Key Responsibility Areas (KRA) & Key Performance Indicators (KPI)
1. Leasing Management
KRA: Responsible for managing the leasing process to maximize occupancy rates and revenue generation.
Short Description: Efficiently handle property leasing to achieve maximum occupancy.
- 1. Occupancy Rate: Maintain a minimum occupancy rate of 95%.
- 2. Lease Renewal Rate: Achieve a lease renewal rate of 80%.
- 3. Average Days to Lease: Ensure properties are leased within an average of 30 days.
- 4. Rental Revenue Growth: Achieve a 7% annual growth in rental revenue.
2. Customer Relationship Management
KRA: Build and maintain strong relationships with tenants to ensure high satisfaction levels and retention.
Short Description: Foster positive tenant relationships for long-term retention.
- 1. Tenant Satisfaction Score: Maintain a satisfaction score of 90% or above.
- 2. Tenant Retention Rate: Achieve a tenant retention rate of 85%.
- 3. Response Time to Tenant Queries: Respond to tenant queries within 24 hours.
- 4. Lease Referral Rate: Achieve a lease referral rate of 15%.
3. Property Marketing
KRA: Develop and implement effective marketing strategies to attract potential tenants and fill vacancies.
Short Description: Execute marketing campaigns to attract prospective tenants.
- 1. Vacancy Rate: Maintain a vacancy rate below 5%.
- 2. Lead Conversion Rate: Achieve a lead conversion rate of 20%.
- 3. Website Traffic Growth: Increase website traffic by 10% quarterly.
- 4. Social Media Engagement: Maintain a social media engagement rate of 8%.
4. Lease Negotiation
KRA: Negotiate lease agreements that meet the needs of both the tenant and the property owner.
Short Description: Secure lease agreements that benefit both parties.
- 1. Lease Agreement Compliance: Ensure 100% compliance with lease terms.
- 2. Lease Extension Rate: Achieve a lease extension rate of 75%.
- 3. Rent Collection Efficiency: Maintain a rent collection rate of 95%.
- 4. Lease Terms Flexibility: Successfully negotiate flexible lease terms in 60% of cases.
5. Market Research and Analysis
KRA: Conduct market research to identify trends and opportunities for property leasing.
Short Description: Analyze market data to optimize leasing strategies.
- 1. Market Trends Report: Provide a monthly market trends report.
- 2. Competitor Analysis: Conduct quarterly competitor analysis.
- 3. Rental Price Optimization: Adjust rental prices based on market analysis findings.
- 4. New Market Entry Strategy: Develop a new market entry strategy annually.
Real-Time Example of KRA & KPI
Increasing Tenant Retention
KRA: Implementing personalized tenant engagement initiatives to increase tenant retention.
- KPI 1: Personalized Tenant Events: Host monthly tenant events resulting in a 10% increase in tenant satisfaction.
- KPI 2: Tenant Feedback Response Rate: Respond to tenant feedback within 48 hours, leading to a 15% increase in satisfaction.
- KPI 3: Lease Renewal Rate: Achieve an 80% lease renewal rate through proactive communication and incentives.
- KPI 4: Tenant Referral Program: Implement a tenant referral program resulting in a 20% increase in lease referrals.
These KPIs led to improved tenant satisfaction, increased lease renewals, and enhanced tenant referrals, ultimately contributing to higher occupancy rates and revenue growth.
Key Takeaways
- KRA defines what needs to be done, whereas KPI measures how well it is done.
- KPIs should always be SMART (Specific, Measurable, Achievable, Relevant, Time-bound).
- Regular tracking and adjustments ensure success in Leasing Agent roles.
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