Have you set the professional bar for your property management team? Do they know when they have hit the mark? Are responsibility centers clear? Let’s discuss some measures that let you identify positive progress with a multifamily asset. Following is a short list of high value areas to commit “thinking time”. We are applying these benchmarks to stabilized assets.
1. The “So what” question? Every PhD student knows about the “so what” question. Having spent months and perhaps years on a very succinct research question, a committee member says to the student - so what? The follow up question being: “why is this relevant”? Keep the “so what” question in your mind as you work through this list. If your answers make you feel warm and fuzzy, look good on paper but have no functional use- so what?
2. Occupancy. Is your occupancy at or higher than competitive assets in your submarket? Whereas we are most focused on “our” asset, we must view the broader submarket and market for intelligence. It is important to know where our competitors are, operationally, to assist in measuring where to place our resources (dollars and manpower).
Read more...Property Management: 10 Ways to Measure Your Success | Multifamily Insight Blog
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