So, you’re dedicated to tracking and quantifying your team’s performance. Congratulations, you’ve made it to level 2!
Your next challenge: deciding what that means, or what you need to measure.
This is a bit more complicated as the KPIs need to be reflective of your company, insightful and also realistic. And who’s to say what the magic number is? Certainly not just one person.
Here are four things (and the people you need to involve) you need to look at before setting your KPIs:
Consider your own targets
Your own personal “magic number” should be something you can pull up and reference at any time. (And no, not on a bar napkin!) Keep that number on your mind, every day. It’s crucial. It should include service delivery targets, communication standards, maintenance targets, etc.
As an example, let’s say we’re talking about arrival time for a work task. How fast do you, as the property manager, think that a building engineer should be able to arrive at the tenant space after a problem has been reported?
That’s your first data point.
Evaluate from a leasing perspective
The next data point to capture comes from the leasing perspective.
When the leasing manager is leasing the space, is (s)he communicating anything to the tenants about the set expectations? Is the tenant asking for anything specifically? Is there any particular language in their lease or any promises we’ve made to them?
If the answer to any of these questions is “yes,” you have your answer for that particular tenant, because you’re possibly contractually obligated to provide what you’ve promised!
Talk with your building engineers
This is where you get the reality check. While you may have considered a 3-hour turnaround for a tenant work request reasonable as a baseline, your building engineer may have a contrasting opinion based on their own experience.
Share your suggested baseline, and ask for their input. What’s reasonable?
Imagine you’re going to do this job, undergo a building engineer’s typical workday, aggressively handing incoming work orders and requests with all the other distractions that are going on. Does it seem possible? What expectations are realistic and reasonable based on known data and experience?
You can also consider: what data that you haven’t had access to, which could be useful for measurement in the future.
Compare your targets with industry statistics
What’s the rest of the industry doing, and what are their standards? Do they vary based on the retail, commercial office, or industrial property segments? The answer to these questions should be the cherry on top of your KPI setting sundae.
At Building Engines, we’re always looking at the industry-wide data points for KPIs and workflow configurations to improve our product and to make sure that we’re an effective resource for commercial property management teams.
When working with a customer, I find that getting these four data points before making a decision is essential to helping them arrive where they want to be. In the end, determining the optimal KPIs for your company is much like an onion – full of layers!
The main difference is that it’s possible for you to make your KPIs not stink.