Key Takeaways
- Monitor six PM KPIs monthly: vacancy rate, days to lease, collection rate, retention rate, maintenance cost per unit, and statement delivery.
- Conduct quarterly PM reviews covering KPIs, maintenance invoice audits, trust account verification, and physical property inspections.
- Terminate when 2+ KPIs miss alarm thresholds for 2+ consecutive quarters, or immediately for trust accounting irregularities.
- The termination process requires written notice, complete record transfer, tenant notification, and a property inspection within 48 hours.
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Test Your Knowledge
1.A property manager shows a vacancy rate of 9% and a collection rate of 91% for two consecutive quarters. What is the appropriate response?
2.What should be the FIRST step when deciding to terminate a property manager?
3.Which KPI is the single most important indicator of property management effectiveness?