Welcome adventurous family! In this episode we dive into understanding KPIs for Multifamily Asset Success emphasizing the continuous nature of tracking KPIs Part 2 and AI and Machine learning advantages for Multifamily Asset management.Come join us and listen in!
Episode Highlights :
Chapter 1: The Importance of Tracking KPIs
- Reiterates the importance of tracking KPIs for decision making, profitability, and understanding the property's direction.
- Clarifies that this episode focuses on high-level KPIs tracked by the property management company.
Chapter 2: Software and Data Accessibility
- Highlights the importance of user-friendly property management software for both on-site staff and investors.
- Discusses the negative impact of outdated software on data accessibility and resident satisfaction.
- Encourages testing and evaluating the software before choosing a property management company.
Chapter 3: Six Key KPIs Tracked by Property Management
- Resident Retention Rate: Measures resident turnover and identifies potential issues with property management or the property itself.
- Lease Renewal Rates: Analyzes trends and compares them to benchmarks to optimize occupancy and avoid undesirable residents.
- Resident Satisfaction Surveys: Provides valuable insights into resident needs and preferences, informing decisions about amenities and community building.
- Maintenance Response Time: Measures responsiveness to resident requests, impacting resident satisfaction and communication.
- Resident Community Communication and Engagement: Utilizes various channels to connect with residents, address concerns, and build a sense of community.
- Actuals vs. Budget: Compares actual expenses to budgeted amounts, highlighting areas for improvement and ensuring responsible financial management.
Chapter 4: Leveraging Data and Technology
- Discusses the importance of robust software for pulling KPI data and making informed decisions.
- Shares examples of data reports received monthly for further analysis and investor updates.
- Emphasizes the value of data visualization for identifying trends and areas for improvement.
- Highlights the potential of AI and machine learning for predictive analytics, automated reporting, and increased efficiency.
- Encourages listeners to share their experiences with AI tools in multifamily operations.
Chapter 5:Multifamily Myth Buster: Is your Property Manager is your Asset Manager?
- Busted myth :Your property manager is not your asset manager.
- Explains the distinct roles and responsibilities of each: