Read Why do business professionals choose ready-to-use KPIs? to find out the answers to these questions:
Real Estate has always been a priority among people who intend to invest their funds to huge earn revenues at a later date. However, investing money in Real Estate demands adopting a cautious attitude as changes in rates can be too fast to be tracked. Consequently, tilting the situation in own favor becomes a huge challenge of Real Estate industry.
However, there exists a way out as one can win over the difficulty by employing a management tool to 'measure and manage' performance.
One can use BSC (Balanced Scorecard) for this purpose. This management strategy depends on usage of metrics to calculate the performance and progress being made in this direction. However, there occurs a catch in this condition also; it being the selection of indicators to measure the steps. The metrics have to be such that these allow a proper and unbiased reflection of activities in Real Estate sector.
Saying it all, one can follow the act of putting money in property or land by taking help from this 1990s concept developed by Norton and Kaplan, called BSC. The fact that financial viewing is not enough to appropriately judge a company forced the 'non-financial' metrics to enter the scenario.
This is the actual scorecard with Realty Metrics and performance indicators. The performance indicators include: Occupancy costs, Revenue per square foot, Lease events coverage ratio, Real estate demand growth.
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"Before writing a single line, I formulated some guiding principles, one of them was: "If our clients ask, "How can I find a good KPI for..." - I want this book to provide a perfect answer."