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- Peter Lohmann's Mailing List - Issue #32
Peter Lohmann's Mailing List - Issue #32
Welcome, 21 new subscribers!
NARPM Financial Performance Benchmarking Update
via the NARPM website:
In 2019, the NARPM Accounting Standards (NAS) gave NARPM members a framework to know your own numbers, as well as some solid benchmarks.
However, things have changed a lot since then. Updated numbers are needed to reflect the current realities on this side of COVID-19 and the real estate market swings.
That’s why the 2022 NARPM Financial Benchmark Study was conducted. NARPM and ProfitCoach partnered to take the NAS even further with new and improved metrics and deeper layers of insight.
215 property managers answered the call to see how they stacked up to the latest trends in industry performance.
The results of this study are incredibly exciting to share, check out the 2022 NARPM Financial Performance Guide below!
You can download the digital version of the benchmark study results right here! It's incredibly interesting for anyone who runs (or wants to run) a property management company.
For example, check out this data on Revenue Per Unit:
RPU Data from the NARPM/ProfitCoach Benchmarking Study 2022 Update
NPS Cohort Analysis
I'm fascinated by NPS survey data. For example, here is some data from our property management company broken down by the year the client started with our firm:
NPS Cohort Analysis at RL Property Management
The data here (from surveys within the last 6 months) shows that the longer a client is with our company, the more they like us. Interesting!
Perhaps that's intuitive, because anyone who didn't like our company has probably left within a few years. Then again, property management is very "sticky" business, and customers are hesitant to switch (it's a lot of work, and who's to say a new property manager won't be even worse).
I'm encouraged by this; I feel it shows that over time our company is developing deeper and more positive relationships with our customers. But how could we make new customers like us more, right from the very start?
(If you're wondering what software we use to create these graphics & survey our clients and residents, it's Retently - very affordable.)
Next issue we'll look at our Resident NPS data, which tells a very different story.
Who I Learn From
If you like my content, you'll love this list. These are the people that inform a lot of what you see, hear and read from me.
These are the folks that I'm looking up to and learning from right now, on my own journey.
Click through for the full list. Maybe you are on it?
Here are 14 people I'm learning from right now.
These are leaders from world of business, property management, & beyond.
Each has altered the trajectory of my life and career:
— Peter Lohmann (@pslohmann)
9:25 PM • Nov 6, 2022
Who are you learning from right now?
What knowledge did you assimilate as a younger person, that is no longer serving you?
Closing Thought
When you ask a property management co to make an exception to standard procedure for your building, you increase odds of:
- That specific process getting screwed up, &
- Other mistakes occurring
So you should try to avoid asking… & a good PM should push back if you do.
— Moses Kagan (@moseskagan)
11:58 AM • Sep 8, 2022
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This Week's Newsletter Is Sponsored By: Kris Kaplan
EOS & Business Operating Systems
My company RL Property Management self-implemented EOS about 5 years ago. This year, we brought in professional coach Kris Kaplan to tighten up our systems in BIG way.
Our leadership team kicked off the year with a 2-day offsite conducted by Kris, and we've held quarterly offsite planning meetings all year.
Results have been outstanding and our revenue is up 29% year-to-date, in no small part thanks to our work with Kris.
Kris is finalizing his schedule for 2023 and has room for just three property management clients.
The deadline to apply to work with Kris is December 16th. Simply reply to this email for an introduction.