How can you align your property management performance metrics with your organization's goals?

1 Define your property management objectives

Before you can align your metrics with your goals, you need to define what your property management objectives are. These are the specific outcomes that you want to achieve through your property management activities, such as reducing costs, improving tenant satisfaction, enhancing sustainability, or optimizing space utilization. Your objectives should be SMART: specific, measurable, achievable, relevant, and time-bound. They should also be aligned with your organization's mission, vision, and values, as well as its strategic priorities and initiatives.

3 Establish baselines and targets

After you have selected your metrics, you need to establish baselines and targets for each one. Baselines are the current or historical values of your metrics that serve as a reference point for comparison. Targets are the desired or expected values of your metrics that reflect your objectives and goals. For example, if your baseline operating expense per square foot is $10 and your target is $8, you have a 20% cost reduction goal. Baselines and targets help you set realistic and achievable expectations, as well as monitor and communicate your performance.

4 Implement and monitor your property management plan

The next step is to implement and monitor your property management plan, which is the set of actions and tasks that you will perform to achieve your objectives and meet your targets. Your plan should include the roles and responsibilities of your team members, the resources and tools that you will use, the timelines and milestones that you will follow, and the risks and contingencies that you will manage. You should also regularly monitor and report on your metrics, using dashboards, scorecards, or reports, to track your performance and identify any gaps or issues.

5 Review and improve your property management process

The final step is to review and improve your property management process, which is the way that you plan, execute, and evaluate your property management activities. You should conduct periodic reviews of your process, using feedback from your stakeholders, lessons learned from your experience, and best practices from your industry. You should also look for opportunities to improve your process, such as streamlining workflows, automating tasks, or adopting new technologies. By reviewing and improving your process, you can enhance your efficiency, effectiveness, and quality of your property management.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?