Are You Measuring Your Business? Budget Basic Tracking Advanced Tracking
“The great majority of people are ‘wandering generalities’ rather than ‘meaningful specifics’. The fact is that you can't hit a target that you can't see. If you don't know where you are going, you will probably end up somewhere else. You have to have goals.” ― Zig ZiglarZig Ziglar
Objectives 1.What Are Metrics? 2.Why Should I Measure Anything in My Business? 3.What Should I Measure in My Business? 4.What Can I Do With Numbers Once I Am Measuring?
What Are Metrics? Standards of measurement by which efficiency, performance and progress can be assessed. Businessdictionary.com
“Measuring business performance will keep you focused on the strengths and weaknesses of your business. When you know where to focus your attention, you can use specific problem solving techniques and decision making tips to help minimize areas of weakness.” Kris Bovay
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Big City Property Management Rent Collected 2013
The Basics Applications Received Applications Approved Move Ins Move Outs New Managed Units Total Units Occupied Units Occupancy Rate Vacant Units Rent Collected Average Rent
Avg. Monthly Rent $1,308.53 Total Monthly Rent $1,461,630.07 Portfolio NameUnit Name 1829-602 Dogwood Rd 183 Decatur LLC183 Decatur Drive 186 Smith Street LLC186B Smith Street 186 Smith Street LLC186A Smith St 186 Smith Street LLC186C Smith Street 197 Decatur LLC197 Decatur Drive 233 Little Oak LLC c/o Michael Oshaughnessy 2393-2L Folly Rd 318 Deep River, LLC.318 Deep River Road 414 Decatur Dr LLC414 Decatur Dr 6794 Amberlake Dr LLC6794 Amberlake Dr Showing Rows: 1-10 of 1117 Edit Del Go to ReportGo to Report
Advanced Revenue Per Unit Compensation Per Unit FTE’s Per Unit Marketing Expenses Per New Unit Operating Expenses Per Unit Profit Per Unit
Project Big City Property Management has an opportunity to take on a new customer and add 100 units to its portfolio. Should you take on this new customer? Why or Why Not?
Project Average Metrics of Big City Property Management 400 Units Managed Rent $1,000 Revenue per unit $150 Compensation per unit $75 Operating Cost per unit $65 Profit per unit $10 Big Name Investor, Inc 100 units (avg rent $750) 25% discount off management fee Expect weekly calls and daily reports Maintenance performed by their crew only