Key Performance Indicators Which Ones Do You Need In Property?
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In this edition, Shaz talks you through the concept of Key Performance Indicators (KPIs), and tells you all about the most essential ones you should be making a part of your property journey.
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Having conducted over 3,000 business consultations, Shaz has recognised that the best and most profitable businesses are the ones who track their performance through data, and act whenever certain points are hit. And you should, too!
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KEY TAKEAWAYS
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- It’s vital to track your numbers, study them well, and take action when you’ve done well. Similarly, you should be analysing the numbers when you haven’t done well. \\n
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- Do you know what the key numbers are in your property business? If not, why not? And are you checking frequently? Shaz advises monthly, or quarterly at the very least. \\n
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- Some of the numbers that Shaz tracks are: \\n
- Number of customer surveys completed \\n
- Average score on surveys \\n
- Number of hours your team has spent on development \\n
- Number of books your team has read \\n
- Number of complaints received \\n
- Yield (Annual or more regular) \\n
- Personal wealth \\n
- Personal growth \\n
- Number of weeks taken off work \\n
- Number of ideas given by your team that have been implemented \\n
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- Create a culture of achievement, but make them realistic. If your targets are impossible to reach then the constant defeat will lead to a feeling of deflated defeat. \\n
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- Your income drivers when it comes to property should include things like: \\n
- Rent coming in \\n
- Number of properties \\n
- Voids \\n
- Resources consulted \\n
- Properties viewed \\n
- Conversion rates \\n
- Offers made \\n
- Bought properties \\n
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- Measuring KPIs can be costly in terms of time and resources if you set too many. Set appropriate markers at the outset and grow them if you need to. \\n
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BEST MOMENTS
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‘If you can measure it, you can manage it’
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‘Make a start somewhere. It’s an iterative process’
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’Numbers tell a story’
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‘I’m a big fan of having big, hairy audacious goals’
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’The target isn’t the ceiling’
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ABOUT THE HOST
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Shaz Nawaz is a serial entrepreneur; he owns five thriving businesses in diverse sectors.
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Shaz is committed to helping business owners build successful businesses. Having conducted over 3,000 business growth consultation he has helped his clients generate millions in additional profits. His purpose is to inspire business owners to build businesses that are hugely profitable and sustainable.
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He is a huge advocate of having multiple streams of income. He has written a number of business books and regularly contributes articles to main stream media outlets.
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You can find Shaz on:
\\nThis show was brought to you by Progressive Media
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