KPIs and Leading Indicators for Property Managers

[Darren Ruch]

Ask: do you maintain or can think of key performance indicators (KPI; https://www.investopedia.com/terms/k/kpi.asp) that take the focus away from lagging indicators and shifts emphasis to leading indicators?

Background: I have a few 3- & 4-unit residential properties that are under professional management. They are riddled either with vacant units or occupied with tenants not paying rent consistently. These buildings are located in mostly C neighborhoods. As expected, when they perform the cash flow is phenomenal. But, the inconsistency is killing my bottom line.

I am trying to think of a different approach to take with my property manager to align our expectations in 2023.

Thank you for your help!