How to ManageFind the best Real-Time Property Performance Tracking
By Operations Team. For more information, contact Robert Parmar
Operating larger apartments well, utilizing third-party management, can be a challenge.
A larger apartment’s high monthly transaction volume makes it difficult to affect short-term site performance when reviewing financials once a month in arrears. On-site staff performance often varies due to inconsistent ability levels and frequency of turnover. In many cases, property management firms have supervision located too far from your property to make consistent site visits and regional managers can be overloaded with too many properties to pay proper attention to all of them.
How do you make the most of your investment?
You could pay a lot more for on-site staff and third-party property management services with the hope you can hire qualified people who pay proper attention and do not leave as frequently. Practically speaking, this option is generally not of interest to Investors. In our experience, they tend to believe the higher costs outweigh the benefits. By no means is there a one size fits all solution but at a very high level if you or supervisory staff could monitor your property performance in real-time on a daily or weekly basis one might be able to affect weekly site activity to improve property results.
Software is becoming readily available that easily integrates into property management operating software, it extracts real-time data, as of a day in many cases. This information is presented in functional reporting that allows for assessment and rapid site direction. With this information, you or your property management firm can step in to provide the necessary direction to maximize property performance.
The software is referred to in the real estate industry as business intelligence software. The most sophisticated apartment investors are all starting to use it and the most common ones we hear of people using are Yardi Orion BI, Real Page BI, and MRI Analytix. We currently use Real Page BI and the results have been very good.
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Summerfield specializes in the management of apartment properties that are approximately 125 units or larger, and is licensed to manage in Washington, Oregon, Idaho, Florida, Georgia, & South Carolina.