May 05, 2020
4 Ways to Leverage Real-Time Data
As we continue to navigate our way through “new normal,” property management firms across North America (and around the world) have been to change the way they work. PM businesses are now maximizing their online technologies to ensure that operations are still running smoothly, leases and renewals are going digital and cloud-based portals help improve collaboration between teams.
Here are just a few of the ways property teams can benefit by leveraging real-time data.
1. Get Faster Insights
Without a cloud-based solution with real-time data, vital information is isolated between departments and even locked up in spreadsheets on someone’s desktop. There is no “one version of the truth.” When property management companies and REITs have access to real-time data about all their properties through a cloud-based solution it means that all information that is current, comprehensive and consolidated.
In other words, property professionals can quickly and easily access everything they need whether they are working from home or in the (socially distanced) office environment or even using their phone from on-site. They have instant insights into the performance of their properties. And, that’s powerful, because it underpins our next point, better decisions.
2. Make More Confident Decisions
Especially now, when there is so much uncertainty in the real estate market, the ability to have high-quality reporting and analytics is vital to the fiscal health of your properties. For example, with some tenants unable or unwilling to pay their rent, one key metric that property manager must keep a watchful eye on is the quantity and dollar amount of arrears across your portfolio.
With real-time, anywhere/anytime access, you can get as specific as you want, tracking this KPI by building or tenant, date or number of days outstanding. Property professionals can create graphs or reports for building managers or collection agents. And, with consolidated data, easy analytics and clear insights into the financials, you’ll be able to keep owners and executives informed on your company’s position in the market.
3. Streamline Operations + Ensure Happier Tenants
On any given day, the property business collects an almost endless amount of data. You can easily use this information to improve customer service and measure the well-being of your portfolio. For example, with access to real-time property management analytics, you can gauge the average response time to a work order per property. You can also tap into how satisfied your tenants are with the repairs with follow-up ratings. This information can then be leveraged to improve how quickly repairs are completed and vendor work quality.
And, it doesn’t there. Use maintenance data to quickly spot repair patterns, which will better inform preventative maintenance and budget forecasting. This can help you drive down costs over time.
4. Improve Leasing
With a digital online solution that uses real-time data, property professionals can reduce turnover, and more accurately forecast vacancies.
Use dashboards to get a view of all upcoming renewals across your portfolio. You can automatically generate renewal emails, and get digital signatures – removing any manual work or in-person visits. Leasing managers can scrutinize the renewals and non-renewed leases percentages across their portfolio in real time. Additionally, you can review your lease-end dates by month and apartment type. This will allow you to create a lease staggering strategy that will control the number of leases expiring in any given period. Without a formidable number of make-readies all at the same time, you make the leasing cycle much easier on yourself and your staff. And, you won’t be staring a daunting number of vacancies to fill.
In the Pandemic Era, Remote Work is Here to Stay
When property management companies have staff members working remotely, access to real-time data brings instant visibility to all aspects of the business. It means that operations can proceed as normal (and even improve!), even when we are in unprecedented times.