One of the most important roles of a property management leader is to track and manage employee performance. But a lot more goes into this process than many realize. It’s not just about making sure their day to day work duties are completed. It’s about setting real, actionable goals and objectives that align with your company’s overarching mission. Developing, implementing and tracking key performance indicators for each individual and team can help ensure that everyone is working toward the same end-goal.
So, what should those KPIs be? Here are four things that will help get you on the right track.
Identify your key targets
What is it that you’d like your property management company to accomplish in the next one, three, five or ten years? Understanding the big picture goals, such as service delivery targets, maintenance targets and communications standards, will help lay the foundation for the KPIs you will assign to your team. Once you’ve got the big ticket items set in stone, the next step is determining what each individual and department must accomplish in order to achieve those company goals.
Managers can easily define and implement KPIs for their employees, but a better approach may be to involve team members in as much of the process as possible. For instance, you might provide the framework of what overarching goals the KPIs must align with and then ask that the employee come up with his or her own targets accordingly. Or, you might work collaboratively to come up with a list of key objectives together. When employees are involved in the process, it creates greater buy-in.
Be strategic about targets
To be most effective, KPIs should follow the SMART concept, that is, they should be:
Monitor and measure progress regularly
Last, but not least, your KPIs should never be put on a shelf and only revisited at the end of the quarter or year. Successful performance tracking takes time and attention. Progress should be regularly monitored and measured so that any areas that are lacking can be addressed and corrected promptly. This will improve the chances of everyone reaching their goals successfully, which in turn will propel your property management company forward in the right direction as well.
There’s no magic formula or one-size-fits-all solution to helping your property management team develop and achieve goals, but there are certain strategies that can help make the process more effective. The four tips above should enable you to set and manage KPIs that will help drive your business forward.
How do you set KPIs for your team? What tips or advice can you provide to others who might be struggling in this area? Please share in the comments below.