August 21, 2018
Finally, An Easy Property Management Analytics & Reporting System
For years property managers manually pulled in data from disparate systems into a spreadsheet, created macros, analyzed the data and exported it to various graphs and reports. It was time-consuming and a rear-view mirror approach to property management analytics. How can your business grow if you don’t know what’s working and what isn’t? Finally, there is a solution that simplifies the work life of property managers everywhere.
Modern, More Powerful Tools
More and more, successful property management companies are looking to harness data to inform their decisions in several key ways.
1. Marketing & Lead Analytics
Property firms that use analytics see more leads. Property marketers need to know which ads sent the highest quality leads. They need to know which platforms referred the most leads and generated the most traffic to their website. And, what is the conversion rate from lead to tenant across the portfolio—all in real time. Only then can property professionals can make smarter decisions. Decisions that will effectively allow them to allocate their marketing budget more successfully, reduce costs and see a higher return on marketing investment.
With this type of marketing and lead reporting, property professionals can then have a window to the future. They can more accurately forecast opportunities as well as potential risks, giving them the edge on marketing and lead strategy.
2. Leasing Analytics
It’s a fact of the multifamily industry: people will come and go. In the old days of spreadsheets, staying on top of the leasing cycle was cumbersome. One of the greatest time-saving changes you make at your property management company is automated, organizing and managing your leasing cycle. By moving to a digital online solution, staying on top of leases means that property professionals can reduce turnover, and more accurately predict vacancies.
Dashboards can provide at-a-glance views of upcoming renewals, and automatically generated emails sent. Leasing managers can analyze the percentage of renewals and non-renewed leases across their portfolio. You can also keep a sharp eye on lost income, and compare market rent with previous tenants’ rent to establish if an increase is fitting. 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.
3. Finance Analytics
There are countless ways to use financial analytics to look at the fiscal health of your properties. One key metric that property management analytics allow you to assess is the quantity and dollar amount of arrears across your portfolio. You can get as specific as you want, tracking this KPI by building or tenant, date or number of days outstanding. The analytic tool then creates graphs or reports for building managers or collection agents, ensuring that you are continually improving your speed-to-bank time. 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.
4. Business Operations Analytics
An endless amount of data flows through your business on a daily basis. Property executives can harness this information to improve customer service and measure the well-being of their property portfolio. With property management analytics, you can measure the average response time to a work order per building/property. And, once completed, how satisfied are tenants? You can use that data to improve how quickly repairs are completed and the quality of the vendor’s work. With an analytics tool, maintenance managers can quickly spot repair patterns. This will help them forecast their budget and the need for preventative measures .
Key Property Management Analytics Advantages
Whether you are analyzing leads, leases or financial information, here are three advantages that cut across all types of analytics:
The ability to slice and dice data. Standard reports are useful, but sometimes property professionals need to narrow down or drill down deeper. A modern property management analytics tool will allow you to include or exclude the fields. It also enables you to focus on specific properties and sort results any way you like.
The ability to share data securely. Good property management analytics tools support built-in permissions to share information conveniently. This enables them to keep information safer than downloaded and emailed reports.
The ability to have anywhere, anytime access. Property managers should not be tied to their desks. When you can access a reporting tool from any device, you know where you stand no matter where you are.
How Property Vista Helps
Property Vista’s customizable reporting provides real-time updates on the health of your finances. And, it also gives you the power to narrow reports down to what you specifically need. Whether you’re checking a daily dashboard to monitor your business, or generating reports for owners and managers, you’ll reap the benefits of robust analytics tools, dashboards and reporting. To see our pricing and arrange a demo, visit PropertyVista.com/pricing.