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AREI 119: Performance Metrics for Multifamily Assets: Tracking KPIs for Success Part 1 (of 2)
Manage episode 401994498 series 2929860
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Welcome adventurous family! In this episode we dive into understanding KPIs for Multifamily Asset Success emphasizing the continuous nature of tracking KPIs until asset closure or sale. Discuss the benefits of KPI tracking: aiding decision-making, maximizing profitability, and boosting investor confidence. Come join us and listen in!
Episode Highlights :
1.Importance of KPIs in enhancing operational efficiency and resident satisfaction.
2. Essential Groups of KPIs
- Five essential groups of KPIs: leasing, income, maintenance, occupancy, and loss to lease.
- Examples of specific KPIs within each group, emphasizing their role in evaluating different aspects of property performance.
- Emphasize the significance of weekly tracking and the use of spreadsheets for data management.
3. Monthly KPIs and Financial Performance Tracking
- Discuss additional KPIs tracked monthly, such as loss to lease and amenity tracking.
- Explain the process of financial performance tracking, including NOI calculation and variance analysis.
- Highlight the importance of collaboration with property management teams and transparency in reporting.
4. Multifamily Myth Busters: High Occupancy Rate
- Myth: High Occupancy Rate Equals Success?
- Discussing the importance of considering other factors beyond occupancy rate.
- Emphasize the need for deeper analysis and understanding of resident quality, lease terms, and rental rates.
Tweetable Quotes:
"We strongly believe, Self reflection is what gives you the most growth as an individual. Well, self reflection on your financials also will help you have the most growth within your property. Sometimes it is difficult to not have a property that's going super well, or a property that's going well, but you wish it was going better.
But be able to look at the numbers really gives you motivation to dig deeper, to ask more questions to the property manager.
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