26 Mar 2013 |
Posted by comvibe-admin | 0 Comment.
Leveraging data to optimize business operations is not a new concept given that companies such as Google and Intuit are using analytics to identify trends, which create opportunities for net profit maximization.
As a matter of fact, discussions on how data can be leveraged to optimize business practices is a topic that is covered at length by Phil Simon, who has authored numerous books on the utilization of technology, and recently served as the keynote speaker at the National Multi-Housing Council’s Optech Conference. Therefore, with the proliferation of quantitative driven businesses through software, such as revenue management solutions, we are beginning to see an important chapter in property management being written, which we will discuss over numerous blogs in the coming months. In this article, I would like to touch on two examples of how quantitative data driven processes are being used within the multifamily housing industry to increase operational performance and resident satisfaction.
The first example explores how we can use data and analytics to understand our maintenance operations. In this regards, UDR Inc., a publically traded REIT that manages over 50,000 units – has implemented processes focused on reducing the make ready time for vacancies. This was accomplished first through conducting in depth analysis of where time and money were being spent during the make ready process of an apartment unit. Based on the conclusion of their analysis, UDR was able to define a revised operational strategy, which emphasized greater alignment of employees with the overall goals of the company, through ranking and rewarding the best performers.
Another example that comes is Equity Residential, with in excess of 100,000 units in its portfolio. Equity Residential is leveraging the data driven approach to align and optimize employee performance against resident satisfaction. Hence, the company has been able to increase customer loyalty scores by up to 25% in the last three years, which has yielded greater alignment between their employee service and resident satisfaction.
Nevertheless, the use of data driven strategies to improve business performance and associated NOI is not limited to the two examples listed above as progressive property managers continue to search for ways to measure and refine their operations. What is great is that a manager does not have to be a REIT in order to have access the aforementioned capabilities given that there are innovative solutions available in the market today that can help you define, evaluate, and measure your operations to determine how best to increase your Net Operating Income.
Interested in taking your Net Operating Income to the next level? Contact ComVibe today to learn how ComVibe’s unique maintenance enhancement process can measure performance, optimize service, improve productivity, and communicate better, leading to higher resident satisfaction and increased NOI.