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Incentivizing Property Managers: Creative Approaches to KPIs and Bonuses
Manage episode 483566630 series 2937583
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KPI and bonus structures in property management are highly dependent on team structure and should be implemented thoughtfully with focus on rewarding performance that exceeds standard expectations rather than basic job functions.
• The "Keep It Budget" gives property managers their full bonus upfront which gets reduced for avoidable mistakes
• "Profit Per Portfolio" rewards based on total revenue generation instead of property numbers
• "KPI A La Carte" allows team members to choose focus metrics quarterly
• Task-based micro bonuses incentivize specific tasks like routine inspections or 5-star reviews
• Shared bonus pools create team accountability especially in task-based structures
• Creative non-monetary incentives include Culture Coins and mini-CEO programs
• Client experience metrics like NPS scores provide balance to prevent quantity over quality
• Not all agencies need KPIs - many successful businesses simply pay market rates with great environments
I'm always happy to share ideas and brainstorm together. If you have creative approaches to KPIs or questions you'd like addressed, please send them through to me.
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Chapters
1. Incentivizing Property Managers: Creative Approaches to KPIs and Bonuses (00:00:00)
2. Introduction to KPI Question (00:01:02)
3. The "Keep It Budget" Approach (00:02:25)
4. Profit Per Portfolio Strategy (00:05:59)
5. KPI A La Carte Method (00:07:53)
6. Task-Based Micro Bonuses (00:09:31)
7. Shared Bonus Pool System (00:11:29)
8. Creative Non-Monetary Incentive Ideas (00:13:23)
9. Closing Thoughts (00:16:20)
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