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Q&A
Incentives and performance evaluation of marketing agents
1:06:32
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162 sec
Council Member Sanchez inquires about incentives for marketing agents to fill units faster and their performance evaluation. HPD officials explain the indirect incentives and challenges in assessing performance.
- There are no direct financial incentives from HPD for marketing agents to fill units faster
- Indirect incentives include reputation-building and potential for more work in the industry
- Financial incentives exist for building owners to fill units quickly for revenue and tax credit compliance
- HPD is currently gathering data through roundtables to understand performance differences among marketing agents
- Challenges in performance assessment include staff turnover and recent changes in processes
Pierina Ana Sanchez
1:06:32
Got it.
1:06:33
Thank you.
1:06:35
Got it.
1:06:35
Okay.
1:06:39
Back a couple more questions on on marketing agents.
1:06:42
Are there any incentives to fill units faster that the agency provides to the marketing agents?
1:07:47
Thank you.
1:07:55
Do you have, any sense, internally at HPD, whether there's difference in performance between marketing agents that are also developers or affiliated with development companies versus those that are independent?
1:09:13
Thank you.
Ahmed Tigani
1:06:48
There's there's not a clear incentive.
1:06:51
Would say the biggest incentives given the length of time is that marketing agents who are most efficient and effective are often marketing agents that we see are able to do more of the work in in in our industry.
1:07:04
And then the second part of it is that the market there are two pain points.
1:07:08
There are two places of suffering in the length of time for lottery.
1:07:13
There are people who could be in housing faster and there are owners who are delayed the ability to get the revenue they need to operate the building, or they need to reach a certain completion, or sorry, move in rate to meet their lie tech compliance.
1:07:31
So there's a couple of financial incentives on the part of both the marketing agent, the owner that's hired them, and then of course, the security and stability of the tenant in order to get this done as fast as possible.
1:07:42
I think really the root of much of the frustration that we hear about it.
1:08:07
That's I mean, this is information we're trying to get from our roundtables now.
1:08:11
So we've just started this process of digging in, and we're working with marketing agents to understand what when we look at the data, what's happening for them on their side.
1:08:21
You know, one anecdote I'll point well, it's actually based in more fact than that.
1:08:27
During COVID, the result the last couple of years, the same kind of hiring challenges that we've had on our side of the real estate market on leasing and property management.
1:08:38
They have had as well.
1:08:39
We've seen turnover on both sides of the work.
1:08:42
So there is a lot of newer staff and so that's the reason why we do bimonthly trainings in order to get people up to speed.
1:08:49
Additionally, you know, there is we are constantly there's a lot of new information and changes that we've made just in the last two years.
1:08:57
So that's also something that we're watching to see if and this happens in change in change a lot.
1:09:04
Once you start introducing a lot of new things, does that affect the performance of how quickly you can go?
1:09:09
So we're looking at those two things and watching the data.