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Glossary
Property Management KPIs
Property Management KPIs Explained: Key Metrics Used Across CRE Portfolios
Key takeaways:
Property management KPIs connect daily building activity to portfolio performance, giving CRE teams a clear view of service delivery, asset use, cost behavior, and tenant response over time.
Tracked through property management software, KPIs support earlier action, helping teams address recurring issues, revenue leakage, and operational risk before they affect asset value.
Visitt surfaces KPIs in operations dashboards, consolidating portfolio data and applying AI analysis to drive smarter firm decisions.
What are property management KPIs?
Property management KPIs, also referred to as property management key performance indicators, are measurable signals commercial real estate (CRE) teams use to evaluate how effectively smart buildings and portfolios are managed over time. These property management metrics translate operational activity, tenant behavior, and financial outcomes into consistent measurements that can be reviewed, compared, and acted on across properties and reporting periods.
CRE property management KPIs reflect:
- How reliably services are delivered
- How assets are used
- Where operating costs are spent
- How tenants respond to their environment
KPIs for property management are used continuously, with modern property management platforms with built-in KPIs or benchmarks standardizing how information is captured and reviewed. These platforms define consistent ways to track property management KPIs across teams and assets, ensuring that KPIs tracked by AI property management software help CRE firms understand whether operational changes, capital investments, and leasing strategies produce measurable results.
Which property management KPIs do CRE firms track?
Commercial real estate teams can organize property management KPIs into various categories. We like to sort them as follows:
These are some of the more common KPIs tracked by property management software.
Financial and investment performance KPIs
Net Operating Income (NOI)
NOI measures the income a property generates after operating expenses and before debt service or capital expenditures. CRE firms track NOI trends to see how operational choices, leasing outcomes, and expense control translate into asset-level profitability. Declining NOI often triggers expense and pricing analyses or operational interventions.
Operating Expense Ratio (OER)
The operating expense ratio compares total operating expenses to gross operating income. It shows how much revenue is consumed to keep the building running. When OER rises faster than revenue, teams investigate utilities, maintenance patterns, and vendor contracts to better balance the books.
Economic Occupancy
Economic occupancy measures realized rental income as a percentage of potential income, accounting for vacancy, concessions, and non-paying space. CRE firms use this KPI for property management to expose revenue leakage that physical occupancy can hide, especially during lease-up periods or after incentive-heavy renewals.
Revenue per square foot
Revenue per square foot connects income directly to usable space. This metric helps asset managers assess whether space is priced appropriately relative to demand and whether capital improvements lead to higher-value tenancy.
Leasing and demand KPIs
Lease renewal rate
The lease renewal rate tracks the percentage of expiring leases that renew within a given period. CRE firms use this property management KPI to measure tenant stickiness and income stability. Declining renewal rates often point to service gaps, misaligned pricing, or market competition, while strong renewal performance reduces downtime and lowers leasing costs.
Tenant turnover rate
Tenant turnover measures how frequently a space changes hands across the portfolio. When tracked consistently, turnover patterns help firms distinguish between market-driven churn and avoidable exits tied to building performance or management practices.
Leasing conversion rate
Leasing conversion rate tracks how many qualified inquiries or tours result in executed leases. This property management metric helps firms identify friction in the leasing funnel, such as slow response times, misaligned space layouts, or gaps between marketing promises and on-site experience.
Operational and service delivery KPIs
Work order volume and trends
Work order volume tracks how many service requests are generated over time by system, space type, or tenant. CRE firms use this KPI to surface recurring issues that indicate aging assets, deferred equipment maintenance, or misuse of space, informing commercial property maintenance decisions.
Maintenance response and resolution time
This metric measures how quickly issues move from request to completion. Faster resolution reduces tenant disruption and prevents minor issues from escalating into costly repairs. When response times vary across buildings or vendors, teams use this KPI to rebalance workloads, adjust contracts, or change escalation rules.
Preventive maintenance completion rate
Preventive maintenance completion shows whether scheduled inspections and servicing occur in a timely fashion. CRE operators rely on this property management metric to optimize preventive maintenance activities, which helps protect critical systems and avoid unplanned downtime. Consistent slippage here is often an early signal of staffing gaps or overextended maintenance capacity.
Vendor performance consistency
Vendor performance KPIs track how reliably third-party providers deliver services across timelines, scope, and cost. When analyzed alongside CMMS data and vendor invoice management data, these KPIs show which vendors support consistent building operations and which introduce execution risk or cost drift across the portfolio.
Risk and compliance exception rate
This KPI measures how often required inspections, safety tasks, or service level commitments are missed or completed late. A rising exception rate signals increased liability risk. But when tracked and addressed early, it helps prevent emergency work, unplanned downtime, and reactive maintenance.
Why using KPIs for property management is a must
Property management KPIs are indicative of how CRE portfolios are governed. Research from EY shows that real estate KPIs are shifting away from cost-only oversight toward measuring effectiveness and value contribution. For portfolios that span regions, asset types, and service models, this shift depends on having consistent, comparable metrics that reflect how buildings actually perform.
Without KPI tracking:
- CRE teams review performance after outcomes are already set
- Issues are managed reactively, once impact is visible
- Limited visibility into recurring gaps, risk exposure, and root causes
- Little insight into how assets support sustainable productivity
- Investors see financial results without operational context
With KPI tracking:
- Daily activity is measured against portfolio goals and market benchmarks
- Performance gaps and efficiency opportunities surface earlier
- Leadership sets realistic targets and tracks execution over time
- Progress and results are communicated clearly to internal teams
- Investors gain visibility into risk, resilience, and long-term value
How are KPIs tracked by property management software used by CRE firms?
Property management platforms aggregate and learn from tracked KPIs across facility management, visitor management, document management, and other systems. AI-enabled platforms serve as one of the ways to track property management KPIs. They apply pattern analysis to surface trends tied to service quality, risk exposure, and asset performance. This unified view reduces data silos and allows CRE teams to align operational execution with strategic and investment objectives across the portfolio.
In practice, CRE firms use KPI tracking to:
- Benchmark asset performance against the market: Occupancy rate, lease renewal rate, and days on market are tracked alongside market averages to assess competitive position and inform pricing, leasing strategy, and capital planning.
- Link operational performance to tenant experience: KPI data from work order management, maintenance reports, commercial property inspections, and incident reporting software are reviewed and compared against tenant satisfaction signals to understand how service delivery impacts retention.
- Manage cost and resource allocation: Metrics tied to resource management software, vendor activity, and recurring issues highlight where spend concentrates and where workflow changes reduce repeat work.
- Support sustainability and compliance goals: KPI data from building compliance software and sustainability programs track energy use, participation rates, and progress toward certifications that influence valuation and tenant demand.
- Guide portfolio and investment decisions: Portfolio-level insights from commercial real estate data analytics, predictive maintenance, and risk management activities allow comparison across assets and inform acquisition, disposition, and reinvestment priorities.
What do property management KPIs look like with Visitt?
Visitt surfaces property management KPIs through its operations dashboards, which function as the decision layer for building and portfolio operations. These dashboards consolidate operational data across properties and roles, giving operators and asset stakeholders a shared view of service delivery, spend drivers, recurring risks, and performance signals that affect tenant retention and long-term asset value. KPIs cover areas such as live work order volume and trends, SLA performance, inspection completion rates, recurring issues, amenities management, and tenant operations.
With Visitt, KPIs are available at the portfolio level, with drill-downs by property, asset, team member, role, or time period. AI-driven insight continuously analyzes this data to connect KPI trends across properties, highlighting repeat issues, shifting service performance, and early signs of operational risk. This allows teams to act on measurable signals tied to cost control, tenant satisfaction, and portfolio performance.
See what Visitt’s property management KPI dashboards can do for your portfolio
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