by
Ernest Oriente
Posted
July 31, 2001
Coaching
Success
Know It
Now. Fix It Now!
Details
and dollars. Your world as a property management executive/professional
is filled with details and dollars, some much more important
than others. When working with our property management clients
we ask them to focus on three important areas of their business:
People, Profits and Performance. Listed below are some important
questions to consider:
People
1. Are
we appropriately staffed? If not, what positions need to be
filled right now, this week and this month?
2. Does
each person on our property management team have a written
career and learning plan?
3. What
is our average tenure of employment, by position? Is this
average going up or down?
4. Why
are people leaving our company? Can we see any trends?
5. Do our
communication, equipment and technology systems support the
success of those on our team?
Tip From
The Coach: As a property management executive/professional,
you know people drive your business. Use these six simple
questions to monitor the pulse of your property management
team and watch their performance soar!
Profits
1. How
quickly do I receive financial reports for the month that
just finished?
2. How
does this month's financial performance compare to last month's?
3. How
does this quarter's financial performance compare to the same
quarter last year?
4. Does
our entire property management team know how our company is
performing financially?
5. How
closely is the compensation of our property management team
tied to our financial performance this month?
6. Are
expenses growing? When was the last time my team re-bid each
line item on my financial reports?
7. Late
rental payments. What are the trends?
Tip From
The Coach: Use these eight questions to rapidly observe the
financial trends within your company. Remember, success in
the property management profession is a direct reflection
of the speed in which you address financial performance issues
and make decisions to alter course when necessary.
Performance
1. Are
we meeting our weekly/monthly occupancy goals at the apartment
communities we own/manage?
2. Do we
know how many calls are being missed at our apartment communities,
today? How does this compare to our company benchmark? How
do we compare with national trends?
3. Do we
know the volume of traffic generated at our apartment communities,
today? How does this volume of traffic compare to our company
benchmark? How do we compare with national trends?
4. Do we
know how long our leasing teams are spending by telephone
with each future resident, today? How does this compare to
our company benchmark? How do we compare with national trends?
Tip
From The Coach: Just recently, leading property management
executives/professionals have been able to answer the above
questions. Companies such as CallSource® {www.callsource.com}
are helping property management companies benchmark performance
at their apartment communities and then be notified by E-mail
whenever property performance varies from normal trends. Are
you and your property management team ready for the future?
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