If you want your business to be successful, there are lots of things you have to keep track of. You probably understand the importance of tracking your occupancy rate, and you may even document your turnover rate, but there are probably a few performance metrics you’re overlooking.
Here are 2 surprising rental performance metrics that you probably aren’t tracking, but you should be!
- Rent-ready costs
Tenants move out. It’s just a fact of the property management world, but do you know how much it costs to get your property in rent-ready condition? Even if all the cleaning and repairs are done in-house, time is money.
You should track the cost of cleaning supplies, repairs, materials, and the time it takes to complete the turn. By tracking these expenses, you may be able to find a few ways to cut costs. It could also make you realize you should be spending more time on tenant retention.
- Average days it takes to lease an apartment
It’s a lot easier not to think about all the money you’re losing sitting on an empty apartment. But, it’s an important metric to track.
Every day your apartment sits empty, it loses money. But, that doesn’t necessarily mean you should lower the price of the unit to get it rented more quickly. Instead, track the average number of days it takes compared to the average in your area for similar properties to determine if your advertising, leasing strategy, or pricing needs to change.
Tracking rental performance metrics can greatly enhance your business, but it takes time. If you’d rather leave crunching the numbers to someone else, give Mountain View Property Management a call. We’d be happy to help!