In any business, it’s crucial to identify the right KPIs and monitor them properly. So why aren’t more property managers using the latest tools and technologies to track their numbers?
Too many property management firms fall back on Excel spreadsheets that are neither dynamic nor transparent. And they’re missing the most important benefit of gathering metrics: Understanding.
Numbers without context don’t mean much. To make full use of your metrics and be able to make informed business decisions, you need centralized, automated dashboards that you can access from anywhere, at any time – and in REAL time.
Those dashboards must be highly configurable, able to export in a variety of formats, and produce intelligent tables and graphs that you can sort by a range of variables, including unit, building, portfolio and date.
Just imagine what you could do with such a versatile, powerful tool…
The Quintessential Quintet: Dashboards You Can Count On
- Convert More Leads. In property management, the fundamental task is to rent units and minimize vacancy. With a Lead to Lease dashboard, you can track the number of new leads generated by your ads and see which leads turn to applications – and, ultimately, to successful approvals. This enables you to monitor the effectiveness of your marketing materials and leasing agents or channels.
- Reduce Vacancy. With a good Vacancy dashboard, you can instantly see how many units are vacant and how long they’ve been vacant, as well as identify leases that are about to expire. You can also keep tabs on lost income, and compare market rent with previous tenants’ rent to determine whether an increase is appropriate. By tracking and analyzing these metrics, you’ll be able to come up with a lease staggering strategy that will significantly reduce tenant turnover time and lost income.
- Lower Arrears. Use an Arrears dashboard to assess the quantity and dollar amount of arrears across your portfolio. You can get as specific as you want, tracking metrics by building or tenant, date or number of days outstanding. If it comes to it, you can use the dashboard to easily generate charts or reports for building managers or collection agents, ensuring complete accuracy and transparency.
- Improve Maintenance. Keeping your properties in good working order not only saves you from generating bigger repair jobs down the road, but also keeps tenants happy. A Maintenance dashboard provides instant access to all work orders, including current and completed. You can use the metrics to prioritize work orders and better plan preventative maintenance, leading to a more efficient and cost-effective process. Meanwhile, renters can use the tool to check status updates on any maintenance requests they’ve made, so they’ll know that your firm is taking care of the situation. You can also stay on top of work quality and response times; if you’re using suppliers or external contractors, it’ll be easy to identify which ones are doing the best job.
- Ensure Insurance. Tenant insurance is crucial. Not only does it protect your residents, but it also protects your property in the event that tenants inflict damage they couldn’t – or wouldn’t – otherwise cover. With an Insurance dashboard, you’ll have a handle on which tenants have insurance at all times, avoiding the issue of renters who cancel or forget to renew their policy once they move in. You’ll be able to quickly and easily track policies and expiry dates to be certain that all renters have sufficient coverage, whether through an outside provider or your own insurance program.
A Dashing Dashboard Solution
Property Vista offers online reporting and dashboard tools to help you make smart, informed decisions that will increase revenues across your portfolio. Our elegant dashboard solutions are configurable and accessible, making it easy for you to ensure that your business is as profitable as possible.
To learn more, sign up for your free account today or give us a call.