Real Estate Metrics
Don’t be left in the dark! Don’t discover problems just when the phone rings. In the relentless grind and hustle that is the real estate industry, having a clear understanding of your business’s performance is crucial for making informed decisions and driving growth. These are the real estate metrics every business should be tracking.
Yet, many Australian real estate businesses lack the necessary visibility over key management metrics, which can hinder their ability to identify areas of improvement and seize opportunities. The reasons for this vary, some simply lack the capacity to measure these metrics, others are happy to continue as things are.
Want to set yourself apart from your competitors? Start by understanding the importance of measuring and having visibility over these crucial metrics. and how it can transform your real estate operations.
Loss Management – Understanding the Reasons Behind Client Attrition
When you experience the loss of landlords or properties from your rent roll, it’s essential to dive deeper and analyse the underlying causes. By having visibility over loss management metrics, you gain valuable insights that can inform your decision-making process.
This allows you to differentiate between reasonable explanations, such as clients selling properties due to their own financial situations, and potential mismanagement issues. Armed with this knowledge, you can tailor your response accordingly, whether it’s providing better support to your sales team or optimising your services to retain investor clients.
Arrears and Complaints/Disputes – Shedding Light on Potential Risks and Customer Satisfaction
Inadequate visibility over arrears and customer complaints/disputes can leave your business vulnerable to financial risks and strained client relationships. By prioritising visibility in these areas, you gain the ability to take prompt action, mitigate potential losses, and provide exceptional customer service.
No longer reliant on outdated methods like printing and storing complaints in physical folders, you can streamline your processes, resolve issues efficiently, and improve overall client satisfaction.
Communication Management – Understanding the Impact of Incoming Phone Calls
Say your office has experienced a significant increase in incoming phone calls. What does this seemingly innocuous metric tell you? The answer is that it could mean many different things, but how would you know? Having visibility over this can uncover valuable insights about your team’s communication dynamics.
For example, a sudden increase in follow-up calls might indicate areas where staff communication needs improvement. It could point to a lack of communication from your staff. What often occurs in property management businesses is that they can get stuck in a cycle of reactivity.
On the other hand, it could be good news. A surge in leads from incoming calls presents new business opportunities. They could be new clients or landlords looking to do business. And speaking of leads, so many businesses don’t measure this metric, they don’t know how many, where they came from, or what their conversion rate is.
If your office is experiencing a sudden rise in the amount of incoming communication it could mean one of many things…but without visibility you might never know. Understanding these metrics allows you to optimise internal processes, enhance client experiences, and increase conversion rates.
Key Operational Metrics – Gaining Insight into Operational Efficiency
Measuring key operational metrics, such as lease renewals by portfolio, applications by staff, listings over 21 days, and overdue tasks, provides a comprehensive view of your business’s performance. It enables you to identify high-performing staff members, allocate resources effectively, adjust pricing or marketing strategies based on market trends, and ensure timely task completion.
By having visibility over these metrics, you gain a clearer picture of your operational efficiency and can proactively address areas that need improvement. It also helps you answer the question, “what is the true capacity of my team?”
Plug Alert- OneDash
At STAFFLINK, we not only believe that having visibility over these key metrics is important, in fact, having the ability to measure and have visibility over these critical metrics is what sets successful real estate businesses apart. But it also needs to be super easy and quick.
That’s why we created OneDash, so what used to take hours now takes only 60 seconds. Instead of hunting for all these different metrics in multiple places they are all there, on one dashboard. And it is all live data, not after-the-fact reporting.
You can read more about OneDash here.
“What used to take hours now takes less than 60 seconds. I can now get a full understanding of what’s happening in my business without needing to look in multiple places.” – Corinne Bohan, Director at Image Property.