Benchmarking | Building Engines Blog
Building Engines Blog | Benchmarking
Purchasing a property management platform is a lot like building a relationship. It takes dedication, effort, and the desire and ability to achieve common goals.
So, you’re dedicated to tracking and quantifying your team’s performance. Congratulations, you’ve made it to level 2! Next challenge: deciding what that means, aka what you need to measure. Here are the four places you need to look (and people you need to involve) for data before setting your KPIs.
Data technology and analysis is necessary now more than ever because of the changing demands of decision makers and the increasing amount of data available. But property data is meaningless unless it empowers your team to take action, make operational improvements, or improve service delivery. So what can you do to ensure your team is able to manage by exception?
Let me start off by saying that I think the Kingsley Survey is an incredibly important tool for owners and manager to asses tenant satisfaction. It’s the holy grail of tenant surveys. And it’s great for just that – taking a look back at the year and giving an overall assessment. But humor me for a minute as I point out a few ways I think it falls short, why it should be one piece of a comprehensive performance management strategy, and why I want to challenge you and your team track tenant satisfaction day-to day in your building(s).
Benchmarking is the process of comparing one’s business processes and performance metrics to industry best practices from other similar companies. The metrics that are typically analyzed are those that focus on efficiency, reducing costs, and improving performance.
Building Engines SVP Scott Sidman recently returned from Realcomm 2014 in Las Vegas where he joined some of the CRE industry’s most visionary and innovative thought leaders to explore the latest technology innovations impacting the real estate landscape.
In other industries, we’re seeing a gradually adoption model of real-time reporting, but as our recent webinar panelist Aurel Brudan describes, “it’s pretty much a tidal wave that will catch up with everyone.” If real-time performance measurement is a tidal wave, then call Operations Performance Management your surf board. Hang 10 (OK just 5…) with our top resources for linking measurement to insight, accountability and operational improvement.
In order for a response time report to be truly representative of what is happening in the field, the engineer overseeing the work order needs to be updating it in close proximity to their actions. Unfortunately, teleportation still hasn’t been invented [NASA, what have you been up too??] and in the real world, property managers frequently bear witness to a complex work order progressing from new to complete in a matter of minutes. This should raise a flag redder than Turkey’s.