What are the best benchmarks to measure the ROI of a property management system?

1 Revenue growth

One of the most obvious indicators of the ROI of a PMS is the increase in your rental income. A PMS can help you boost your revenue by enabling you to set dynamic pricing, manage multiple channels, automate billing and invoicing, and reduce vacancies and turnover . To measure this benchmark, you can compare your revenue before and after implementing a PMS, or use a revenue management module that tracks and analyzes your income data.

2 Cost reduction

Another way to assess the ROI of a PMS is to look at how much it saves you in terms of operational costs. A PMS can help you reduce your expenses by simplifying your workflows, eliminating manual errors, improving your maintenance and repair processes, and enhancing your tenant satisfaction and retention. To measure this benchmark, you can calculate your cost per unit or per lease, or use a budgeting and forecasting module that monitors and optimizes your spending.

3 Time savings

A third factor that contributes to the ROI of a PMS is the amount of time that it frees up for you and your staff. A PMS can help you save time by automating repetitive tasks, integrating with other systems, providing real-time reports and insights, and facilitating communication and collaboration. To measure this benchmark, you can estimate the hours that you save per week or per month, or use a productivity and performance module that measures and improves your efficiency.

5 Customer satisfaction

A fifth element that influences the ROI of a PMS is the level of satisfaction that it creates for your customers, both internal and external. A PMS can help you increase your customer satisfaction by providing a seamless user experience, offering personalized services, resolving issues quickly, and soliciting feedback. Customer satisfaction is crucial for building loyalty, reputation, and referrals. To measure this benchmark, you can use customer satisfaction surveys, reviews, ratings, or testimonials, or use a customer relationship management module that manages and enhances your customer interactions.

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?