If you want to know the real trends in real estate management, go directly to the source — ask a property manager.
We did — in fact, we asked several property managers across some of the biggest and most innovative teams in the industry — and came away with three huge trends on management data property teams can’t afford to ignore.
Here’s what we learned:
In Order To Grow, You Need To Know Your Numbers
In today’s uncertain world of increased regulations, one thing is clear: in order to plan for the future, you need to quantify key metrics across your organization. Specifically, you need to know 1) how efficient your team is, and 2) how exposed your organization is to risk.
Measuring efficiency (overall work output, the time it takes for work to be completed) helps you pinpoint any gaps or issues with your team’s operating processes. Conversely, you can identify successful processes and replicate them across your portfolio.
Assessing risk — whether it’s equipment related, process-driven, or otherwise — is critical. One manager relayed that their biggest regret was letting warranties for massive equipment sets expire without a final inspection. It led to thousands of dollars in repair expenses down the road, and several unnecessary headaches.
When you’re dealing with day-to-day problems, what seems like an obvious best practice can easily fall through the cracks. Knowing your building’s open risks ahead of time can prevent expensive slip-ups.
When companies come to us, there’s almost always a desire to see more hard metrics on how their business is running. And once they start seeing how those numbers lead to a more efficient and profitable business, they can’t get enough.
The companies that embrace performance data will have the tools to build on their successes, and ultimately dominate the industry.
Better Data Means Better Tenant Relationships
Data isn’t just about measuring efficiency and team output — it’s about knowing whether or not your best tenant will renew, and having the numbers to back it up.
For example, you may not be able to call up the last time your tenant spoke with any of your staff members, or how frequent their interactions have been over the past lease.
But numbers that detail tenant and staff interactions, and the quality of those interactions, can more accurately predict a tenant’s likelihood to renew. The more information you have on your staff’s tenant interactions, the more accurate your renewal predictions will be.
Data can also help you measure whether or not your tenant request processes are working, or if other programs you have in place are achieving intended results. Small things like automatically sending satisfaction surveys to tenants after an interaction can lead to better experiences, and increased renewal rates.
Increase Your Staff Output (Without Doubling Your Staff)
Your people are important — you know that. If you can make them more efficient and happier at the same time, it’s a massive win for both your company and your tenants.
One big thing we’re starting to see is the concept of digital coaching — using technology to fill in the gaps for newer or less experienced employees. This helps them ramp up more quickly, shortening the time between being a new hire and a meaningful team contributor.
Instead of having your veteran employees devote even more of their time towards training (and have less time to do their own work), the best teams use technology to supplement onboarding.
Training solutions can provide the details for some of your team’s most common projects, ensuring your people know exactly what to do, and how to do it, every time it needs to get done. And they’re useful beyond onboarding — digital training can help your team roll out new or improved procedures more quickly, so you can evaluate results in much less time.
Bottom Line: It’s All About Access To Information
According to management trendsetters, having the right information at your fingertips is what will ultimately make or break your team’s success.
Harnessing metrics on company performance and tenant interactions gives you the right data to make critical business decisions. And providing your team with must-do project details upfront enhances their ability to perform better and faster.
We’re excited to be a part of this new revolution of growth fueled by real estate operations data.
If you only make a few changes to the way your team operates this year, consider following in the footsteps of the companies we spoke with — use data-driven technology to measure the intel you need, and propel your business to the next level.