Looking for ideas for bonuses.

Looking for ideas for bonuses. Currently based on meeting budgeted NOI. Percentage of NOI paid out. PM & Lead Maint at one level; rest of staff at another level. Not interested in leasing bonuses. With 31 properties and 100+ employees, it is a big job to calculate each quarter. We like including all on-site, as everyone contributes to the success of the property. We also like the link to NOI as it encourages responsibility. What are companies of a similar size doing?

If you’re not doing leasing bonuses, occupancy is another suggestion. I worked at a property that everyone made commission for move ins, leasing and management. There was an extra kicker for occupancy of 95% and above.

Your NOI is the way to go.
My input is based on 45 years of large corporate bonus, incentive and commission plans off all shapes varieties for sales operations general administrative.
The most effective well received understood and executed had one simple measure... profit.
Entry level to senior executive all had SAME metric. It was easy to say WE all have some goals shared objectives. Grow the business. No competing goals across levels, no competing goals across departments. Grow the value of the business. Does it grow NOI. Do it. Does it degrade NOI, stop, don't do it.
Repeatedly I watched in horror as some leaders wanted umpteen dimension weighted factors encompassing ever aspect of each unique role. The worst were based on spreadsheets with hidden cells formulas....they don't need to see that somebody would say. Don't do it.
Why do we want low cost turns...good for NOI.
Why do we want fast turns...good for NOI.
Would you spend $1000 to generate $500 incremental rent ?...probably not.
Would you spend $1000 to avoid losing a resident and costing $2500 in turnover costs. Yup.
Why do we want happy satisfied residents ? Renewals are good for NOI.
Why do we want prompt follow up on leads ? Good for occupancy and NOI.
Why do I want to spend $5000 on a resident appreciation day ? If I save 3 turnovers next month and renew, I broke even.
Etc etc etc

Hi Lu Ann, budget variance to NOI is a great metric to use for bonuses. The problem is that it's a lagging indicator and it can be gamed. It can take as long as 30 days to close your financials and understand how your property is actually performing. Also, it incentives managers to hold back invoices so they can get their bonuses. The best bonus program uses combination of metrics with different weights. AR over 30, Number of work orders open over 30 days, resident satisfaction surveys, physical occupancy. The metrics you pick should be dependent on your business (more leasing metrics for lease ups). Feel free to reach out if you want me to help you set up a personalized plan.

Renewal bonuses

$25 for every verified 5 star review that mentions your name, all employees eligible. Other social/reputation bonuses are great for all team members. Renewal bonuses are split amongst the whole site team. If you're not paying leasing commissions because of the hassle, an argument could be made to split it amongst the entire team.

Many companies that size pay leasing commissions. You will likely lose employees to companies that do so. It’s worth the “task” to calculate leasing commissions. At former companies, the manager calculated bonuses and the regional manager reviewed and submitted.

Forget bonuses....raise base pays! Happy loyal employees will thank you.