Operational Metrics Targets Survey

Survey closes Friday, September 20, 2024!

Step 1 of 25

Welcome to the PM Operations Standards: Metrics Targets Survey!

We are soooo close to releasing the NEW PM Operations Standards (going live at NARPM National in October)! Now that we have the standard metrics defined, the last step in the process is to find out what you think the targets should be for these new standard metrics.

So we want to hear from you - what are the target numbers YOU would shoot for in the following operational processes?
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To thank you for your contribution to this groundbreaking effort, we would like to send you this "Game On" Grand Prize Bundle!
- A $20 Starbucks gift card
- Exclusive pre-release access to the 2024 PM Operations Standards! You'll be the only ones to see the Standards before their official release at NARPM National.

But here’s the biggest value…just for survey respondents:

If you complete the survey, we will create you a customized PM Ops Standards Comparison Report Card comparing your responses to the industry defined targets, so that you can see how you stack up to industry targets on 50+ operational metrics.
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We appreciate your time and your insight, and we're even more excited to see where you can go with the clarity these Standards will provide. Let's dive in!

Note: This survey is different than the survey you may have completed in August. The August survey asked for your feedback on how we should define the standard metrics. This survey is asking for your feedback on what you believe targets should be for these new metrics.

Fill out your information and then watch a quick video about how to walk through this survey.

Name(Required)

First Last

Company Name(Required)

Phone(Required)

Email(Required)

Primary market (Geographically)(Required)

Primary market segment (SFR, MF, etc.)(Required)

Number of units managed(Required)

How do you currently manage your processes (LeadSimple, Process Street, other workflow software, spreadsheets, etc.)?(Required)

How satisfied are you with your current level of process efficiency and consistency?(Required)

I've watched the video(Required)

Yes!

There are nine processes in this survey. You'll see the milestone map for each process and you'll have the opportunity to fill in your target time frames. Remember, this is your ideal, what you would want to train your team to hit.

Contact us at info@pmprofitcoach.com if you have any questions or issues filling out the survey. Let's dive in!

Unit Onboarding Process

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

Milestone: Signed PMA(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Management Start Date(Required)

Defined: The date you take possession / can begin work on the unit. ///// In the space below, enter your target days from this milestone to the next one below.

Milestone: Critical Owner / Property / Resident Info Collected(Required)

Defined: "Critical" = the information YOU won't onboard without. ///// In the space below, enter your target days from this milestone to the next one below.

Milestone: Critical Owner / Property / Resident Info Entered(Required)

Defined: "Critical" = the information YOU won't onboard without. ///// In the space below, enter your target days from this milestone to the next one below.

Milestone: Proof of Insurance Provided

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Unit Onboarding Process

Comments on Unit Onboarding Process

Make Ready Process - Standard (Under $10k)

Instructions:
In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

NOTE: Answer the following questions according to a standard make-ready process, without accounting for remodels.

During the onboarding of a new unit, when do you make the initial assessment of the unit's condition?(Required)

Before the management start date (i.e. the day you take possession / can begin work)

At or after the management start date (i.e. the day you take possession / can begin work)

Do you use the following milestones as part of your standard process?(Required)

Note: If your PMA has prenegotiated owner approval & withholding sufficient funds, select "No" for "Estimate Sent to Owner" and "Owner Approval & Funds Received". //

	Yes	Yes, but not in this order	No
Scope Defined
Estimate Sent to Owner
Owner Approval & Funds Received

Milestone: Management Start Date(Required)

Defined: The date you take possession / can begin work on the unit. ///// In the space below, enter your target days from this milestone to the next one below.

Milestone: Initial Assessment(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Scope Defined(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Estimate Sent to Owner(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Owner Approval & Funds Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Vendors / Techs Dispatched(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Work Completed(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Final Assessment Approved

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Your target for Make Ready Speed is

Definition: Days from the unit’s management start date (day you take responsibility for the unit) until the final make-ready assessment is approved. Applies only to standard make-readys under $10k in cost.

Make Ready Process - Standard (Under $10k)

What is your target Make-ready Callback Rate?(Required)

Definition: Percentage of Final Make-ready Assessments where the outcome is not approved

Please enter a number from 0 to 100.

Comments on Make Ready Process

Turnover Process - Standard (Under $10k)

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

When a resident is moving out of a unit, when do you make the assessment of the unit's condition?(Required)

Before move-out / transfer of possession

At or after move-out / transfer of possession

Do you use the following milestones as part of your standard turnover process?(Required)

Note: If your PMA has prenegotiated owner approval & withholding sufficient funds, select "No" for "Estimate Sent to Owner" and "Owner Approval & Funds Received". //

	Yes	Yes, but not in this order	No
Scope Defined
Estimate Sent to Owner
Owner Approval & Funds Received

Milestone: Transfer of Possession(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Move-Out Assessment(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Scope Defined(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Estimate Sent to Owner(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Owner Approval & Funds Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Vendors / Techs Dispatched(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Work Completed(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Final Assessment Approved

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Your target for Turnover Speed is

Definition: Days from transfer of possession at resident move-out until the final turnover assessment is approved. Applies only to standard turns under $10k in cost.

Turnover Process - Standard (Under $10k)

What is your target Turnover Callback Rate?(Required)

Definition: Percentage of Final Turnover Assessments where the outcome is not approved

Please enter a number from 0 to 100.

Comments on Turnover Process

Marketing (new & unleased units)

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

As standard practice, do you list units on the market as waitlisted / “coming soon” before you are ready to show the property / execute the lease?(Required)

Yes / Often

No / Not often

Do you list the unit ***before the make-ready is complete, as your standard practice?(Required)

Yes

Milestone: Management Start Date(Required)

Enter your target days between Management Start Date (when you take possession) and getting the Property Listed. This would include your target make-ready time (pulled in here for reference), unless you list new units before the make-ready is complete.

Target make-ready time as calculated above:

Confirm: The target make-ready time is included in the time between management start and property listed, UNLESS you regularly list new units before the make-ready is complete.(Required)

(Example: if target make-ready time is at 7 days, the time from management start to property listed should be 7 or more days, unless you list before make-ready is complete)

I've reviewed my answer and confirm that it's accurate.

Milestone: Property Listed(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Ready to Show Property and/or Execute Lease(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Applicant Selected(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Sent(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Executed & Deposit Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Start Date

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Your target for Days w/o Revenue (New & Unleased Unit)

Definition: Days from the management start date (day you take responsibility for the unit) until the first lease start date (day the new resident is responsible for rent)

Your target for Days on Market

Definition: Days from the date when the PM team is ready to execute a lease, until the lease is fully executed and the deposit is received. Note: "Ready to Execute Lease" is the same as "Property Listed" if you do not waitlist your properties as "coming soon" before you are ready to show the property / execute the lease.

Your target for Days on Market

Marketing (new & unleased units)

Comments on Marketing Process (new & unleased units)

Marketing (leased units)

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

When a resident gives notice, do you pre-list units with the goal of pre-leasing ***before move-out/transfer of possession, as your standard practice?(Required)

Yes / Often

No / Not often

Do you list units on the market as waitlisted / “coming soon” ***before you are ready to show the property / execute the lease, as your standard practice?(Required)

A "No" answer means that you don't list the property until you are ready to show the property and/or execute a lease; in other words, once the property is listed, all systems are good to go ahead to show/lease the property.

Yes / Often

No / Not often

Do you list the unit ***before the turn is complete, as your standard practice?(Required)

Yes

Milestone: Transfer of Possession(Required)

Enter your target days between Transfer of Possession (at move-out) and getting the Property Listed. This would include your target turnover time (listed here for reference), unless you list units before the turnover is complete.

Target turnover time as calculated above:

Confirm: The target turnover time is included in the time between transfer of possession and property listed, UNLESS you regularly list units before the turnover is complete.(Required)

(Example: if target turnover time is at 7 days, the time from transfer of possession to property listed should be 7 or more days, unless you list before turnover is complete)

I've reviewed my answer and confirm that it's accurate.

Milestone: Notice to Vacate(Required)

For a previously leased unit, how many days from the notice to vacate until the unit is listed? In the space below, enter your target Days from Notice to Vacate to Property Listed.

Note: The remaining intervals are defined the same way for marketing a new & unleased unit, as for marketing a leased unit. The answers you entered on the previous page will show below.

Milestone: Property Listed(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Ready to Show Property and / or Execute Lease(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Applicant Selected(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Sent(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Executed & Deposit Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Start Date

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What is your target rent-ready to revenue speed?(Required)

Definition: Days from Final Turnover Assessment to Lease Start Date (e.g. days from when the unit is rent ready to when the resident is responsible for rent)

What is your target Speed to Listing?(Required)

Definition: Days from Final Assessment to Property Listed. If you list prior to the completion of the turn, use Days from Transfer of Possession. If you list prior to move-out, use Days from Notice to Vacate.

Your target for Days w/o Revenue (Leased Unit)

Definition: Days from the last resident’s Lease End Date to the new resident’s Lease Start Date (day the new resident is responsible for rent)

Your target for Days on Market

Marketing (leased units)

What is your target Occupancy Rate?(Required)

Definition: Percentage of total units with an active PMA, not undergoing a remodel, that are occupied

Please enter a number from 0 to 100.

Comments on Marketing Process (leased units)

Applications Process

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

Milestone: Application Submitted(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: All Documents Collected(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Applicant Qualified

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Applications Process

Comments on Applications Process

Move In Process

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

Do you use the following milestones as part of your standard process?(Required)

	Yes	Yes, but not in this order	No
Resident Move In Evaluation (performed at or after move-in)

Milestone: Lease Setup in PMS(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Utilities Transferred & Proof of Insurance Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Lease Start Date(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Resident Move In Evaluation (performed after or at move in)

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Milestone: Lease Start Date

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Move In Process

Comments on Move In Process

Lease Renewal Process

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

Do you use the following milestones as part of your standard process?(Required)

	Yes	Yes, but not in this order	No
Owner Approval of Market Rate

How many days in advance of the lease end date, do you target to make the PM Decision to Renew?(Required)

Milestone: PM Decision to Renew(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Market Rate Determined(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Owner Approval of Market Rate(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Renewal Offer Presented(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Renewal Decision(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Agreement Extended or Notice to Vacate

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Your target for Renewal Signed Lead Time is:

Definition: Days from Agreement Extended to Lease End Date (calculation: Target days before Lease End Date to make the PM Decision to Renew, less the Renewal time)

Lease Renewal Process

What is your target Resident Churn Rate?(Required)

Definition: Percentage of residents active at the beginning of the year who left during the year

Please enter a number from 0 to 100.

What is your target Renewal Rate (without month to month)?(Required)

Definition: Percentage of renewal decisions that resulted in an extended renewal agreement

Please enter a number from 0 to 100.

What is your target Renewal Rate (with month to month)?(Required)

Definition: Percentage of renewal decisions that resulted in an extended renewal agreement or month to month understanding. This number should be higher than your target Renewal Rate without month to month.

Please enter a number from 0 to 100.

Comments on Lease Renewal Process

Move Out Process

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

Do you use the following milestones as part of your standard process?(Required)

	Yes	Yes, but not in this order	No
Utilities Transferred

Milestone: Utilities Transferred(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Transfer of Possession(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: M/O Assessment(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Final Accounting Sent(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: SD Disposition Completed

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Move Out Process

Comments on Move Out Process

Work Order Process - Standard

Does not include turns or remodels

Instructions:

In each space, enter the number of days between milestones - the days between the milestone above and the milestone below.
- If the time between milestones is a meaningful time but less than a day, enter a decimal to indicate the time expected (e.g. 0.5 = half a business day = 4 hrs).
- If the milestone happens concurrently with the next (e.g. in your process there is no meaningful difference; the two coincide), enter 0.

Do you use the following milestones as part of your standard process?(Required)

Note: If your PMA has prenegotiated owner approval & withholding sufficient funds, select "No" for "Owner Approval" and "Owner Funds Received". //

	Yes	Yes, but not in this order	No
Work Order Validated
Owner Approval
Owner Funds Received
Verification of Work Completed

Milestone: Work Order Submitted(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Work Order Validated(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Vendor / Tech Assigned(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Owner Approval(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Owner Funds Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Vendor / Tech Scheduled(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Work Completed(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Verification of Work Completed(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: W/O Closed (and Review Requested)(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Invoice Received(Required)

In the space below, enter your target days from this milestone to the next one below.

Milestone: Invoice Paid

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Your target Speed to Repair is

Definition: Days from Work Order Submitted to Work Completed

Work Order Process

What is your target Triage Rate?(Required)

Definition: Percentage of work orders submitted that are successfully resolved without sending a vendor or technician

Please enter a number from 0 to 100.

What is your target Technician Utilization Rate?(Required)

Definition: Billed hours divided into ALL paid hours (including admin time and paid time off). Note, "billed hours" should include the billed hour equivalent on flat rate projects. For example, if your standard hourly rate is $75/hr, and the labor charge on a flat rate project is $750, then the billed hour equivalent would be 10 hours (regardless of how long it actually took the technician to complete the job).

Please enter a number from 0 to 100.

What is your target Work Order Callback Rate?(Required)

Definition: Percentage of work orders requiring a callback of the vendor or technician due to unsatisfactory work

Please enter a number from 0 to 100.

Comments on Work Order Process

Communications

What is your target First Reply Time (in hours)?(Required)

Definition: Time (measured in business hours) from the initial inbound communication to the first reply by a team member. Excludes autoresponders.

What is your target Average Response Time (in hours)?(Required)

Definition: Time from communication received to communication acknowledged. Excludes autoresponders.

Other Metrics

What is your target Rent Delinquency Rate (unit basis)?(Required)

Definition: Percentage of total occupied units with an unpaid RENT balance at end of month

Please enter a number from 0 to 100.

What is your target Total Delinquency Rate (unit basis)?(Required)

Definition: Percentage of total occupied units with an unpaid balance (all charges) at end of month

Please enter a number from 0 to 100.

Thank you for completing the Operations Standards Targets survey!

Two final questions for you...

We would like to credit you (first name, last name, company name) as a contributor to the PM Operations Standards when they are published later this year. Are you good with that?(Required)

Yes, I'm fine with being credited as a contributor!

No, please don't publish my name in connection with this.

Sign up for the PM Ops Summit coming November 12, 2024! You won't want to miss this deep dive into how to leverage the NEW PM Operations Standards to maximize team efficiency and client experience in your business!(Required)

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No, please don't sign me up at this time.