Key Performance Indicators
I am working on some key performance indicators that I can apply to my property management company, who manages a portfolio of homes for me... I would love some thoughts on what exactly to track from a profitability and managing the management company perspective... From a timing perspective, I think I will do most of the exercise monthly, but look back on the previous month and at those vacancies that rented and the units that renewed...
Here is what I'm thinking, but would love to hear if you have other thoughts!
Monthly
Income
Gross Potential Rent vs. Amount Collected
Average Rent
Vacancies
Number of Showings (for vacant, rent ready homes)
Average Days Vacant Between Tenants (day to day - measuring from tenant move out to tenant move in)
Cost to turn property
Vacancy Rate (do evictions count as a vacant?)
Renewals
% of one year renewals
% of two year renewals
% of three+ year renewals
% Rent increase for renewals
Costs
Average Maintenance Cost Per Unit
Annual (Quarterly?)
Overall portfolio profitability
Total cost paid to management company