Being able to accurately measure the performance of your business is critical to long-term success. But getting accurate measurements means little unless the data is being collected and analyzed in a standardized way. Standardization allows franchise owners to monitor and compare the performance of their office to others in their peer group, helping them to identify strengths as well as areas of opportunity in their operation. This is why Real Property Management franchise offices use standardized systems to monitor performance, encourage client feedback, and get an accurate measure of how well the office is doing relative to others in their Real Property Management peer group. In this way, Real Property Management franchisees can ensure that they are optimizing their business and using the best practices in the industry.
There are a variety of ways to measure business performance, many of which go beyond simple profit and loss ratios. One important way that businesses monitor how well they are doing is through online client reviews. The importance of online reviews cannot be overstated. Unlike days past, when local businesses could rely on in-person interactions to drive sales, research has shown that a significant percentage of people today will choose a business based entirely on what is being said about them online.
Perhaps even more critically, your customers are one of your most important sources of constructive feedback. They can help you pinpoint problem areas within your business structure, personnel, and workflows, and help you to monitor your service process start to finish. If you are not paying attention to customer feedback, you could be losing business and not even know it.
Real Property Management franchisees use Yext. Yext Reviews is a program designed to curate and manage customer reviews, helping franchise office owners generate authentic feedback directly from their clients. Because all Real Property Management offices use Yext, the data gathered is standardized and easy to compare. Yext also allows franchisees to respond to customer reviews, a key part of any business’s successful public relations strategy.
Once the information is collected and distributed, our franchisees then participate in regular one-on-one business coaching calls to help them analyze and improve the performance of their office. Using industry and company measures, we help franchisees celebrate their location’s strengths and both identify and address areas for improvement. Being able to interpret and apply the information that has been collected is an important part of consistent business growth.
With corporate support, the customer reviews and other data collected helps us ensure that industry best practices are being implemented and consistently applied in each of our franchise offices, coast to coast. Unlike small mom and pop property management businesses, we can access data and statistics from all of our locations nationwide and offer individual franchisees metrics at multiple levels. We can also better assess whether we are meeting our target audience’s needs. As a national organization, Real Property Management wants each of our clients to have the same high-quality service no matter where in the country they happen to be. By gathering information on office performance, we can better help each of our franchise owners improve their operations and keep their client base increasing month after month, year after year.
Would you like to learn more about opening a Real Property Management franchise? Please visit our Become an Owner page for more information.