A structured model for performance assessment in property management

Property performance assessment has become increasingly important in property management because of the emergence of a number of trends as issues of concern of property owners and occupiers. There are, however, many problems facing the consideration of performance measurement. Perhaps the main obstacle is the lack of a structured process for property performance measurement. The prime objective of the research work that underpins this paper therefore is to address this gap by the development of a structured model for property performance measurement. This involved three main steps. First, basic characteristics of an effective performance assessment in property managements are identified and the framework for a generic model is outlined. Next, key processes of performance measurement and property management tasks are identified. Then, these processes are set out into steps for better understanding and applicability of the model to actual property management practices. Some unique features of the model include consideration of clients and tenants requirements, integration of the functions of property management in the model and the inclusion of two property and resource databases to aid storage and retrieval of information. Besides, it is the first step in developing a dedicated computer tool for property performance assessment.