Propertyware Advantage: The Landlord's Weblog

Here are some ideas to motivate your on-site property managers to share the wealth when a property is managed effectively.

It is important to setup management goals for the portfolios and buildings you manage. These goals can be simple, but they need to be clearly communicated and measured by both owners and property managers from one month to another. Examples of portfolio and building goal are:

-Reduce vacancy to 5%
-Reduce turnover to 2% per year
-Reduce the number of delinquent tenants each month by 30%

To increase the likelihood of success, consider implementing a bonus program that helps the entire management team remains aware of the effect each of their towards achieving these goals. Examples of bonuis programs include:

-Each time a new or renewal lease is signed, award the property manager with $5.00
-Measure the average amount of time it takes to turnover a unit and document this. Award a bonus of $5/day, to be shared amongst the entire management team, if the turnover is completed faster than the average.

Once you have setup these goals, use Propertyware's reports to measure them and communicate the progress with your team.

Incentives for Property Managers

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