Meet the Virtual Data Analyst for Multifamily Asset Managers and Operators
Multifamily asset managers and operators depend on data to make good decisions. Including information on both the performance of their properties and the surrounding apartment markets.
“We all know that data is important,” says Josh Winograd, RealPage Vice President, Business Intelligence & Benchmarking Solutions, “but timely and actionable insights aligned to your strategy and pushed down to every level of your organization is a game changer.”
In recent years, the multifamily industry has joined many other business sectors in leaning more heavily on data than intuition. Organizations that make data-driven decisions have demonstrated to be 5% more productive and 6% more profitable than their competitors.
However, only about 20% of employees are prepared and confident in using and understanding data to make these decisions. And compiling the data in the first place can be a time-consuming chore.
Someone must manually aggregate numbers across a portfolio, with the skills to normalize, interpret, make the information actionable and push it throughout an organization in real-time. To top it off, asset and portfolio performance data must be put in a market context to enable real insights.
Not every company has someone like this standing by. But the good news is, a new solution from RealPage can fill this role.
STARS delivers the rental data
RealPage’s STARS Analytics is like having a virtual analyst that delivers precise, customized and actionable insights to every stakeholder in your property management organization, based on their roles.
The analytics solution saves hours of time by aggregating and normalizing data and benchmarking for dozens of revenue, marketing, expense and operational metrics in real time across a portfolio. STARS Analytics presents data from market, submarket, property and unit levels, compiled from RealPage’s database of more than 13.5 million units of lease transaction information.
With the fully customizable dashboards, scorecards and recommendations from STARS Analytics, the data you need in your particular role is at your fingertips. You spend your time actually thinking about the data instead of pulling it together in an actionable form.
Winograd says STARS Analytics’ predictive results and specific insights are providing the multifamily industry with a powerful analytics solution at a time when data-driven decision-making is being embraced more than ever. Marketplace changes in the last year are forcing industry leaders to look more closely at every aspect of their portfolios – from revenue and occupancy to lead generation, collections, and expenses.
“We have always had the need for data-driven insights, but now I think people are realizing more than ever how important analytics are to their success,” he says. “It’s like a lot of other things when you have an inflection point. For example, our industry was slowly moving toward more virtual leasing and all industries were slowly embracing more remote work. The pandemic accelerated both of these trends, and we are seeing the same thing happen with the use of analytics in multifamily organizations.”
Multifamily data analytics, up close and personal
Winograd will introduce STARS Analytics, the industry’s first virtual analyst, in a session called “Meet STARS Analytics: More Than Data, Benchmarking or Reporting” at RealWorld 2021, July 11-13 at the Gaylord Opryland Resort in Nashville.
The session is one of three must-attend STARS discussions focused on how multifamily properties can achieve peak performance. (The sessions will also be available at virtual RealWorld 2021 in September.)
“Most of us have access to an abundance of information,” Winograd concludes. “But what we really want is the specific information that informs the decision we need to make right now, presented in a clear way. That is the goal we set out to accomplish with STARS Analytics.”
Learn more about leveraging STARS Analytics’ best-in-class technology by attending RealWorld 2021.