The Weekly Property Operations Meeting

I learn a lot from my customers, and I ask a lot of questions.

One question I always ask is “How do you run your operations?”

Many companies have a weekly property operations meeting.

These meetings can be useful when the team has easy access to operational information.

Here’s an agenda that gets the team to focus on the important action items. Links to the dashboards used during the meeting are included.

WEEKLY PROPERTY OPERATIONS MEETING

Supply / Demand

Supply / Demand Metrics

• # of Units Already Vacant
• # of Units That Will Become Vacant Over Next 30 Days
• Leads in the Funnel
• Leads With no Follow Up in Last 7 days

Supply Demand Checklist

• Is there sufficient traffic to achieve our occupancy target?
• How much vacancy loss is expected over next 30 days?
• Is our advertising aligned with the traffic needed?

Collections and A/R

Collections and A/R Metrics

• Total A/R by Property
• Top 20 Units by A/R Balance

Collections Checklist

• Is our A/R growing?
• Which residents with a balance have not been contacted in the last 5 days?
• Are we going to have to write off bad debt over the next 30 days?

Customer Service

Customer Service Metrics

• Open Tickets by Age, Request Type
• Top 20 Longest Open Tickets

Customer Service Checklist

• Is the number of open tickets getting larger?
• Are there request types that we are not resolving fast?
• Are we staffed adequately?

Make Ready

Make Ready Metrics

• # of Make Ready Projects in Progress
• # of Make Ready Projects Scheduled Next 30 Days

Make Ready Checklist

• Is staffing adequate for units being turned over next two weeks?
• Are any make ready projects on-going without an approved estimate?
• Are there any units unlikely to be ready prior to new resident’s move-in date?

Customer Highlights

• Any compliments received in past week?
• Any complaints received in past week?
• Any complaints that need to be discussed here?
• Upcoming customer events?
• Date of last customer survey?

Team Member Highlights

• Is staffing adequate for next two weeks?
• Employees who should be recognized?
• Does anyone need help?

To-Do List Review

• Is the list growing?
• Are the right items getting closed?
• Any concerns about the workload?

Roundtable

• What’s going well?
• What we needs to be done differently?

Wrap Up

• Review: red flags from above checklists, the owner, and next steps

Are there items you cover in your weekly meeting that aren’t shown here?

Note that I did not put any financial metrics here, such as income, expenses, NOI. That’s deliberate.

Would love to hear your comments on this.