Not every property management company needs a dashboard. When speaking with a prospective customer for one of our dashboard solutions, I ask these five questions to determine need for a dashboard:
- Do you have financial targets for the year? (for example, Net Income, Rent Lost Due to Vacancy, Delinquent Amount etc.)
- Do you have any non-financial targets for the year? (for example, Average Customer Rating, Employee Development Hours, Ticket Resolution Times)
- Do you have team members whose performance directly impacts any of the above targets? (for example a Service Director who impacts Ticket Resolution Times, or a Leasing Director who impacts the leasing pipeline)
- Do you give feedback to your team members on how what they are doing well and where they could do better?
- Do you have weekly or monthly meetings where you review business performance relative to your quarterly or annual targets?
If these questions resonate with prospective customers, then the conversation changes from “Do I need a dashboard” to “What Key Performance Indicators (KPI) should my dashboard display?”.
Dashboards can transform company cultures. When your team members know what metrics matter, and when they are given control over producing outcomes, two things happen:
- Your team members manage themselves and figure out ways to proactively hit their targets
- Your role changes from supervising your team to leading them and clearing roadblocks for them
Once you get into a rhythm of looking at your key numbers, you will start to see changes in behavior. Team spirit will increase, and you will find you can delegate a lot more. If this important to you, consider subscribing to a KPI Dashboard.