Understanding Harmony: How’s My Growth?

Property managers like you often want to grow their business. There are a few different numbers you’ll likely want to keep an eye on to determine your company’s growth.

The simplest number, but the one that tells you the least, is the number of units managed. In Harmony, you can see this number quickly by simply looking at your listings.

A more valuable number is the net income or profit per unit, or the number of units managed per $1k in labor dollars spent. If you’ve doubled your expenses to manage 75% more units, you haven’t really grown in a healthy way, you’ve simply bloated. (Disclaimer: Any good analyst will tell you that there are scales of economy in property management, and sometimes the numbers along the way don’t tell the whole story of your growth.)

A good quick check for growth is the number of people you collect money from and remit money to – your tenants and owners. As this number increases, all other things being equal, you are growing. In Harmony, go to the Company profile and you’ll see how your people count is growing over time. However, even this number can be deceiving – you might take on a $650 townhome with 4 tenants and 3 co-owners.

For most property managers, the truest number indicating growth is the number of active agreements. Agreements are where you do business and make your money. By viewing the aggregate total of agreements over time, you see a clear indicator of your growth trend. In Harmony, do this by viewing Agreements.

As with anything, no single number tells the whole story. But by keeping an eye on the simple numbers over time, you’ll keep your finger on the pulse of your business day-by-day.

As you grow, don’t forget the value of beneficial systems and their corresponding efficiency. With Harmony, you get the most efficient platform and no per-unit fee hit as you grow. With consistent office policies and procedures, each property manager in your office should be able to easily manage 250-350 units or more. Proceduralize and systematize when possible, automate when beneficial, and always keep an eye on the numbers that are a little harder to quantify, like effective marketing, efficiency, retention, and employee satisfaction, and you’ll find yourself with a strong and growing business!

Have ideas for additional insights into your business that Harmony might provide? Or ways Harmony can further increase effectiveness and efficiency? Just drop us a line – improving your life is what we’re all about.