Keeping track of what's going on in the agency can be difficult. Traditionally, you would need to have access to your trust accounting software, plus any other software the agency is using. These programs usually only show data at a point in time, meaning they are very unforgiving when it comes to trend mapping or trying to implement changes to systems or procedures to ensure the agency remains dynamic at all times. When it comes to monitoring agency performance on a weekly basis it is almost impossible to benchmark results amongst the team members.
Each agency should have an administrator. This person may sit across the entire agency or may be specific to the property management business only. It would be the role of the agency principal or business manager to define what KPI’s (Key Performance Indicators) that they require to have a full understanding of the business. These KPIs may include arrears, expiring leases, overdue work orders, overdue periodic inspections, days vacant, new business, lost business, client feedback, income just to name a handful. The role of the administrator would be to collate all this information into a spreadsheet each week where the results can be plot onto a graph, preferable by portfolio.
This report will give you a clear indication of what is happening within the agency. Using the example above, we can clearly see that the agency is having an issue with vacant properties being on the market to long. Because it is a whole agency problem, this may point to a training or procedural issue that may need attending to. The data has demonstrated an issue to the agency principal or business manager and they are now able to review the current process to allow improvement in the agency’s marketing capabilities.
It is necessary that the agency leaders have data readily available to them at all times, to ensure they are receiving the right information, to make informed business decisions for the agency. It also allows them to highlight excellence and celebrate wins within the team, to encourage both team, and agency growth.