With remote working the primary mode of work for many property managers, the need to monitor performance and present these findings in quantifiable numbers is greater than ever. But in a time of uncertainty when everybody is feeling the pressure, how can management introduce these kinds of KPIs in an engaging manner? Rather than encouraging staff to think the boss is trying to micro-manage, how can we use KPIs and the insights they provide to instil motivation in staff and empower them to reflect on their own performance? And once that performance monitoring is introduced, how can we make the findings into actionable data rather than just a load of numbers?
When it comes to KPIs, it’s important to stay realistic (especially in the current climate). Make sure you adapt your KPIs to the environment you find yourself in. Clearly it’s impossible to reach our usual targets during an ongoing pandemic, so make adjustments to allow for a reasonable decline.
Different Goals for Different Times
Set both short-term and long-term goals. The benefit of setting short-term KPI targets is that it will give you actionable data more quickly and almost immediate feedback on the processes you’re using. While your business recovers and regain a full capacity, why not set longer-term KPIs and use them to provide you with a more realistic framework – and to inspire staff, who might find a short-term focus stressful or unattainable.
Collaborate with Your Team, Often
Be as collaborative as possible and review KPIs with your team regularly. Be prepared to adjust accordingly. Now, more than ever, it’s important to listen to your staff. If your team tell you there’s no way they are going to manage to hit a target, something needs to change, be it the target or the resources behind said target. The quickest way to demotivate is to set unrealistic targets that make staff feel anxious and frustrated.
Adjust Your KPIs to a Changing Business Environment
Assess your KPIs every six to twelve months. The business landscape is constantly changing and KPIs, like everything else, should be as reactive to that environment as possible. Your goals, targets and modes of assessment need to stay relevant or they will lose significance.
Turn Your Meeting Notes into a Business Diary
Don’t forget to analyse your data. It can be all too easy to get caught up in setting KPIs, rather than focusing on the stories they tell. A great way of analysing data is to have a good habit of note-taking. Make it compulsory to log major changes or events in the business so that when you review historical numbers months or even years later, you can easily deduce any spikes or dips in metrics. Without taking the time and using the data to consider what’s working and what isn’t, there really isn’t any point in setting them at all.
As businesses find their feet in a post-pandemic world, it can be hard to imagine how the rental market will look after in merely a few months’ time. Don’t forget to take the time to listen to staff fears and concerns. Consider reaching out to your counterparts in other businesses so you keep abreast of any new trends or common observations in the wider market. There are numerous webinars and virtual meetups taking place and many of these will stay in the future.