June 15, 2017
How Real-Time Reporting Is Revolutionizing Property Management
It’s no secret that the multifamily housing industry has changed in the last decade. Leaders are leveraging technology to manage their day-to-day businesses, and the importance of having the right digital tools cannot be underestimated. They understand that their company will be left behind if they can’t report on the current state of their business.
Yet, throughout the property management industry, managers are still performing daily tasks and creating reports manually. More than ever, there is the need to embrace cloud-based solutions that allow far more visibility into critical metrics in real time—and here’s why…
The Need for 24/7 Access
A wide variety of stakeholders require accurate, real-time reports. Working in property management often requires agents and managers to be mobile and many times a phone or tablet is the “on the go” workstation. When those needed reports, and required information, are locked away on a desktop they cannot be accessed from the field. This means delays and wasted time and effort.
For instance, maintenance managers and property managers can call-up the number of work orders (scheduled, completed and past due), by tenant, by building or by portfolio while on site to check on work as it happens, or post-completion. It allows key stakeholders to improve planning, productivity and accountability.
Teams can also use this to see how well 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.
Two of the most mission-critical pieces of data that have a direct impact on cash flow are arrears and vacancies.
Arrears: With real-time reporting, you can look at the number and dollar amount of arrears across your portfolio of properties. Permission-based reports can be auto-generated, and assigned to building managers or collections personnel.
Real-time reporting 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.
Vacancies: The leasing process, rollovers, and potential for rollovers are highly interconnected 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.
These type of real-time dashboard reports create a strategy for lease staggering, reducing lease lag time, and significantly cutting down on turnover lag.
More Signed Leases
Time is money when it comes to securing leases. Using a cloud-based tools gives leasing managers the necessary data to close a prospect on the spot. As one Property Vista customer noted, “There’s no more emailing, phoning or faxing. Our property managers and accounts receivable teams now have the lease and credit application information they need at their fingertips.”
How We Help
With Property Vista’s real-time reporting tools, you can create highly customizable dashboards, and 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. With intelligent tables, charts and graphs, it’s highly intuitive and easy to use to move the needle on your organization’s operations. 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.