2024 PM Operations Standards

It’s time to know what a good job looks like.

Latest version: 11/21/2024

The PM Operations Standards

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The first research-based framework to measure, enhance, and prove the value you create through each one of your core PM processes

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A powerful set of operational metrics that create value for both you and your owners

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Defines the outcomes that 100+ operators are targeting for these metrics — see how you stack up and find opportunities to improve process efficiency and drive more revenue for your owners… and increase profits for your business

Partners

We are incredibly grateful to our partners for the tremendous support in helping make this project possible. They came alongside and invested in the value of these metrics for the entire single-family residential PM industry.

Partners

We are incredibly grateful to our partners for the tremendous support in helping make this project possible. They came alongside and invested in the value of these metrics for the entire single-family residential PM industry.

2024 PM Operations Standards

It’s time to know what a good job looks like.

Purpose & Methodology

Purpose

ProfitCoach has defined, measured, benchmarked, and discovered best practices for property management finance since 2018. We are excited to bring our proven process to the operational sphere by helping PMs throughout the industry gain clarity on their processes, the true state of their operations, and the opportunities that for many are still hidden under a fog of, “This is the only way we know to do it.” However, when we set out to create metrics and targets for property management operations, we knew we were headed into uncharted waters. 

With the NARPM® Chart of Accounts in 2019, we created the first-ever industry-specific financial standardization that allows PMs to calculate and compare their critical financial metrics. Most PMs had existing financial data; their data just needed to be converted to the NARPM® Chart of Accounts in order to calculate metrics in an objective and standardized format. 

Now switch to operations, and very few PMs have any significant existing operational data — certainly not enough to be able to benchmark at this stage of the game. The key issue is the lack of a common language or framework for documenting, architecting, and tracking processes. Process and workflow softwares have no necessary standardization among themselves, and few (if any) contain built-in reporting features. And a high percentage of the industry continues to rely on word processor documents, spreadsheets, or even memory and word of mouth to document and communicate their critical PM procedures.

So we had to address this first. The industry needs an operational standardized framework that will enable PMs to manage and track the performance of their processes, allow them to calculate and compare their critical operational KPIs, and equip them to determine, perhaps for the first time, whether they’re really doing a good job.ting, and tracking processes. Process and workflow softwares have no necessary standardization among themselves, and few (if any) contain built-in reporting features. And a high percentage of the industry continues to rely on word processor documents, spreadsheets, or even memory and word of mouth to document and communicate their critical PM procedures.

The 2024 PM Operations Standards, as published in this document, is the first-of-its-kind operational standardized framework for the PM industry.

Methodology

Producing this framework in the absence of existing operational data required months of careful thinking and hours upon hours of intense expert collaboration.

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A multi-day live collaboration with experts and operators at the Process Lounge (NARPM® Broker/Owner Conference & Expo, April 2024)

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Multiple meetings with a hand-picked group of advisors (the PM Operations Council) for careful and seasoned perspectives

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Multiple surveys to a wide audience for broad feedback and input

The surveys were designed to elicit industry-wide feedback in areas where industry-wide conversations had not yet occurred. One survey gathered feedback on the specific metrics and definitions. Another survey asked for seasoned PM estimates of what the timelines should be within each process. This survey did not ask for historical data, but rather for educated estimates on what the target timeframes should be. 

Note that all numerical data in these Standards is sourced from this particular survey. Thus, don’t treat these targets as if they were verifiable benchmarks. Rather, treat them as guiding stars. They may not be exactly where you could go, but they’re pointing you in the right direction. 

We believe this framework provides single-family residential property managers with the first-ever clear way to structure operational processes, so they can measure and compare their performance to the top performers in the industry.

Versions by date

11/21/24: Version 3: Updated back cover

11/4/24: Version 2:

10/23/24: Original printed version

Testimonials

The PM Ops Summit:
Tuesday, November 12

The PM Ops Summit was a $500 free training day to help you deep dive into the most important operational framework of the year: the 2024 PM Operations Standards.

Are you ready to transform how you deliver value as a property manager?

At the PM Ops Summit, we brought in an extensive panel of PM experts to help you use the PM Operations Standards to:

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Measure client experience

at the process level using industry targets

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Identify bottlenecks

in your processes that are holding you back

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Optimize your processes

with the hacks and best practices of industry top performers

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Prove value

by showing clients why your services are worth every dollar, leaving “junk fees” behind for good

2024 PM Operations Standards

It’s time to know what a good job looks like.

© 2024 ProfitCoach. All Rights Reserved.

© 2024 “ProfitCoach. All Rights Reserved.

Testimonials

“The PM Operations Standards provide an unprecedented level of clarity and accountability for single-family property managers. By defining key metrics and processes, this project equips professional property managers with the tools to measure success and improve efficiency with confidence. It’s a practical, well-researched resource that will elevate operational excellence across the industry. At Second Nature, we’re proud to support this initiative and believe it will be invaluable for any growth-minded property manager looking to optimize their business and deliver outstanding results.”
~ Andrew Smallwood, Chief Customer Officer, Second Nature 
“Every industry relies on performance benchmarks for clarity and growth. Now, with the introduction of the PM Operations Standards, the property management industry can do the same. These standards empower property managers to identify areas for improvement, set clear and attainable goals for their teams, and prioritize the most impactful optimization efforts. They represent a significant step forward in the professionalization of our industry, and I’m thrilled that they are finally here. Now comes the crucial part: putting these principles into action. Let’s grow together, with clarity!"
~ Lior Abramovich, Co-founder & CEO, Blanket
"The PM Operations Standards are a ground-breaking resource for professional property managers. This unifying framework gives the industry a common language around critical operations and enables property managers to measure and improve key workflow points with data-driven clarity. Enterprise Bank & Trust is thrilled to support these Standards as the next significant stride towards operational excellence throughout the industry."
~ Allison DiSarro, SVP, Specialty Banking, Enterprise Bank & Trust
“The PM Operations Standards are a giant leap forward for the property management industry. We're finally getting a set of common definitions and metrics by which to measure ourselves. This is important because it will help us figure out exactly what to focus on as we strive to better serve our owners and residents. I'm thrilled with the outcome here and encourage all professional property managers to quickly adopt these standards.”
~ Peter Lohmann, Principal Broker / CEO, RL Property Management
“The PM Operations Standards are the next step in standardizing the industry’s understanding of what performance really looks like. It started with financial performance and operational standards are the next frontier. ProfitCoach has a proven track record of unlocking key insights hidden behind walls of disjointed data. LeadSimple is proud to support this effort and partner with ProfitCoach to challenge the industry to level up through data-driven operational performance.”
~ Jordan Muela, CEO, LeadSimple
"We consistently hear from our property manager customers that driving operational efficiency is their biggest challenge and greatest opportunity, especially as AI-based automation becomes a reality. This efficiency not only enhances their operations but also significantly improves the customer experience. Thank you, ProfitCoach team, for undertaking this essential work that will unlock smarter decision-making and elevate business performance."
~ Matthew Kaddatz, Sr. Director, Product Management, AppFolio