Knock’s performance management software takes the guesswork out of tracking employee performance.
With more data than ever before, operations managers and property managers need more than just numbers to ensure their team’s success. They need clear insights that can turn into action to boost performance.
Benchmarking onsite teams’ performance is key to creating value for your properties and portfolios. One way to do that is with performance management software. It helps apartment operators easily set team goals, track progress, and correct small issues before they grow.
1. Empower Employees Through A Data-Driven “Front Office”
Knock’s tools make it easy to capture the right data, and track that performance across your core business areas, so property managers and operations teams are equipped with the insights to drive team performance.
A data-savvy front office needs modern tools to get the most out of their teams and to meet the ever-changing needs of renters and owners. Knock provides crucial insights that track employee performance across marketing, leasing, and operations teams.
“Knock continues to take giant steps in bringing us the most efficient, cutting-edge technology — the intelligent front office — that brings us more peace of mind and confidence in continuing to optimize our leasing performance, especially during a challenging time for multifamily,´ said Jennifer Staciokas, the executive managing director of Western Wealth Communities and a former executive at Pinnacle Property Management Services and Lincoln Property Company.
Knock Insights dashboard gives managers instant access to regional metrics and progress reports.
It helps front office teams manage the entire pipeline, improve onsite accountability, and increase conversions across the funnel. Aspen Square Management, a real estate investment and property management company with nearly 17,000 apartments in 16 states, turned to Knock to streamline its front office tech stack.
“You could never really get the full picture of a prospect’s lifecycle and how our team responded,” said Brian Murphy, director of property management at Aspen. “Knock combined many of the products that we were using.
After implementing Knock, Aspen’s front office improved efficiencies across their teams by providing insights that saved time and money. For example, the team no longer had to manually track leads and leases from each advertising source.
With clear and streamlined data, the front office could set benchmarks–such as a conversion rate of more than 35 percent–for its marketing team and dig deep on underperforming metrics. This increase in operational efficiency is vital during this phase of the multifamily market cycle.
“The macroeconomic environment is driving institutional capital into multifamily real estate at an accelerated pace,” said Vik Chawla, partner on the Real Estate Technology Investment Team at Fifth Wall. “With asset prices increasing in response, operators need to improve yield and maximize operational efficiencies. Knock helps owners and management companies do both. Its platform optimizes the entire tenant relationship—from marketing to retention—and serves as a workforce management solution for training and tracking productivity. As operators face escalating challenges, we believe Knock is positioned as the ideal partner to help their businesses thrive.”
2. Track Metrics For Each Employee and the Team
For Brian Murphy, director of property management at Aspen Square, the key to improving performance is simple: “If you want someone to get better at something, you have to track it.”
By cutting down on redundant technologies and centralizing their CRM, Knock Insights has unified the management of advertising, communications, and leads, making it easier than ever to set benchmark goals across the entire group.
Since implementing Knock, Murphy said the team’s biggest initiative has been to improve response times and engagement scores. Knock Insights allows you to monitor multiple metrics including engagement, responsiveness, prospects to leases, leads to prospects, prospect to visits, visits to leases, and follow-ups. You can easily establish what report cards you want to manage, and use the data to find small problems before they become big ones.
“Being able to see response times for every prospect has been amazing. We love this. Before, we were gauging this through individual shops at the properties. Now, we get that in the analytics from Knock,” said Shelly Grimm, director of training at Aspen Square. “We can drill down by property and for each employee. It really helps me identify challenges and gives me the visibility I need to be able to provide additional resources to help employees succeed.”
Knock’s automatic follow-ups and appointment reminders have freed up data entry work for onsite leasing staff, leading to an increase in conversion rates. Knock’s conversion report gives users an in-depth breakdown of the leasing productivity of the community.
One of Aspen’s goals is to convert 25 percent of leads into appointments. Before Knock, some teams were struggling with that, but with the automatically-generated box score reports and engagement scores, the team has surpassed its previous conversion rate averages. These tools create accountability and give management clear insights on how a team is performing.
“Having the To Do List and engagement score at the forefront gives our leasing staff something to strive for every day. We have several travelers, where they’re on a certain assignment for a period of time. When they left for a new assignment, we were losing prospects. Now, no matter who the prospect is assigned to, they are being followed up with,” said Grimm “No prospect is getting lost through the cracks. Everyone is responsible. That’s one of the main reasons we’ve seen an increase in conversion.”
3. Slow Down To Train, Praise, and Celebrate
Clear, data-driven insights are just the first step to optimizing performance. Managers must take those reports and turn them into action.
“There’s nothing worse, in my mind, as having all these reports and requiring people to put a lot of effort into something if nobody’s looking at it. Our team, for instance, on those daily activity reports, we’re reviewing those daily,” Staciokas said. “If they’ve had a phenomenal day, we give shout-outs and kudos, and it’s multiple people in our organization highlighting those positives that are happening each day, encouraging and motivating people to want to do better. That’s how you can hold people accountable and keep people motivated to want to do well.”
With clear data-driven insights, managers can spend more time empowering onsite team performance in key areas like renewals. Anna Laura Hatchett, regional manager at Envolve Client Services Group and tech-forward leader of her company’s Innovation Committee, uses the reports to train and praise her team.
She uses conversion reports to monitor her team’s communications history within a prospect’s digital guest card. She’s able to listen to phone recordings and monitor follow-up communications. Knock’s Insights make it easy to find and recognize leaders in your portfolio by marking top performers as “Knock-stars.”
“Everybody is fighting for leases right now and when you’re fighting with your comps for leases, you have to make sure that your team is sounding the best and following up the best and being the most creative,” Hatchett said. “The ability to listen to phone calls and provide training where they don’t sound that great but then also provide praise when you have a rock star phone person.”
Studies show that public celebrations of success and verbal affirmations can create a culture of commendation. Simple acts of praise can decrease turnover rates, sustain peak performance, and increase productivity.
So don’t forget to celebrate when your team meets its goal!