CoLiving & CoLife KPIs: Measuring the Harmony of Your Home

The universal goal of CoLiving operators is to create a thriving space that residents LOVE. But the widespread question is: How do I do this?

It’s not always easy to find out exactly what guests think or how improvements can be made. This is where hacks like these come in to streamline your systems and enhance quality on all fronts.

Using KPIs (Key Performance Indicators) is a major tool for assessing harmony and categorizing these concepts in actionable ways. These may be tailored to the specific attention areas of the home and what each property is looking to enhance.

1. NPS

At Kindred Quarters, using a NPS (Net Performer Score) is one way to quantify success and develop an easily comparative framework. By transforming feedback and opinions into numerical representations, this creates a simple way to view everything at once and track improvements.

On a consistent basis, residents are asked to describe their needs, frustration, complaints as well as ask for any advice, support, or resources that would help them. They are also able to point out what’s working well and submit their suggestions for a better environment. Both positive and negative feedback are welcomed equally. Finally, residents are asked how on a scale of 1–10 much they would recommended living at Kindred Quarters to their friends. All of this is turned into the NPS score that can be kept on file.

By engaging residents in a meaningful way and showing that their ideas matter, this process itself creates more harmony because members feel supported, heard, and valued.

Once this information is obtained, it’s easy to translate into steps toward improvement. Residents in the home may have differing desires, so this is the opportunity to reconcile them in a way that gives everyone a piece of what they want.

2. Events

KPIs can also be applied to the events that are held. When you organize an one, take down data on the number of people attending, the costs associated with throwing it, the number of events you have held, and the benefits gained (such as prospective residents). This will allow you to analyze where you may have some losses, or what your most successful activities are.

3. Follow-Up

Decide on a period of time after residents have moved out that you want to send follow-up email surveys. This allows you to find out how guests feel when reflecting on their experiences, as well as whether they have maintained relationships with past residents after moving out. If residents are still in touch with one another, you’re doing something right because the home has created lasting relationships.

By implementing these approaches, not only will residents be far more satisfied and likely to refer others, but business will improve as well. After all, the goal is to provide a valuable experience, and adopting this approach does exactly that. Prepare to watch the harmony and abundance expand as you gain a greater understanding of what’s going on under your roof.

*Looking for a CoLiving Management Software solution? We are the founders of Kndrd, a global all-in-one CoLiving software and directory.

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