For decades analysts, advisors, executives, authors, academics, and companies have identified,
defined, and redefined those measures of excellence categories which are reflective and predictive
of future business success. CEL & Associates, Inc., in consultation with leading property
management firms, business advisors, leaders within the real estate industry, and performance
management experts, identified eight measures of excellence --
or Business Success Factors -- which, if properly quantified, would reveal the
quality and level of service being rendered.
Each Business Success Factor responds to the three elements of a highly successful operation:
(1) Tenant/Resident satisfaction; (2) Building Owner satisfaction; and (3) Property Manager
performance. The following is a definition of the eight Business Success Factors
quantified in CEL & Associates, Inc.'s survey process for Tenants/Residents.
- Readiness to Solve Problems: Measures the perceptions of how well the Property Manager
and property management company anticipate and solve problems before they become an issue.
This factor addresses such performance measures as: level of awareness; understanding of
customer needs and expectations; and perceived level of commitment/concern for the well
being of the property and Tenants/Residents.
- Responsiveness and Follow-Through: Measures the perceptions of how well the
Property Manager and property management company respond to requests for assistance, problem
resolution and inquiries. This factor assesses such performance measures as: timeliness and
quality of the response; follow-up and communication; and level of satisfaction for an action
taken to resolve an existing or potential problem.
- Property Appearance and Condition: Measures the perceptions of how well the
physical aspects of the property relative to appearance and maintenance.
This factor addresses such items as: landscaping; cleanliness; signage; lighting; trash areas;
elevators/escalators; mail boxes; etc.
- Quality of Management Services: Measures the perceived quality of property management
services being rendered to Tenants/Residents and Building Owners. This factor addresses such
performance measures as: policies and procedures; communication; special services/programs to
enhance the value of the property; quality of reports and communications submitted by the
Property Manager; and the perceived level of support provided to the Property Manager by his/her
property management company.
- Quality of Leasing Services: Measures the quality and perceived level of services
rendered during the leasing process. This factor addresses such issues as: ease of the leasing
process; manner of treatment received during the leasing process; communications; responsiveness
and follow-through.
- Property Rating: Measures the level of satisfaction with the property including:
heating and air-conditioning; parking; after-hours access; Tenant/Resident support services;
and Tenant/Resident improvements.
- Relationship Rating: Measures the level of satisfaction the Tenant/Resident and
Building Owner have with the Property Manager and conversely, what the Property Manager
believes he/she has with the Tenants/Residents and Building Owner. This factor addresses
such performance measures as: frequency of contact and communication; willingness to respond
to Tenant/Resident and Building Owner needs; courtesy and respect; and the perceived concern
the Property Manager has for the welfare of the property.
- Renewal Intention: Perhaps one of the most studied Business Success Factors, the
renewal intention factor assesses the likelihood of the existing Tenants/Residents renewing
their lease. This factor addresses such issues as: the Tenant's/Resident's confidence
in his/her ability to continue in the space/unit; whether they like the property enough to
recommend it to others; and whether they intend to renew their leases based on their feelings
about the Property Manager, property, and level of satisfaction.
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