Quick, accurate reporting can make the difference in renter retention and the bottom line.
Multifamily property owners and operators are saving time and money leveraging business intelligence solutions derived from critical data generated throughout daily apartment operations. Executives from CAPREIT, LMC and Continental Properties Co., Inc., offered examples of how RealPage’s Business Intelligence has reshaped operations and eliminated expensive, time-consuming processes when applying data the right way.
Jessica Galik, LMC’s technical operations manager; CAPREIT Chief Operating Officer Miguel Gutierrez and Heather Riggs, vice president multifamily operations at Continental Properties Co., each said applying business intelligence has helped streamline operations. RealPage Vice President Business Intelligence Alison Stump moderated the session.
System selection and implementation easy and efficient
Adoption of business intelligence was the right choice for the small technology staffs at LMC and Continental Properties. Within a few months of installation, both companies were on their way to reducing labor and producing accurate, transparent reporting.
“We wanted something with a much quicker reporting function as well as big-picture screen function,” Riggs said. “We really found a lot of value in the reporting function. It’s a huge time saver.”
Efficiency and automation through business intelligence
Galik said LMC, a Lennar company, reduced overtime in the leasing office with business intelligence because report automation eliminated extra paperwork that associates had typically waited until the end of the day to complete.
“When we moved to BI the report now gets sent out every morning,” she said. “This report takes less than five minutes to send out. That’s made a huge shift for our team.”
Best practices: Keep the information at your fingertips
Gutierrez makes it a point to keep business intelligence software open on his computer at all times, a practice that pays. When regional managers call in to discuss a property, he can get a quick look at the numbers.
Recently, as a regional explained a renter issue, Gutierrez noticed that that property’s renewal rate had dipped.
“I dug in a little further while talking to (the manager) and looked at the move-out reasons,” he said. “A lot of people were leaving because utilities were too high.”
CAPREIT has since begun installation of water efficient products to reduce costs for residents. Had it not been for being able to access critical data so quickly, it would have taken much longer to identify and resolve the issue, Gutierrez said.
Thanks to Gutierrez, Riggs and Galik for sharing their stories at RealWorld 2017! Learn more about multifamily business intelligence.