May 12, 2016
Creating Intelligent Dashboards
There’s the old adage “You can’t improve what you can’t measure.” Property managers need an intuitive way to see what’s working and what isn’t. Yet too many metrics are tracked in Excel spreadsheets, which results in “data silos” and offer no transparency and very little accountability.
To extract greater return from existing investments, property management teams need at-a-glance views of real-time performance.
One of the things that we are very proud of here at Property Vista is our reporting/dashboard tool, and how it has helped property management teams make more informed decisions that improve revenues across their portfolios and properties.
The dashboard is highly configurable, so you can drag-and-drop in the data that is important to your organization. And all information can be viewed in real time, anywhere, anytime and on any device, or emailed, printed or exported into a variety of formats. As well, with intelligent tables, charts and graphs, it’s highly intuitive and easy to use to move the needle on your organization’s operations.
Here are a few common ways our clients are using it.
To Reduce Arrears
Take a look at the number and dollar amount of arrears across your portfolio of properties. Filter by number of days outstanding, by date, by building or by tenant. You can also automate a series of escalating reminders on any schedule that works best for you – 2 days past due, 7 days, 15 days, etc.
As well, pull in legal proceedings to know where your unit stands for bad tenants that must be evicted. You can generate reports for building managers or collection department personnel and/or assign them viewing rights so there is complete transparency.
Set KPIs around total arrears, and arrears by X number of days, and by percentage of arrears per building or per portfolio. Monitoring this metric allows you to pinpoint exactly where and why arrears are happening to ensure they are managed and corrected. As a result, your team is in a better position to aim for 0% arrears and 100% income.
To Reduce Vacancy Rates
Create a Vacancy dashboard to instantly see number of vacant units, days vacant, lost income, market rent vs. previous tenant’s rent, net lease exposure and lease expiration dates. The leasing process, rollovers, and potential for rollovers are highly correlated with net income and cash-on-cash returns. Without a deep understanding of your available unit KPIs and lease exposure, rent potential reduces, resources become strained and the operating expense ratio rises.
Use this dashboard to create a strategy for lease staggering, reduce lease lag time, and significantly cut down on turnover lag.
To Improve Maintenance
Maintenance management involves many moving parts. Use a Maintenance dashboard to improve maintenance efficiency, reduce costs and provide excellent customer service to your tenants. See the number of work orders (scheduled, completed and past due), by tenant, by building or by portfolio.
Property management teams can use this to see how well their preventative maintenance programs are working, and make decisions about work order prioritization. It can also be used to keep tabs on the quality of the repairs, and any correspondence between the building managers and residents, and teams can also see response times.
To Rent More Units
The heart and soul of a management company is its ability to rent apartment units. Create a Lead/Application/Approval dashboard to see the number of new leads your ads have generated. Keep tabs on the number of applications (by total or by property or by date) and the number (or percentage) of those applications that are successfully approved, resulting in new leases.
Here you can keep tabs on how well your marketing materials and leasing agents are performing.
To Increase Coverage & Auxiliary Income
Some of our clients create specific filters across their property portfolios to identify which residents have renters insurance and which ones do not. While a tenant may have insurance when they move in, renters can cancel or let policies lapse. Ensuring every tenant has insurance on a yearly basis reduces property risk and offers the resident protection. Use this dashboard to see policies and expiration dates to ensure all renters have existing insurance or are enrolled in your own program.
To learn more about how to use cloud-based technology to effectively market your properties and close on leads, sign up for your free account today or give us a call.