July 12th, 2024
From 0 to 2,500 — managing expectations through rapid growth — Podcast episode 18
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TL;DR
Not sure where to get started with KPIs and commissions for Property Managers? Melanie Poole shares her simple and scalable 10-part KPI and commission structure using PropertyMe dashboard metrics.
What does this mean for Property Managers?
With the crisis management nature of property management, it’s not easy to find the time, and the structure to truly monitor, manage and reward consistent quality work, however results-driven Mel has managed to do just that with 10-part KPI and commission structure.
Mel takes a holistic approach, focusing on metrics across the full scope of the property management role, rewarding each skill set individually — with extra incentives applied PMs excel across all 10 areas within the same month.
My top three takeaways from this episode are:
Property Managers may perform better across all areas when incentivised for performance across all areas
It’s a simple concept — what gets measured gets managed, and Melanie’s structure ensures that effort is applied across the breadth of the portfolio to promote overall performance and rent roll health, rather than the focus being solely on new business. With the performance of a rent roll impacting revenue, asset value and lending ability, her strategic view to uplift all skill areas of her team demonstrates a strong business acumen.
Accountability goes hand in hand with empowerment
Real-time visibility of progress makes a huge difference when it comes to pivoting focus and moving the dial where needed. By providing a template for self-reporting, easily accessible metrics from the PM’s dashboard and flexibility within their processes to achieve KPIs, Melanie empowers her Property Managers to take ownership of their results and drive their own success.
Re-setting monthly means more regular feedback, collaboration and progress monitoring
Acknowledging that different team members have different skill sets and stretch areas, she has fostered a collaborative, supportive culture, where PMs assist each other to grow and improve where needed. Monthly reporting and mid-monthly check-ins mean there are more opportunities to implement changes and adjust for better results.
Catch the full episode here and download Melanie’s 10 KPIs to get started!
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— Kate
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