Do you have a system of key performance indicators?

When someone buys your business they will want to quickly understand how the business is doing, and be able to compare that with how it has been doing. Well-managed businesses will keep track of key performance indicators for the business and, ideally, for each member of staff.

These KPIs will focus on the most important aspects of each staff member’s role, and the results they deliver which provide the most value for the business. They give a daily, weekly, monthly and annual pulse of how each member of the team is performing. KPIs should also be in place for each branch, if applicable, and for the business as a whole.

All letting agencies have some form of judging performance, even if it is only a weekly or monthly review of revenue, leads and conversions. The better the system of KPIs you can put in place, the easier it will be for you to run your letting agency, but also the more comfortable any new owner will be that they can quickly see what is happening in the agency.

The better the system of KPIs you can put in place, the easier it will be to run your agency, and the more comfortable a new owner will be.

This system of KPIs will give a clear overview of the health of the business. If you are selling a flourishing business, comprehensive KPIs will be a powerful indicator to potential buyers that it is efficiently and effectively run, and that oversight mechanisms are already in place for any new owner. This will make the transition much smoother and easier.