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2mo

Daniel Craig, CEO of ProfitCoach, on the "hierarchy of insights," a concept he broke down in last week's Triple Win LIVE. #propertymanagement #leasing #KPI

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Basically what I want to do is I want to talk a little bit about what we call the hierarchy of insight, and this is. It kind of speaks to the question of how we measure performance in our business. And you know, as we talked about, there are a variety of ways to measure customer experience both on the owner and the resident side of things. But when we look at the sort of overall hierarchy of of insight and Intel in a property management business, a lot of us start out with what we would just kind of refer to as sort of like the bank balance level of insight, right? You know, I must be doing a decent job because there's money in the bank. People are still paying me, right? And then we got a little bit more sophisticated with Norma accounting standards where we were able to start measuring financial metrics that are sort of upstream of the bank balance, revenue per unit, labor efficiency, customer acquisition cost, those kinds of things. And that's really helpful to understand. All right, you know, from a financial perspective. Here's what's driving the bottom line. But then that's still kind of unsatisfactory because what we really need to understand is when you look at something like. You know, resident churn rate or owner churn rate, what are the actual operational drivers, operational metrics that are driving the level of experience that really determines how long your owners and your residents stay with you? And so you know, another sort of aspect of operational metrics, you know, there's maybe two big categories. One is sort of the, the, the function of the of the business, you know, how fast you're turning over your properties, you know, work order speed to repair, you know, days on market, things like that. And and then another sort of related segment of operational metrics would be, you know, reporting on the experiences that customers are having in each of those. Interactions, whether that's with an NPS customer effort scoring and those are all good things. And obviously property managers are measuring all of those things. But I do think it's a mistake to overly rely on reviews because again, I think that's more of a function of, of reputation management. And so then the last level of insight here is real time metrics. And what real time metrics basically do is they, they answer the question of what needs to happen. Today, what needs to be true today for these operational metrics to be in place, for the financial metrics to then fall into line and ultimately for the bank balance to fall into line and we call those real time metrics SIGGY metrics. SIGGY stands for Can I go home yet?

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