My company is looking into revamping our bonus structures for leasing, maintenance and regional manager positions.
a. I’d love to know the current amounts you offer per position/lease/etc.
b. What is your criteria for each?
c. Do you wish you could change it in someway? If so, how?
Thanks all....
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Hello all,
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All team members share renewals at $100 a renewal but only if your GraceHill training is at 80% or higher
I would rather leasing commissions be a flat rate $100 per lease and the renewals to be $25 per employee flat rate
renewals -$100 each on 6 mo or more divided among all office and maintenance
quarterly incentives- based expenses, income, noi, online repx score, occupancy, kingsley scores, completion of team training
One simple measure NOI GROWTH.
Any operating metric should be a lever to influence NOI growth.
Better maintenance happier residents less turnover higher renewals.
Better resident satisfaction overall customer service...more of the same above
Better marketing tours close rates, Better occupancy and ability to raise rent roll.
I could go on.
If it doesn't help NOI directly indirectly, why use it as a performance criteria ?
RMs: 20% of pay potential annual - broken out with quarterly payout potential based on core business initives we’re focused on.
Leasing: $150-250 based on individual tiered performance
AM: $500 monthly: based on delinquency and file accuracy
Renewals: $200 each, pooled all associates, including maintenance
Maintenance: $200 per week on call bonus, MM $500 qtr, Tech $250 qtr: after move-in work orders, turns, no Google star ratings less than 4 stars related to maint and curb appeal
PM: $1000 mthly: occupancy, NOI and compliance
Happy Research!
Class A. I'm hiring: Wesley Chapel FL, Fort Lauderdale, FL. PM Me!
Bonuses based on 8%-10% of total salary for site teams, 20%+ for Rpms.
Split into quarterly bonus payments.
KPI’s slightly different depending on relevancy to job duties.
Manager’s KPI’s include:
Income to budget
Controllable expenses to budget
Social media ratings compared to prior quarter.
Training completed (Grace Hill etc)
Scores for monthly asset walk and quarterly inspection.
List of competencies such as meeting reporting deadlines, effectively filling vacant positions, dealing with property and staffing concerns, DA’s completed on time, invoices processed on time etc.
Then the majority of the KPI’s scores role up as a region to the RPM.
Not like I enjoyed missing part of my bonus because a property didn’t meet a requirement but it really did teach me to pay attention to so many aspects of the expectations for site team performance. It also meant my team members kept their eyes on... Show more
Our first priority should be taking great care of the residents we already have, so the first place I would look at revamping is renewal bonuses. With turnover costs soaring, it makes more sense to me to focus on keeping our residents instead of incentivizing new leases. Because of that, I would keep leasing commissions smaller than renewals.
First step, calculate your turnover costs from 2023. Not just the contractor costs, but the hourly costs of your employees, vacancy loss, supplies, and utility expenses. (This will take a bit of work.)
Next, divide that number by the number of move outs in 2023. That will give you an average turnover cost. I have seen reports of this amount varying from $3000 - $6000!
Divide that number in half and that is your bonus amount, which should be split equally among ALL employees, since taking care of residents is everyone's responsibility.
I know this might be a hard sell to the property owners, but do your... Show more
When I was on the direct PM side, employees were paid for leases and at a higher dollar value for renewals. The amounts varied per team position, but everyone had bonuses available for leases and renewals. The bonuses were confirmed for payout based upon completion of certain campaign duties and educationAl courses.
The education requirement was 85% of specific education goals—and Manager bonuses were dependent upon their meeting this mark AND everyone in their supervision as well—ensuring everyone on the team was given the time to complete their courses and that everyone was being similarly developed.
On the company campaign side (Submetering work, insurance work, some screening duties) all had to be verified for bonuses to be paid as well. Adding these campaign steps to the bonus structure ensured everyone stayed on top of new or on-going campaigns and worked the verification of successful completion of these tasks... Show more