There are numerous key areas which need to be acknowledged to keep your finger on the pulse of your property management business, two of these are your staff and your numbers. It is important to ensure that you constantly review, and closely monitor these aspects. Several ways to achieve this are to meet with your staff on a regular basis to review their work and catch up on where they are at (are they happy at work, are they being challenged/growing?) and review key performance targets. This makes it easy to monitor how your team is performing, to catch problems early and allow for easier resolution. It also provides a good opportunity to gain feedback on ways to improve your business!
Your property managers should also be reporting to your department head on a monthly basis regarding the office performance – to gain insight into their workloads.
These statistics can be reported and reviewed as indicators of business growth goals and your team’s workload. If you are not achieving the growth you are in business to be making, then what can be changed/altered to make this happen?!
As a principal or business owner – it is of major importance that you are tracking your general account and ensuring your profit margins together with outgoings are “where they should be”.
One of my favourite sayings is that “property management is not rocket science” – it is a combination of a whole lot of time management and systems to cope with. If you can see or at least measure the workload your team has, combined with measuring your growth in numbers (profit or growth model) then your finger is well and truly on the way to being on the pulse.
Hamish Turner
Hamish has over 17 years of experience within the property management industry and has experience throughout New Zealand and Australia as a manager, principal and consultant. He utilised all of this experience to form a property management business that he expanded between 2009 and 2016 into 7 locations around New Zealand.
