In the quest for superior resident service, property management firms often find themselves inundated with data. Yet, the key to truly elevating resident experiences lies not in measuring everything, but in focusing on the right things. This is where Key Performance Indicators (KPIs) come into play, serving as beacons that guide your firm towards its strategic goals.
However, it’s crucial to remember that you don’t have to “boil the ocean” to achieve excellence. Have a look at the following KPIs and hone in on the ones that matter most—and more importantly, those you’re prepared to act upon—you can streamline your efforts, optimize your resources, and ensure that every metric you track is a step towards enhancing your services and resident satisfaction.
See the related blog posts:
https://aarghsoftware.com/blog/how-to-track-key-performance-indicators-kpis-in-your-property-management-firm-a-beginners-guide/
Don’t be scared of adopting KPIs. They help you focus your firm’s collective work time to achieve better results.
“You can’t improve what you don’t measure.” ~Peter Drucker.
| Metric | Definition | Importance | Formula |
| Total # of service tickets open | The overall count of service requests or incidents received by your support team in the period measured (daily, weekly, monthly). | Helps assess the volume of support work and workload. High ticket counts may indicate resource constraints or areas for process improvement. | Regularly monitor ticket volume trends, allocate resources accordingly, and identify patterns to improve efficiency. |
| # of service tickets added | Indicates the number of new service tickets created in the period measured (daily, weekly, monthly). | Provides insights into the inflow of support requests. Monitoring trends helps allocate resources effectively and manage workload. | Track ticket creation rates, identify peak periods, and adjust staffing levels as needed. |
| # of service tickets closed | Refers to the count of resolved service tickets in the period measured (daily, weekly, monthly). | Measures the efficiency of ticket resolution. High closure rates indicate effective support processes and timely issue resolution. | Focus on timely ticket resolution, streamline workflows, and ensure proper documentation for closed tickets. |
| Average days to complete service ticket | Represents the average duration taken to resolve a single service ticket. | Reflects the efficiency of your support team. Shorter resolution times enhance customer satisfaction and reduce operational costs. | Average time = Total time spent on ticket resolution / Total number of resolved tickets. Optimize processes, provide training, and leverage automation to reduce resolution time. Regularly review and address bottlenecks. |
| Service Ticket First Touch | The Service Ticket First Touch (FT) measures the average time it takes for a service agent to respond to a customer after they first raise a ticket1. | Efficiently addressing customer inquiries promptly is crucial for customer satisfaction and retention. A quick initial response sets the tone for the entire support experience. | First Touch = Total time taken to respond to initial ticket / Total number of resolved tickets. Provide comprehensive training to your support team. Optimize processes: Get data together, Streamline workflows, leverage automation, and prioritize urgent tickets. Set SLAs: Establish clear service level agreements for response times to guide your team |
| STU Ratio (Service Tickets per Unit) | Measures the average number of service tickets (maintenance requests) per unit in the building. | Helps identify units that require more attention and resources. Good for a property “report card” if you want to share with an association board (for example). | STU Ratio = (Total Service Tickets) / (Total Units). Compare this ratio across properties to identify outliers and allocate resources effectively. |
| RSS (Resident Satisfaction Score) | Measures how content your residents are with their living experience and service quality | Satisfied residents lead to a happier community, reduced turnover, and positive word-of-mouth. | Methods: Annual surveys, pulse surveys, feedback forms. Use a 5-star rating for quick responses, use a 0-10 (Net Promoter Score) for deeper insight. |
| Service Request Backlog | Represents the number of pending service requests. | A large backlog can impact tenant experience and operational efficiency. | Regularly review and prioritize requests to minimize backlog |
| First-Visit Fix Rate | Measures the percentage of service requests resolved on the first visit. | High first-time fix rates reduce inconvenience for tenants and operational costs. | First-Time Fix Rate = (Number of Requests Resolved on First Visit) / (Total Requests) * 100% |
| One-Touch Resolution | For admin and PM response; measures the percentage of service requests resolved by the first person that responds to it. | High one-touch resolution rates improve response to tenants and reduces operational costs. | One-Touch Fix Rate = (Number of Requests Resolved on only contact) / (Total Requests) * 100% |
| Average Resident Communication Response Time | Measures how quickly you respond to tenant inquiries or requests. | Timely communication enhances tenant trust. | Set clear communication channels and monitor response times |
| Response Time to Maintenance Requests | Measures time taken to address maintenance issues reported by residents. | Quick response improves resident happiness and prevents escalation. | Calculate the average time from request submission to resolution. |
| Communication Channel Effectiveness | Evaluates efficiency of communication channels (email, phone, portal, etc.). | Efficient channels enhance resident engagement and streamline processes. | Monitor volumes, response times, open rates, and resident preferences. |
| Resident Communication per Service Ticket | Measures the frequency of communication with residents per service ticket. | Indicates how often your team interacts with residents during ticket resolution. Effective communication enhances customer experience. | Prioritize clear and timely communication. Train staff on effective resident interactions. Use technology for seamless communication. Foster positive relationships with residents. |