I remember the first time I tried implementing KPIs. I wasn't even sure where to start. What did I need to measure? And why did I need to measure it?
Key Performance Indicators (KPI) have been around the business world for many years and have filtered their way into the property management world. As the average size business grows and the need to become more business savvy is apparent, KPIs will play a crucial role.
Key Performance Indicators (KPI) have been around the business world for many years.
You are most likely in one of two buckets at this point. You either have no or few KPIs in your business today, or you have lots of them and don't really understand what they should be doing for you and how you should be leveraging them.
You either have no or few KPIs in your business today, or you have lots of them and don't really understand.
If you already use a suite of KPIs, now is the time to sanity check and cross-reference what you are doing and how you capture KPIs. If you are yet to implement KPIs, now is the time to choose 8 to 10.
If you already use a suite of KPIs, now is the time to sanity check and cross-reference.
Now that you have chosen your unique KPIs, it is time to do a test run. I wouldn't suggest you role them straight into the team. Consider doing a dry run first to see what the results are really like. Because these may be new KPIs and haven't been measured previously, a low result can often deter recruiting team buy-in on the process. Let them run for a few weeks, and they will most likely respond independently.
I wouldn't suggest you role them straight into the team.
As you have built and tested your new framework, you will have gained important insights from your team. There will be some team members that will advocate your new KPI framework, and there will be others that will push back on it. Strategically create alliances with those that are advocates and use them to coach and support those that are more reluctant to the change.
Strategically create alliances with those that are advocates and use them to coach and support those that are more reluctant to the change.
Once you have successfully implemented your KPI framework, you will see a stepped improvement in the first week. Once the team knows they are accountable for reporting their performance each week, they will tidy up any overdue tasks to improve their results.
Once you have successfully implemented your KPI framework, you will see a stepped improvement in the first week.
Great work on your new KPI framework! Next step is to learn how to leverage the results to strengthen your team and become more efficient and reliable for your clients.
Next step is to learn how to leverage the results.
