Multifamily Property Management

[Jeremy Hanks]

Hi All! I haven't posted here much but I am looking for to network with others in like minded roles and businesses. 

I am the asset manager for a portfolio that owner operator of multifamily properties in Utah, Arizona and Nevada. 

I'm looking to learn a bit more about bonus programs for your Ops teams. Regional Managers, Property Managers, Leasing team, maintenance supervisors and maintenance techs. 

I know this is a somewhat loaded question and is multi faceted. Is this a good location to post something like this on BP?

[Kim Meredith Hampton]

Jeremy,

I would imagine that most bonus for the team looks different on each level of the team; PM or Leasing looks different than maintenance.

KPI's could be tied to occupancy, achieving budget, no variances for expenses, leases, renewals, work orders completed, testimonials and google reviews. rent collection, customer service. Bottom line is increasing revenue and decreasing expenses with all the people above contributing into how the property performs. 

Everybody loves money, but company culture also is important. Sometimes events and outings are a good way to reward your team. This can be achieved monthly, quarterly, annually etc...

I have always paid leasing monthly per lease, per renewal and for google reviews.

Managers are given bonuses quarterly for meeting budget, collections, occupancy and other KPIs

Maintenance (split among the team) is usually based on staying in budget, how many work orders received, as to how many completed and google reviews