10 Property Administration Upkeep Metrics to Monitor

Now that you understand why measuring upkeep efficiency is essential, listed here are the highest 10 metrics to observe:

Common Response Time to Upkeep Requests

Common response time to upkeep requests measures how shortly your crew acknowledges incoming work orders. A quick preliminary response builds belief with tenants and reduces frustration, even when the restore takes time. It’s because tenants prefer to know their request is being labored on. It additionally exhibits that you’re taking their work order severely.

Listed here are some common response time benchmarks to think about:

Beneath 4 hours: sturdy response time
Beneath 24 hours: acceptable response time
Over 24 hours: threat tenant satisfaction

Time to Decision (TTR) or Common Completion Time

Time to Decision (TTR) or common completion time measures how lengthy it takes to resolve a upkeep request from when it’s first submitted. Shorter decision instances hold tenants joyful and escalations in test, whereas longer decision instances can lead to extra tenant complaints.

Listed here are some time-to-resolution (TTR) benchmarks to observe:

Beneath 24 hours: good for emergencies
1-3 days: good for many non-urgent points
4+ days: threat tenant satisfaction and extra injury

First-Time Repair Charge

First-time repair fee measures the share of upkeep points resolved on the primary go to. For instance, in case your vendor or upkeep crew handles 100 upkeep requests and resolves 70 of them with out having to make a follow-up go to, your first-time repair fee could be 70% (70/100).

A excessive first-time repair fee signifies an environment friendly upkeep workflow, which entails thorough concern descriptions, expert technicians, and good stock administration. This may save time and pointless labor prices whereas conserving tenants glad. In the meantime, a low first-time repair fee suggests there are bottlenecks slowing issues down.

On the whole, right here’s find out how to interpret first-time repair charges:

Above 80%: wonderful first-time repair fee
50-79%: acceptable first-time repair fee
Beneath 50%: room for enchancment

Work Order Quantity by Property or Unit

Work order quantity by property or unit measures what number of work orders are generated per property or unit over time.

For instance, let’s say a property generates a mean of 10 upkeep requests per 30 days, whereas one other generates solely six. All else equal, the property that generates 10 month-to-month work orders requires extra consideration. This may very well be resulting from deferred upkeep or bigger points which have been uncared for, corresponding to an previous roof or leaking pipe.

By monitoring work order quantity, you’ll be able to detect anomalies and examine potential causes to decrease upkeep prices. Finally, a very good work order quantity varies by property sort, age, and situation—however the decrease, the higher. It’s useful to implement sturdy preventative upkeep techniques so your upkeep work is extra proactive than reactive.

Tenant Satisfaction Rating (Publish-Upkeep Surveys)

A tenant satisfaction rating is direct suggestions from a resident after a restore or upkeep job is accomplished. It’s typically formatted as a rating out of 5, plus written suggestions. It helps you assess in case your service feels responsive, respectful, and thorough from the tenant’s perspective.

Tenant satisfaction scores can spotlight points corresponding to poor communication or distributors leaving a multitude post-job. It provides you perception into the method, serving to you good it at each step.

Right here’s a framework for understanding common tenant satisfaction scores:

90% or extra: tenants largely glad
70-80%: tenants typically glad
Lower than 70%: room for enchancment

Technician Productiveness and Workload Steadiness

Technician productiveness measures the variety of accomplished jobs per technician per week or month. Discovering the optimum workload stability ensures that your crew isn’t over- or under-utilized and that jobs are distributed effectively.

If the variety of jobs accomplished dips too low, it’s possible you’ll need to encourage or let go of underperformers. Conversely, if the variety of jobs accomplished climbs too excessive, be sure you’re not over-relying on high performers, which may result in burnout.

The optimum variety of jobs accomplished per technician will depend on the job sort and complexity. The primary purpose is to be careful for uneven workloads throughout your crew and alter accordingly.

Upkeep Value per Unit or Property

Upkeep price per unit or property measures the common upkeep bills per rental unit or property over a set interval. By monitoring this over time, you’ll be able to higher forecast bills, analyze a property’s monetary efficiency, and see sudden spikes in prices that would level to bigger system failures or issues.

Whereas benchmarks for upkeep prices differ, it is best to goal to place apart 1% of a property’s buy worth for upkeep prices. On a $500,000 property, for instance, that’s $5,000 per 12 months. Something above 1% is excessive, and something under wants enchancment.

Recurring Concern Charge

Recurring concern fee measures the variety of upkeep issues that reappear inside a set time after decision (typically inside 30-90 days). For instance, if you happen to repair a water leak for a tenant they usually report the identical leak after one month, this is able to be a recurring concern. Assuming you had one recurring concern for each 10 work orders, your recurring concern fee could be 10%.

Right here’s find out how to interpret recurring concern charges:

Beneath 10%: Perfect
10% to twenty%: could point out dangerous diagnoses, poor workmanship, or deferred upkeep
Over 20%: Take into account performing follow-up inspections or switching distributors

Vendor Efficiency Rating

A vendor efficiency rating is a rating you give distributors primarily based on their timeliness, price, and high quality of labor. That method, you’ll be able to maintain distributors to your requirements and enhance service over time. For instance, if a vendor underperforms, you’ll be able to exchange them. Or if a vendor’s price is excessive, you’ll be able to negotiate a greater contract.

Whereas there isn’t an business normal for vendor efficiency scoring, a easy 1-10 scale will do. Intention to construct a community of distributors who keep a rating of 8 or increased.

Right here’s find out how to measurement up vendor efficiency scores:

9-10/10: wonderful
7-8/10: good
1-6/10: think about changing vendor

Preventive vs. Reactive Upkeep Ratio

Preventative vs. reactive upkeep ratio measures the proportion of scheduled preventative upkeep duties to unplanned, reactive work orders. The upper the ratio, the higher you’re sustaining your properties, the longer they’ll final, and the less expensive emergencies you’ll face. A decrease ratio could level to reactive patterns that improve long-term prices.

To maintain up with preventative upkeep, schedule routine upkeep duties in your property administration software program. For instance, Buildium permits you to mark work orders as “recurring objects” so that you don’t have to fret about coming into the identical activity manually again and again.

Shoot for a preventative vs. reactive upkeep ratio of at the very least 60:40. The upper, the higher.

Expertise to Assist Monitor Your Upkeep Companies

After all, monitoring all these upkeep metrics manually could be time-consuming—and straightforward to get incorrect. That’s the place purpose-built property administration software program is available in, supplying you with the instruments to observe efficiency, streamline duties, and keep forward of points. Listed here are two to think about:

Buildium

Buildium is a complete property upkeep administration platform that allows you to settle for, assign, and monitor work orders from a central dashboard. It additionally permits you to schedule routine upkeep duties, talk with distributors, and even arrange a 24/7/365 Upkeep Contact Middle, the place stay help brokers discipline incoming calls in your behalf.

Buildium presents superior upkeep analytics options that allow you to monitor and analyze activity quantity, common time-on-tasks by sort and employees member, and extra. Its options make monitoring and performing on the upkeep metrics easy.

Property Meld

If Buildium’s upkeep monitoring options aren’t sufficient, you too can join Property Meld, which integrates seamlessly with Buildium. It helps you monitor work orders accomplished, restore speeds, resident satisfaction, common chat message per work order, common work orders older than 14 days, and extra.

Methods for Placing Property Administration Upkeep Metrics Into Motion

To have a upkeep program that delivers outcomes constantly and cost-effectively, you’ll want a system to trace the metrics outlined on this put up.

The excellent news is that you simply don’t need to create this technique from scratch. Buildium may also help you begin monitoring your KPIs instantly so you’ll be able to spot points sooner, reduce prices, and ship higher service. Join a free 14-day trial or schedule a free demo immediately to take your upkeep recreation to the following degree.

Learn extra on Upkeep