AREI 120: Performance Metrics for Multifamily Assets: Tracking KPIs for Success Part 2

Written By Honey Eduque

Welcome adventurous family! In this episode we dive into understanding KPIs for Multifamily Asset Success emphasizing the continuous nature of tracking KPIs Part 2 and AI and Machine learning advantages for Multifamily Asset management.Come join us and listen in!

Episode Highlights: 


Chapter 1: The Importance of Tracking KPIs

  • Reiterates the importance of tracking KPIs for decision making, profitability, and understanding the property's direction.

  • Clarifies that this episode focuses on high-level KPIs tracked by the property management company.

Chapter 2: Software and Data Accessibility

  • Highlights the importance of user-friendly property management software for both on-site staff and investors.

  • Discusses the negative impact of outdated software on data accessibility and resident satisfaction.

  • Encourages testing and evaluating the software before choosing a property management company.

Chapter 3: Six Key KPIs Tracked by Property Management

  1. Resident Retention Rate: Measures resident turnover and identifies potential issues with property management or the property itself.

  2. Lease Renewal Rates: Analyzes trends and compares them to benchmarks to optimize occupancy and avoid undesirable residents.

  3. Resident Satisfaction Surveys: Provides valuable insights into resident needs and preferences, informing decisions about amenities and community building.

  4. Maintenance Response Time: Measures responsiveness to resident requests, impacting resident satisfaction and communication.

  5. Resident Community Communication and Engagement: Utilizes various channels to connect with residents, address concerns, and build a sense of community.

  6. Actuals vs. Budget: Compares actual expenses to budgeted amounts, highlighting areas for improvement and ensuring responsible financial management.

Chapter 4: Leveraging Data and Technology

  • Discusses the importance of robust software for pulling KPI data and making informed decisions.

  • Shares examples of data reports received monthly for further analysis and investor updates.

  • Emphasizes the value of data visualization for identifying trends and areas for improvement.

  • Highlights the potential of AI and machine learning for predictive analytics, automated reporting, and increased efficiency.

  • Encourages listeners to share their experiences with AI tools in multifamily operations.

Chapter 5:Multifamily Myth Buster: Is your Property Manager is your Asset Manager?

  • Busted myth  :Your property manager is not your asset manager.

  • Explains the distinct roles and responsibilities of each:

    • Property Manager: Handles day-to-day operations, resident relations, and maintenance.

    • Asset Manager: Focuses on long-term strategy, financial performance, and investment decisions.

      👉 Link to YouTube AREI 120 Here

Memorable Quotes:
”You have to remember that as an operator, if you are one, the BUCK STOPS WITH YOU. It's your duty and responsibility to oversee the implementation of that business plan that you created. “

Connect with Heather
• Website: https://securedinvestmentcorp.com/
• Facebook:   / securedinvestmentcorp
• Email: hdreves@securedinvestmentcorp.com

👉GRAB A FREE copy of The Complete Guide to Generating Passive Income for Avid Travelers & Adventure Seekers

Until next time.

Explore more. Adventure awaits!

Honey Eduque
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AREI 119: Performance Metrics for Multifamily Assets: Tracking KPIs for Success Part 1 (of 2)