How to Evaluate Your Property at the Midway Point
Digested from Property Management Minutes
The mid-year mark is a great time to take a step back and evaluate how your property has performed so far and what it needs to do for the rest of the year to meet its goals, according to a post on Property Management Minutes.
“Mid-year is a time to determine if property operations are contributing to progress for goals or how either the goals or operations should be adjusted for property success,” according to Property Management Minutes.
It is important for property managers to outline second-half goals during team meetings to give each associate the opportunity understand and own these goals.
To evaluate performance, it is important to know what occupancy is needed to produce budgeted rent revenue, how year-to-date expenses compare to budget and how occupancy and expenses compare to prior-year performance. For many companies, success is measured as performance against budgeted income and previous year results.