Each department at First Rate Property Management tracks a number of metrics and we wanted to share a few. Each department tracks these to identify potential issues and changing trends. Most of what we track is for in-house use. For example, accounting tracks the percentage of late pays. Maintenance tracks the number of days to complete a turnover. Leasing tracks average rents, etc. So without further delay, here are four 2016 metrics that we wanted to share.
Average vacancy: FRPM counts every property that is vacant, regardless if the tenants are paying rent or a lease has been signed.
Average renewal rate: This is not a retention rate, which would be in the high 90 percentile. This number represents the percentage of tenants who renewed their lease. It does not consider tenants who chose to stay, but only on a month-to-month basis, which is part of our retention rate.
Eviction rate: This rate includes court ordered evictions and does not include where tenant's comply to a property owners request to terminate tenancy, or simply not renew.
0.08%. Less than one tenth of 1 percent
Average days-on-market: FRPM begins advertising the moment the notice to vacate is processed. Additionally, we coordinate with the current tenants to show the upcoming available unit to prospective applicants. Therefore, on average, FRPM approves and selects new tenants on average 13 days prior to the current tenants even move out. Today, many property managers don't even start advertising or showing upcoming vacancies until the property is vacant and/or the turnover is complete. FRPM physically meets and shows our available properties, so for those property managers who allow tenants to access the property unaccompanied, it makes sense that they would have to wait until the property is vacant to even start showing it.
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