Definition of Quality in Property Management
How do you define “quality” in property management? Pick from the list below: A: Luxurious B: Recently built with good finish C: Clean, efficient, safe, secure D: Meets customer expectations E: Other The widely accepted business definition of “quality” is D, the...
Get out of fire fighting mode with Quality Incident Reports
There is no magic wand that can make your team start performing flawlessly. Getting to the point where your team consistently produces the outcomes your customers expect takes sweat and leadership. One of the tools that can help you reach high levels of performance is...
Understanding Variation in Property Management Processes
Before you get too deep in to charts and data visualizations, let’s talk about the concept of variation. Understanding variation is essential for building processes and systems on which you can scale your property management operations. Once you have succeeded at...
Eleven things that make a property management business scalable
Some of my clients who are operating their properties have hit a plateau. They have access to capital, they know where acquisition opportunities are, but they are so mired in property management that their goals for growing their portfolios are on hold. In their...
Property-Management-Metrics-That-Predict-Future
When you are looking at P&Ls or balance sheets, you are looking at history. A P&L tells you what happened last month. It is not telling you what is likely to happen next month. And relying too much on historical information is risky! When you work with me, we...
“Data Driven” Definition
Let's illustrate the meaning of "data driven" with an example. Here's a simple question, and two different responses to the same question: Question: "How is the marketing campaign going?" Response #1: "It's going great. We're getting lots of leads. Lots of people...
Property Management Process Improvement
As an executive, you know you need to continuously improve your processes for property management so that you can maximize your results but how do you decide where to start and what to focus your limited resources on? In this post, we describe how we used our RentFlow...
Drilling into Rent Roll Data
One of my clients who manages about 15 multifamily buildings (2500 units) in Omaha wanted to understand if their rents were set at the right levels, and what changes, if any, should be made. We pulled their rent roll data out of Appfolio, created a bunch of lookup...
Real Estate Blockchains
Many of us became aware of blockchain technology when learning about cryptocurrencies. But casual users may not know the broader uses of this technology for business. In this post I will discuss real estate blockchains and potential applications of real estate...