February 27, 2018
Demystifying Dashboard Reporting
Property management firms must have a straightforward and accurate way of assessing what does and doesn’t work for their business. It’s the only way to improve operations and remain competitive.
Too many property managers make the mistake of falling back on Excel. The problem is, spreadsheets aren’t up to the task; they present siloed metrics that make it difficult to conduct comparisons across portfolios.
If you want the necessary insights to make informed decisions about your properties, you need a dashboard reporting tool that offers convenient access to real-time assessments, so you can see how your business is truly performing.
The best way to achieve that? Use a reliable, intuitive dashboard.
Dashboard reporting presents an at-a-glance look at your operations. Here are some mission-critical dashboards that every property management company should have – and that are very easy to set up with an online reporting system like Property Vista’s.
1. Arrears Dashboard
With an arrears dashboard, you can quickly assess which of your portfolios is in arrears, by date, building or tenant. You can automatically generate reports for building managers or collection department staff, and send escalating reminders to residents whose rent is past due. By keeping close tabs on this metric, you can identify where and why arrears are occurring, so you can promptly correct them and improve cash flow.
2. Vacancy Rate Dashboard
A vacancy dashboard will instantly reveal the number of vacant units in your portfolio, as well as days vacant, lost income and market rent vs. previous tenant’s rent. You can also track which leases are about to expire and use the dashboard to create a strategy for lease staggering, helping to minimize turnover lag and maximize revenue.
3. Maintenance Dashboard
Customer satisfaction is crucial in the property management business. One of the main reasons renters don’t renew their lease is dissatisfaction with how maintenance requests are handled. A maintenance dashboard will help you streamline the repair process while reducing costs and keeping residents happy. You can easily monitor all work orders, by tenant, building or portfolio. Property management firms can also use this information to identify where repairs are most common and focus on preventative maintenance.
4. Lead-to-Approval Dashboard
Keeping all rental units full at all times is the ultimate goal for property managers. And a lead-to-approval dashboard can help you achieve that goal. Track the number of new leads each of your ads generates, and how many result in successful applications. With these valuable metrics, you can easily identify which of your marketing materials and leasing agents perform the best.
5. Insurance Dashboard
Renter insurance is quickly becoming a “must have” in the property management industry. It protects tenants and property owners from damage, to their individual unit and the building. Use an insurance dashboard to see which residents have existing insurance, and which policies are about to expire. You can send automatic reminders to ensure that all renters renew their plans on time.
Your Dashboard Solution
Property Vista offers a highly customizable dashboard tool, making it easy to drag-and-drop data that’s relevant to your business. You can quickly access comprehensive analyses of your metrics in real time, on any device, and email, print or export reports in a range of formats.
For more information on how our reliable, intuitive dashboard solutions can help improve your operations, sign up for your free account today or give us a call.