• Lifestyle
    • All
    • Fashion
    • Food
    • Health
    How to Stick to New Year’s Resolutions

    How to Stick to New Year’s Resolutions

    Preventive Care Vs Diagnostic Care

    Preventive Care Vs Diagnostic Care: What’s The Difference?

    Best Squishmallow Gifts for kids on Christmas 2022

    Best Squishmallow Gifts for kids on Christmas 2022

    All You Need To Know About Employee Health Benefits

    All You Need To Know About Employee Health Benefits

    10 Spotify music promotion tips for artists

    10 Spotify music promotion tips for artists

    Quick Ways to Arrange A Really Romantic Evening

    Quick Ways to Arrange A Really Romantic Evening

    Perfect Holiday

    5 Tips for Planning the Perfect Holiday

    filmy4web

    Do you know about Filmy4wab XYZ 2022

    Child Immunity

    Home Remedies to Increase Child Immunity? Natural Ways!

  • Business
    Interview Ceo Docusign 431m Q4williamsprotocol

    Interview Ceo Docusign 431m Q4williamsprotocol – Get Information Here!

    The Best SEO Company in Australia

    The Best SEO Company in Australia

    Land Development Project

    Funding Your Land Development Project

    Annuity Revenue

    How to Increase Your Annuity Revenue in 2023

    Get More Visibility For Your Online Business With OfferToro

    Get More Visibility For Your Online Business With OfferToro | OfferToro Review

    Small Company

    What Are The Challenges of A Small Company

    Don’t Do That! 3 Typical Mistakes for First-Time Franchisees to Prevent

    Don’t Do That! 3 Typical Mistakes for First-Time Franchisees to Prevent

    mattress

    Going From The Nursery Into a Big Kid’s Room

    Supermicro, It Solutions Provider

    Supermicro, It Solutions Provider

  • Entertainment
    • All
    • Games
    Thewatchcartoonsonline.tv

    Thewatchcartoonsonline.tv Review: Is It Legit or Scam?

    Thyme Blooket Hacks

    Thyme Blooket Hacks – Click To Know Complete Info!

    home theater banner

    Creative Ideas for a Home Theater

    FIFA World Cup Online

    World Cup 2022 Begins: Watch The FIFA World Cup Online

    Golf Clubs

    Learn How to Choose Golf Clubs

    Watching Good TV Shows

    Benefits of Watching Good TV Shows

  • Celebrity
    Nate Bargatze Is a Great, Fidgety Host for the Tennessee Kid

    Nate Bargatze Is a Great, Fidgety Host for the Tennessee Kid

    Georges Seurat’s Mysterious Death

    Georges Seurat’s Mysterious Death

    mercedes moore

    Mercedes Moore – {Bio, Age, Instagram, Spouse, Networth}

  • Digital Marketing
    • All
    • Social Media
    Engage Website Visitors

    How to Engage Website Visitors

    8 Ways to Grow Your Social Media Audience

    8 Ways to Grow Your Social Media Audience

    Social Media Trends

    Dangers of Social Media Trends

    Link in Bio

    What “Link in Bio” Means on Instagram and TikTok And Why You Should Care

    Facebook

    Facebook to mp4 converter

    Increase Instagram Views

    How-to content or Instagram tips.

  • Technology
    Cell Phone Repair Store

    Important Myths Exposed by A Cell Phone Repair Store in Airdrie

    Cellphone Repairing

    Cellphone Repairing: Safety Tips & Tricks for a Mobile Repair Shop

    Phone Repair Store

    The Frequent Repairs You Will See at Every Other Phone Repair Store

    electric hybrid bikes

    11 BEST ELECTRIC HYBRID BIKES OF 2022

    Apple MacBook Air

    Apple MacBook Air: Things You Need to Know Before Buying at Apple Store Cedar Falls

    Ways To Improve Your Cell Phone Repair Store in Burlington’s Visibility on Search Engines

    Ways To Improve Your Cell Phone Repair Store in Burlington’s Visibility on Search Engines

    Strategy to make better prediction with football live score

    Knowing football live score for today Is The Best Strategy To Predict Matches

    Activation Lock Screen

    How to Disable the Activation Lock Screen on iPhone Efficiently

    electric hybrid bikes

    11 BEST ELECTRIC HYBRID BIKES OF 2022

  • Travel
    Explore Best NZ Getaways in 2023

    Explore Best NZ Getaways in 2023

    Turkish Visa

    What to Prepare When Applying for a Turkish Visa

    dubai

    How to Spend A Day at The Dubai Marina?

    Winters in the USA

    Winters in the USA: an essential Travel Guide

    Spa hotels in Europe

    The Top Spa Hotels To Consider for Your Next European Vacation

    Europe Cruises

    The Top Cruise Options To Consider This Summer in Europe

    Luxurious Hotel In Jaipur

    Enjoy Exceptional Services In The Luxurious Hotel In Jaipur

    Coorg-A paradise

    Coorg-A paradise for tourists to rejuvenate their minds

    Spain train

    Spain train tickets all you need to know

  • Crypto
    Where to Buy Cryptocurrency

    How Can Cryptocurrency Fraud Be Prevented?

    Mistakes to avoid before opening stock trading franchise

    Mistakes to avoid before opening stock trading franchise

    How to Avoid Scams in Forex Trading 

    Here Are All The Highs And Lows That Bitcoin Has Gone Through

    How to Avoid Scams in Forex Trading 

    How to Avoid Scams in Forex Trading 

    Trade KuCoin

    Why Should You Trade KuCoin?

    All The Highs And Lows That Bitcoin

    Here Are All The Highs And Lows That Bitcoin Has Gone Through

    Where to Buy Cryptocurrency

    Where to Buy Cryptocurrency – Insights for Enthusiasts

    Cryptocurrencies

    Is Bitcode AI The Best Robot For Trading Cryptocurrency?

    Cryptocurrency Pricing

    Cryptocurrency Pricing and Options: What to Look Out For.

No Result
View All Result
Hub Blogging
  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    How to Stick to New Year’s Resolutions

    How to Stick to New Year’s Resolutions

    Preventive Care Vs Diagnostic Care

    Preventive Care Vs Diagnostic Care: What’s The Difference?

    Best Squishmallow Gifts for kids on Christmas 2022

    Best Squishmallow Gifts for kids on Christmas 2022

    All You Need To Know About Employee Health Benefits

    All You Need To Know About Employee Health Benefits

    10 Spotify music promotion tips for artists

    10 Spotify music promotion tips for artists

    Quick Ways to Arrange A Really Romantic Evening

    Quick Ways to Arrange A Really Romantic Evening

    Perfect Holiday

    5 Tips for Planning the Perfect Holiday

    filmy4web

    Do you know about Filmy4wab XYZ 2022

    Child Immunity

    Home Remedies to Increase Child Immunity? Natural Ways!

  • Business
    Interview Ceo Docusign 431m Q4williamsprotocol

    Interview Ceo Docusign 431m Q4williamsprotocol – Get Information Here!

    The Best SEO Company in Australia

    The Best SEO Company in Australia

    Land Development Project

    Funding Your Land Development Project

    Annuity Revenue

    How to Increase Your Annuity Revenue in 2023

    Get More Visibility For Your Online Business With OfferToro

    Get More Visibility For Your Online Business With OfferToro | OfferToro Review

    Small Company

    What Are The Challenges of A Small Company

    Don’t Do That! 3 Typical Mistakes for First-Time Franchisees to Prevent

    Don’t Do That! 3 Typical Mistakes for First-Time Franchisees to Prevent

    mattress

    Going From The Nursery Into a Big Kid’s Room

    Supermicro, It Solutions Provider

    Supermicro, It Solutions Provider

  • Entertainment
    • All
    • Games
    Thewatchcartoonsonline.tv

    Thewatchcartoonsonline.tv Review: Is It Legit or Scam?

    Thyme Blooket Hacks

    Thyme Blooket Hacks – Click To Know Complete Info!

    home theater banner

    Creative Ideas for a Home Theater

    FIFA World Cup Online

    World Cup 2022 Begins: Watch The FIFA World Cup Online

    Golf Clubs

    Learn How to Choose Golf Clubs

    Watching Good TV Shows

    Benefits of Watching Good TV Shows

  • Celebrity
    Nate Bargatze Is a Great, Fidgety Host for the Tennessee Kid

    Nate Bargatze Is a Great, Fidgety Host for the Tennessee Kid

    Georges Seurat’s Mysterious Death

    Georges Seurat’s Mysterious Death

    mercedes moore

    Mercedes Moore – {Bio, Age, Instagram, Spouse, Networth}

  • Digital Marketing
    • All
    • Social Media
    Engage Website Visitors

    How to Engage Website Visitors

    8 Ways to Grow Your Social Media Audience

    8 Ways to Grow Your Social Media Audience

    Social Media Trends

    Dangers of Social Media Trends

    Link in Bio

    What “Link in Bio” Means on Instagram and TikTok And Why You Should Care

    Facebook

    Facebook to mp4 converter

    Increase Instagram Views

    How-to content or Instagram tips.

  • Technology
    Cell Phone Repair Store

    Important Myths Exposed by A Cell Phone Repair Store in Airdrie

    Cellphone Repairing

    Cellphone Repairing: Safety Tips & Tricks for a Mobile Repair Shop

    Phone Repair Store

    The Frequent Repairs You Will See at Every Other Phone Repair Store

    electric hybrid bikes

    11 BEST ELECTRIC HYBRID BIKES OF 2022

    Apple MacBook Air

    Apple MacBook Air: Things You Need to Know Before Buying at Apple Store Cedar Falls

    Ways To Improve Your Cell Phone Repair Store in Burlington’s Visibility on Search Engines

    Ways To Improve Your Cell Phone Repair Store in Burlington’s Visibility on Search Engines

    Strategy to make better prediction with football live score

    Knowing football live score for today Is The Best Strategy To Predict Matches

    Activation Lock Screen

    How to Disable the Activation Lock Screen on iPhone Efficiently

    electric hybrid bikes

    11 BEST ELECTRIC HYBRID BIKES OF 2022

  • Travel
    Explore Best NZ Getaways in 2023

    Explore Best NZ Getaways in 2023

    Turkish Visa

    What to Prepare When Applying for a Turkish Visa

    dubai

    How to Spend A Day at The Dubai Marina?

    Winters in the USA

    Winters in the USA: an essential Travel Guide

    Spa hotels in Europe

    The Top Spa Hotels To Consider for Your Next European Vacation

    Europe Cruises

    The Top Cruise Options To Consider This Summer in Europe

    Luxurious Hotel In Jaipur

    Enjoy Exceptional Services In The Luxurious Hotel In Jaipur

    Coorg-A paradise

    Coorg-A paradise for tourists to rejuvenate their minds

    Spain train

    Spain train tickets all you need to know

  • Crypto
    Where to Buy Cryptocurrency

    How Can Cryptocurrency Fraud Be Prevented?

    Mistakes to avoid before opening stock trading franchise

    Mistakes to avoid before opening stock trading franchise

    How to Avoid Scams in Forex Trading 

    Here Are All The Highs And Lows That Bitcoin Has Gone Through

    How to Avoid Scams in Forex Trading 

    How to Avoid Scams in Forex Trading 

    Trade KuCoin

    Why Should You Trade KuCoin?

    All The Highs And Lows That Bitcoin

    Here Are All The Highs And Lows That Bitcoin Has Gone Through

    Where to Buy Cryptocurrency

    Where to Buy Cryptocurrency – Insights for Enthusiasts

    Cryptocurrencies

    Is Bitcode AI The Best Robot For Trading Cryptocurrency?

    Cryptocurrency Pricing

    Cryptocurrency Pricing and Options: What to Look Out For.

No Result
View All Result
Hub Blogging
No Result
View All Result

How to Evaluate Your Rental Business’s Performance

July 24, 2022
How to Evaluate Your Rental Business’s Performance

As a rental business owner, it’s important to be honest with yourself about your business’s health. 

Further, you need specific measures of your business’s performance. Otherwise, it is difficult to tell what’s working in your rentals and what isn’t. 

There are many kinds of data you can collect to help you assess how well your rentals are faring. For example, you can use digital analytics, numerical statistics, qualitative feedback, or website traffic to determine where your rental business can improve.

With the important metrics and factors narrowed down, you will find it much easier to make decisions that will impact the future of your business, including rent prices, priorities, and big projects.

Your goal should be to identify growth, regression, areas to improve, and actionable insights.

Below are some factors to consider as you evaluate your rental business’s performance.

Key Performance Indicators (KPIs)

Key Performance Indicators (KPIs) are metrics that provide insight about your business. 

KPIs are critical for objectively evaluating your business. While each landlord has different priorities, here are a few to keep an eye on:

  • Return on Investment (ROI)
  • Website traffic (demographics, average time spent, popular pages)
  • Conversion rate (percentage of visitors who take an action on your page)
  • Occupancy/vacancy rates
  • Average arrears
  • Net income
  • Turnover rate
  • Repair and maintenance costs

Together, these KPIs can tell you how effective your website, advertisements, or renewal incentives are. They also help you decide where to focus your attention in the future. For instance, if you notice that your vacancy rates are particularly high, look at your turnover rates to see whether high turnover may be interfering with your occupancy goals.

Reviews and Ratings

Reviews sites are a great place to find qualitative feedback about your business. 

Many popular listing sites (Zillow, Trulia, Realtor.com, etc.) also allow tenants to leave reviews. If you list your properties online, check these sites occasionally for new reviews and ratings. 

If you aren’t getting reviews, encourage your tenants to leave them. Then, feature the best ones to continue the cycle of feedback. You might only have a few reviews at first, but before long, you will build a foundation of strong reviews for potential renters to browse.

In the meantime, use your reviews to assess what tenants like and dislike about your properties.

Tenant Feedback

In addition to checking for online reviews, don’t be afraid to ask your current tenants for feedback directly. Eliciting feedback can be formal (an online survey you make and send to all your tenants) or informal (you ask a tenant what they think of your new policy or promotion in conversation). 

For the former, encourage tenants to be honest by anonymizing your survey. You could also incentivize your survey by offering small prizes to those who complete it.

The major benefit to tenant feedback is that you can use what you learn to make changes while your current tenants are still around to experience the benefits.

Renewal Rate

How many tenants renew their leases, and for how long? Determining your renewal rate is your first step in assessing your tenant retention strategies.

For instance, let’s say your units are always filled and your rates are highly competitive, but you still experience a low renewal rate. What could be causing this? It could be something as simple as your strategy for renewals. Decide whether you ask early enough, reward loyal tenants, or advertise the benefits of renewing.

If renewals are still evasive, ask tenants who leave to cite their reason or motivation for moving. Their answers will give you further insight into your renewal rate.

Turnover Efficiency

Finally, turnover efficiency is a telling factor in your rental business’s success. How quickly and cheaply can you turn over a unit? 

Every month a unit lies vacant is a month’s worth of rent revenue you lose. Organization and speed matter when it comes to cleaning, inspecting, repairing, and staging an empty unit. The more efficient you are during turnover, the faster you can move in a new tenant.

If your turnover efficiency is low, consider how you can minimize the time, work, and money you spend turning over units. For instance, you might decide to save or reuse materials and supplies, make basic repairs yourself, or prioritize inspecting earlier.

Evaluating Your Business

It can be tough to critically evaluate the business you dedicate so much hard work and energy. However, objectively assessing your rental business is obligatory for every landlord looking to improve. By tracking and evaluating your KPIs, reviews and ratings, tenant feedback, renewal rate, and turnover efficiency, you can turn your attention to where it matters for your business.

Share121Tweet76Share30
Fakhar Zaman

Fakhar Zaman

Related Posts

Interview Ceo Docusign 431m Q4williamsprotocol
Business

Interview Ceo Docusign 431m Q4williamsprotocol – Get Information Here!

January 21, 2023

The CEO of a software company is the most important person in the organization like Interview Ceo Docusign 431m Q4williamsprotocol. He is in charge of day-to-day operations and is responsible for setting strategy. He is the face of the...

The Best SEO Company in Australia
Business

The Best SEO Company in Australia

November 9, 2022

Search engine optimization (SEO) is the essential practice of guiding search engines like Google and Bing to feature your website prominently when someone searches for relevant terms. It’s a process that requires constant attention, analysis, and new strategies to...

Land Development Project
Business

Funding Your Land Development Project

October 27, 2022

If you're a property developer in Australia, understanding how funding works for land development projects is critical to your success. In the points below, we'll break down the basics of project funding so you can get started on your...

Annuity Revenue
Business

How to Increase Your Annuity Revenue in 2023

October 27, 2022

As we edge gradually closer to an exciting new year, now is the time to start planning how you're going to grow annuity revenue for your business moving forward. By taking a few simple steps and implementing some best...

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

About Us

Hub Blogging

Hub Blogging

A Blogging Platfrom

Hub Blogging is an online blogging platform that is dedicated to providing knowledgeable articles to its audience in an exciting as well as informative tone. Keep Connected With Us!

Categories

  • Business (356)
  • Celebrity (3)
  • Cryptocurrency (23)
  • Digital Marketing (78)
  • DIY (3)
  • Education (70)
  • Entertainment (32)
  • Fashion (46)
  • Food (14)
  • Games (23)
  • General (93)
  • Health (149)
  • Home Improvement (91)
  • Lifestyle (169)
  • Social Media (26)
  • Technology (205)
  • Travel (43)
  • Uncategorized (132)
  • Website Review (2)

Popular

  • News Phxfeeds Com

    News Phxfeeds Com: Find Valid Info Here!

    419 shares
    Share 168 Tweet 105
  • Pikashow APK Download (Mod, Live IPL 2022) 75.0

    346 shares
    Share 138 Tweet 87
  • TikTok Hot or Not Composite Images: Read to Know What It Is?

    332 shares
    Share 133 Tweet 83
  • How to Register on Wpc2029 live? Read Details Here!

    322 shares
    Share 129 Tweet 81
  • What Is On-Premise Payroll Software?

    321 shares
    Share 128 Tweet 80
  • Privacy Policy
  • Write For Us
  • About Us
  • Contact Us

© Hub Blogging Copyright 2022. All Rights Reserved.

No Result
View All Result
  • Lifestyle
  • Business
  • Entertainment
  • Celebrity
  • Digital Marketing
  • Technology
  • Travel
  • Crypto