Creating a world class maintenance experience using data.
Principles of Maintenance Excellence
The Ladder of Maintenance Excellence (LoME) was created as a guide for property managers to master their maintenance process.
Property Meld’s LoME operates in much the same way as Maslow’s Ladder of Hierarchical Needs. Without food and water, you cannot move on to building a shelter. Without mastering communication with your residents, vendors, techs, and investors, you cannot move on to scheduling efficiency, and so on.
Knowing what is and is not working within the steps of the LoME is not possible without tracking some critical metrics, known as Key Performance Indicators (KPI’s).
Key Performance Indicators
KPI’s are the ultimate scoreboard for ensuring your success. Without them, you are left guessing. When tracking KPI’s, it is important to know the difference between the 2 different types:
Lagging Indicators – focus on the past. These are useful for confirming trends and changes.
Leading Indicators – look ahead and attempt to predict future outcomes.
Example: driving over the speed limit can result in a speeding ticket (lagging indicator). Knowing this, you can be mindful of your speedometer in the future (leading indicator).
Property Meld’s newest analytics tool Insights Pro allows you to take a magnifying glass to your maintenance process to pinpoint KPI’s and create a very predictable, world class operation.
Each step of the ladder must be mastered before moving to the next. View this Ladder of Maintenance Excellence explanation.
Tracking Metrics to Retain Investors
Investor retention should be your top priority. This graph shows the exact metrics that play into the health of your portfolio, shedding light on how you can use Property Meld’s Insights to create a world class experience.
To learn more about KPIs and the Ladder of Maintenance Excellence, subscribe to our weekly email called The Maintenance Minute.
Subscribe to the Maintenance Minute