Performance measurement is the process whereby an organization establishes the parameters within which programs, investments, and acquisitions are reaching the desired results. Performance Reference Model of the Federal Enterprise Architecture. This process of measuring performance often requires the use of statistical evidence to determine progress toward specific defined organizational objectives.
Establishing the right metrics can almost assure operating success. Property owners and investors who exercise prudent determination of the right metrics and effective reporting techniques are far along the path to a successful performing property.Measure financial results. This should consist of measuring income and expense versus budget an capital versus budget. Financial results for capital expenditures should be measured against any revenues from the area improved whenever possible.
Track the number of prospects received by source. Track whether they convert to a next step. If they apply, track whether or not they are approved. Finally track leasing success. Because of the importance of quick follow up track when calls or online contacts are received, responded to, and what the result of this contact is. Follow this information daily to understand your business traffic trends so that if occupancy indicators begin to weaken you can strengthen your advertising effort to make up the difference thus proactively keeping occupancy up even in a weakening environment.
