Any property management agency can claim to be “good”, however, this can be subjective and many agencies may not have clearly defined and measurable targets they use to define success. After all, if you don’t know what your target looks like, how will you know when you hit it?
In our experience, the best way to be sure we’re proving an Excellent service to both owners and tenants is to track and measure our performance. The devil really is in the detail when it comes to performance measurement, that’s why we track and measure almost everything we can to ensure we’re always delivering an Excellent Service.
We know there are 5 critical areas to focus on to maximise investment returns for our owners and to ensure tenant satisfaction and security.
1st Measurement – Total Number of Vacant Properties
We know that vacancies are the number one killer of income for your investment property. We aim to have less than 2% (on average, below 7 days vacant per year) of our properties at any given time of the year resulting in more money for you.
This metric reflects how quickly and efficiently your property manager can rent your property from marketing the property to having a lease signed and the bond and rent paid.
Do you have a vacant property and want to know why it may not be renting? Click here.
2nd Measurement – Total Number of Properties with Rent Arrears
Mismanaged rental arrears can result in months of lost rent for you so we know that it’s paramount that we keep right on top of this and it starts with being proactive and educating your tenant.
Before we move someone into your property, we explain to them when and how rent needs to be paid and when. We then make sure the tenants understand what will happen if they don’t pay their rent.
By tracking, contacting and actioning arrears daily, we’re able to minimise our properties with rental arrears and ensure your rent is being delivered to you on time.
We aim to keep this figure below 1% of all tenants.
3rd Measurement – Total Number of Properties not on Fixed Term Lease Agreement
Having a fixed term lease in place is like the difference between having a full-time job as opposed to casual. With a full-time job (or a fixed-term lease), your income is secured and you know the timeframe in which you can expect to receive rental income.
If your property manager allows a fixed-term lease to expire without action, your tenant’s lease will automatically become a ‘period lease’. This means, at any time, the tenant can leave with only two weeks’ notice. This can result in sudden and unexpected re-letting expenses and, potentially, weeks of lost income.
By simply measuring the number of leases due to expire and the number of tenants who aren’t currently on a fixed term lease we are able to act quickly and accordingly on your behalf to prevent you from having an unplanned vacancy.
We aim to keep this figure below 5% of all tenants.
4th Measurement – Total Number of Overdue Maintenance Requests
We know the biggest complaint amongst tenants is when genuine maintenance requests are not actioned quickly and efficiently. This can also result in your tenant not paying rent, asking for compensating or simply vacating at the end of their tenancy.
This is why we measure our progress in how quickly a genuine request is allocated to a tradesman and how quickly the tradesman attends and completes the maintenance.
We aim to have allocated any genuine maintenance request within 3 days of receiving the request and we hold our tradesman accountable to completing the work within 14 days from when they receive our work order (with the exception of emergency maintenance).
Want to more about how we handle maintenance on your property? Click here.
5th Measurement – Customer Loyalty and Satisfaction
We know we need to provide you with results, however, we also need to make sure you’re satisfied with our process of achieving them. If you’re not happy, we’re not fulfilling our purpose.
We use a Customer Satisfaction Survey method called ‘Net Promotor Score’. This way, we can obtain feedback on our processes and ensure we’re keeping you and your tenants happy.
We publish these statistics every month on our website and newsletters.
We also measure plenty of other statistics such as the percentage of tenants who renew their lease, the percentage of rent increases we are able to achieve and much more.