What is one of the most important checklists or KPIs that an office should put in place?
Blogger: Deniz Yusuf, BDM and coach, bdmcoach.com.au
Just to list a few that I’ve seen over the years so we can get a grasp of where I’m taking this, some that are in place within your office could be:
- Arrears checklists
- Routine inspection checklists
- Outgoing or ingoing checklists
- Tenancy application checklists
- Viewings conducted
- Lease checklists
- KPIs can cover the above too
- Tenants in arrears
- Ingoings and outgoings performed
- Routines carried out
- Lease sign-ups
- Lease renewals
- Rent increases
- Applications processed
- Applications approved
- Maintenance requests
- Maintenance orders completed…
Let’s leave it here for now as I’m sure you can see my point that there’s quite a few we could cover.
I just want to paint the picture of how many can be within an office. Now let’s not forget the importance of all of them, there’s many reasons why an office has them in place from ensuring nothing gets missed through to accountability of the working progress of the team, which then hopefully makes work smoother. All of the above checklists need to be working together efficiently so the next checklist and KPI system I bring up can work at its best. In my eyes, yes….. you can look at me as being a little one eyed or one sided towards this, but look at my position……look at my company name and you’ll understand why.
I believe one of the most important checklists that an office can put in place, is all about winning more new business. Every single office should have a checklist in place that’s monitoring your new business enquiry, through to how many appointments are being booked from that enquiry….to then how many new managements are coming into the office, which in the end is very important.
Is your office currently tracking the leads that are doming in? Is your office tracking how many presentations are being carried out? I know that you’re tracking how many new managements you’re getting, but how many are also being lost and is your office doing something about it?
Training that I conduct in an office comes back to two major things: 1. The office needs more lead generating tools or 2. They need to learn how to convert the leads. Most of the time there’s loads of leads coming in, they’re just not being monitored, so they’re being missed as there’s no checklist or KPIs in place so the office can see what the issues are, and where training needs to be conducted. If your vacancy rates rise, you would look at a checklist and work out where the problem is, then fix it. In essence we now need to do this for your new business too.
So to solve this problem it’s quite simple just to implement a few changes or a new checklist. Every single enquiry that comes into the office needs to have an enquiry form filled out. On the form you then need to register if the enquiry has been converted to an appointment, then from the appointment was this then converted to new business? If there’s 10 enquiry forms being filled out and only one appointment being booked, you as the boss can see that your staff needs training on how to get into the door. If there’s eight appointments being booked and only one listing coming back, you then know that your staff need training on what’s being said at the presentation. This all about converting the leads so your office gains new managements.
Deniz Yusuf, BDM and coach, bdmcoach.com.au
Deniz is a full-time business coach and mentor to property management and business development managers across Australia and New Zealand through BDMCoach.com.au. Deniz's clients include Rental Express, McGrath Group, Philip Webb and more. Deniz started as a BDM in 2009, listing over 900 new managements and awarded the best BDM two years in a row with Leading Property Managers of Australia. His focus is now growing other peoples rent rolls and mentoring them to become market leaders in their area.