A property can be “occupied” and still be leaking money.

One thing I’ve learned from working in multifamily is that owners often look at occupancy as the headline KPI.

But occupancy doesn’t tell the whole story.

I’ve seen properties sitting at 90%+ occupancy while still dealing with:

• Units sitting vacant too long between residents
• Make ready delays
• Poor follow up on leads
• High delinquency
• Vendors creating unnecessary expenses
• Staff spending time on the wrong priorities
• Residents renewing at rates that don’t make sense
• Marketing dollars going toward channels that aren’t producing

The frustrating part?

None of these problems necessarily show up in one report.

You have to connect the dots between leasing, maintenance, collections, staffing, vendors, and the resident experience.

That's where I think property owners can find some of their biggest NOI opportunities.

What’s one operational issue you’ve seen repeatedly hurt a property’s performance that doesn’t get enough attention?