Fitness Checkup
SOME PROPERTY MANAGEMENT COMPANIES ARE THRIVING. OTHERS ARE STRUGGLING.
By focusing on the right metrics and processes, we help companies become fit and scalable.
WHY YOU NEED THE FITNESS CHECKUP
Broken processes lead to operational problems
Operational problems cost human energy, money and time
Operational problems can cause a downward spiral that threatens the health of the business
Therefore, fixing your business processes is the key to building a great work environment and a scalable business
THE RENTVIEWER FITNESS MODEL HELPS YOU FOCUS ON IMPROVING THE SIX VITAL AREAS OF YOUR PROPERTY MANAGEMENT BUSINESS
THE SIX VITAL AREAS
When you schedule the Property Management Fitness Check, we will do an assessment of your business in six key areas:
- Lead Conversion
- Collections
- Customer Service
- Economic Occupancy
- Income, Expense, Cashflow
- Customer Lifetime Value
THE FITNESS SCORE METRICS
Lead Conversion
- # of Leads Generated
- # of Appointments
- # of Leases Signed
- Total Marketing Expense (including payroll)
- Total Leasing Expense (including payroll, commissions etc.)
- Cost per Lead
- Cost Per Lease
- Lead Conversion Ratio
Collection Efficiency
- Total Charges
- Total Amount Collected
- Total Amount Currently Outstanding
- Bad Debt
- % Collected by Due Date
- % Outstanding Trend
- A/R Aging
Income, Expense, Cashflow
- Total Operating Expenses
- Total Operating Income
- Total NOI
- Cash on Cash Return
- Marketing Exp/ OpExp
- Payroll / OpExp
- OpExp / Rental Income
- OpExp / Total Operating Income
- Turnover Expense
Economic Occupancy
- Rental Income
- Gross Potential Rent
- Gain/Loss to Lease
- Vacancy Loss
- Physical Occupancy
Customer Service
- # of Work Orders Created
- # of Work Orders Closed
- Total Expenses Related to Work Orders
- Customer Satisfaction Rating
- Average Online Review Score
- Cost per Work Order
- Revenue per Work Order
- Vendor Management Expense
- Customer Service Expenses
Customer Lifetime Value
- Average Length of Lease
- Lease Renewal Ratio
- Unit Turnover Expense
- Total Income per Lease
- Customer Acquisition Cost
- Customer Churn Ratio
- Net Promoter Score
- Net Income Per Lease
If you are already tracking these metrics, then congratulations! We wish you on-going success!
If you are not tracking these metrics … let’s talk! 248-601-6400 or Book a Meeting
THE FITNESS PLAN
After reviewing the results of the Health Check, we will jointly create a customized “Fitness Plan” for your business.
The plan will include the following:
- Vision for the Business
- Metrics to Track
- Targets (translated from your business plan)
- Processes to Improve or Fix
- Data to Collect
GO FROM REACTIVE TO PROACTIVE
FAQ
I can calculate these metrics myself. Why do I need you?
If you are already looking at these metrics, that’s great! If you want someone to help you maintain focus, or to automate data collection and calculation of the metrics … let us know.
How long will it take to build my automated scorecard?
That depends on where the data will come from and if it is up to date. If reports from your property management system can give you the correct numbers, then it will be easy. If the numbers from the property management system have to be adjusted after exporting, then we’ll need time to understand what those adjustments are.
How do you price the Fitness Check?
The Fitness Check is part of the RentViewer Guided Plan. The price of the checkup as well as the action plan is included in the overall program fee.
Contact us to get pricing and get started!