not accepted as a % to acceptance.
• Average days on market.
• Average days property vacant.
• Total new properties marketed (new listings).
• Total current properties marketed (current business).
• Total pending vacant properties.
• Total properties vacant.
• Vacancy rate (total vacant properties not including new listings as a % to total rent roll property numbers).
• Total properties marketed with no photos/insufficient photos.
• Total hits for properties marketed online- listing page.
• Total properties leased.
• Average rent of properties leased.
• Total letting fees collected.
• Average letting fee per property- $
• Total ingoing inspections/PCR’s conducted.
• Total ingoing inspections/PCR’s outstanding.
• Total signboards erected.
• Total signboards retrieved
Source of new tenant
• Internet Property Marketing Portal (also measuring which portal leads come from, whether from realestate.com.au, domain.com.au etc.)
• Company website portal
• Window display
• Existing tenant
• Total work orders generated
• Total work orders outstanding more than 28 days
• Total leases due for renewal next 28 days
• Total leases expired
• Total periodic/non-fixed term leases/tenancies
• Total lease renewal fees collected
• Average lease renewal fee per property charged
• Percentage of total tenants 3 days or more in arrears
• Percentage of total tenants 3-14 days or more in arrears
• Percentage of tenants 15 days or more behind
• Termination notices served
• Application to tribunal/court served
• Tribunal/court hearings attended
• Tribunal/court order payment plan in place
• Total evictions
• Total Landlord Insurance claims- rent default
• Amount of inspections to be carried out per month
• Amount inspections actually conducted
• Amount inspections left outstanding- still to be completed
• Amount of re-inspections
• Total fees collected
• Average fee charged per inspection
• Amount of rent reviews to be carried out each month
• Actual rent reviews conducted
• Amount of rent increases implemented
• Total value of rent increases implemented
• Total tenants vacating
• Total vacating at end of lease/ periodic lease ended by the tenant
• Total tenants breaking the lease
• Total tenancy terminated/periodic lease cancelled
• Total final inspections completed
• Total bonds refunded/processed
• Total bonds outstanding to be refunded (delayed)
• Total tribunal/court hearings- bond dispute
• Total tenants added to Tenancy Default Database
• Total landlord surveys sent
• Total landlord surveys received
• Total tenant surveys sent
• Total tenant surveys received
• Total ‘add-value’ calls made to owners
• Total complaints received
• Total testimonials received