When you want to determine how a property management company is handling your commercial or residential properties, you can use key performance indicators (KPIs) to make an assessment. Property owners are known to monitor performance to determine how well property managers are handling and protecting their investment. Unless they are already operating as consummate professionals, it may provide motivation for property managers to put forth their best efforts if you make it known that you are measuring KPIs. Check performance indicators such as rent prices, vacancy levels, costs of repairs and maintenance, and arrears, to name a few.

Rent Prices

The challenge with rent prices is to make them high enough to ensure the best income possible for the property owner while ensuring that rent isn’t so high that the best tenants opt to rent elsewhere in the area. Making the right determination on rent prices involves routine analysis in which your average rent is compared to local, comparable properties. Depending on what’s going on in the market an any given time, it may be determined that rent prices are too high or too low.

Vacancy Levels

The vacancy rate at a property is a key measuring stick to determine how the property manager is performing. Better marketing may be necessary, or it could be that expenditures need to increase to enjoy the benefits of maximum occupancy. Incentives can be used to entice new tenants to sign a contract. The bottom line is to continually work on gaining insights that can inspire new actions as a property manager to help ensure high occupancy levels.

Costs of Repairs and Maintenance

An area in which property managers demonstrate their value is in the way repairs and maintenance are handled. There are strategies that can help cut costs and increase a property’s profitability. In the meantime, renters must be happy, too, with the speed and efficiency in which repairs and other types of maintenance are handled. A benefit of working with experienced property managers is that they typically have quality vendors they can work with at discounted rate. Maintenance and repairs are always significant investments, and the best practice is to stay alert to even better opportunities to provide great maintenance services while cutting costs.

Arrears

Arrears are outstanding debts owed to you. If there are numerous arrears associated with a property, it can impact cash flow. The matter of successfully collecting rent can help to accurately measure how well tenant selection is being handled, as well. Property managers should investigate situations in which a renter is consistently more than a week late on rent. How far back arrears go is another way to monitor property management efficiency.

Weaver Realty Group has Proven KPIs

Throughout the Florida peninsula, Weaver Realty Group has a proven reputation for managing properties while maintaining impressive KPIs. Experienced engineering and property management personnel at Weaver ensure that transitional issues, as well as daily management tasks, are handled at a high level of competency. Communication and continual evaluation are at the forefront of property management operations handled by Weaver Realty Group. Call (904) 733-0039 today to learn more.