Essential KPIs, every facility and property manager should know…
Key Performance Indicators (KPI) are measurable guidelines that are used to gauge your performance in existing functional areas such as operations, human resource and finance within the property management scene. Property management KPIs are usually established from industry standards that every firm in real estate will aim to achieve. For example: –
Performance Indicator: Maintaining an acceptable occupancy rate at 95%, the recommended metric for urban property development areas.
OKRs:OKR refers to Objectives and Key Results which aims to clearly define a goal and attach it to a measurable success indicator. Unlike KPIs, where current performance is measured, OKR is used to quantify ambitious business goals and reach them realistically through agile means. OKRs are reviewed constantly rather than annually.
Objective: Increase the number of properties managed through marketing Key Results: Improve engagement and build a community through an online presence by 30%
KRAs:KRAs, on the other hand, refer to Key Result Areas that is primarily used to align employees with business goals and ensure that all employees are aware of their roles. While KPIs are used to measure performance, KRAs are seen as critical success factors breaking down your organisation goals into focus areas such that it is easy to define and integrate employees’ workflow into your company’s objectives. A property manager’s KRA includes maintenance compliance and ensuring tenant satisfaction.
Why should KPIs matter to facility and property managers?
Property management KPIs help facility and property managers keep their business objectives at the centre of their daily activities as well as provide knowledge into the performances within each role and function. They not only help your property management agency stay competitive and at the top of their game, but they also help:-
Quoting the Singapore Institute of Surveyors and Valuers (SISV): “..there are many real estate agency companies, valuation companies and property management companies for a population of three million people (to date)“, which is why facility and property managers should adopt the use of key metrics to define, track and improve not only on the competency of property management’s methodology but also on the quality of services rend
How To Formulate KPIs For Property Management
How to choose KPIs
In this day and age when deadlines are tight with many stakeholders involved, Really Singapore helps to streamline the workflow process by ensuring projects can be completed in a timely manner, while meeting the industry’s highest quality and safety standards. With an e-procurement process in place, an ever-growing portfolio of esteemed partners like Savills,Knight Frank, BGIS and Colliers, and over 2,700 providers on board, Really Singapore has proven to be a force and a game-changer in the real estate industry.
A reliable B2B e-commerce platform incorporates pre-registration security and quality checks to ensure that a company’s business partners on the platform are trustworthy, eliminating the need for the company to conduct time-consuming due diligence or vetting procedures of its own. For instance, OneSME ensures that all companies and products on the platform are validated using the data points from trusted sources like government registries6.
About Really SingaporeAs a next-generation project management platform that combines project management and e-tendering features, Really Singapore simplifies end-to-end processes for fit-outs, maintenance and reinstatement of properties. By integrating an e-procurement marketplace and project management tool, Really Singapore aspires to bridge the gap between traditional real estate approaches and emerging technological innovations to revolutionise the PropTech industry.
Press ContactFor more information and interview requests, please contact Rachael Renovah at +65 6950 7563 or contact press@really.sg.
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