Business Case for Analytics
Find out if you have the problems that RentViewer solves
This page is designed to help you decide if there is a business case for analytics for your property management company.
Before you spend too much time and money researching data analytics, find out if you have any of the problems that a tool like RentViewer solves.
Business Case for Analytics for a Property Management Company
A business case has two sides: the benefits and the costs.
For the benefits side of the business case, look below at the list of common problems some property management executives deal with. If you aren’t dealing with such issues, then the benefits from RentViewer are going to be low.
Although not too significant, the cost side of the business case also includes labor savings. If you are manually exporting data to Excel and creating your scorecards and reports, that cost can also be factored into the business case.
Each Day of Operation is Costing You
RentViewer is designed to help property management executives with three things:
- Stay on Plan
- Stop the Leaks
- Protect the Blindspots
The biggest part of the cost-benefit equation for the business case for analytics is the peace of mind you get by having good information and good metrics to make decisions about important areas such as lead generation, leasing, unit turnover, collections and more.
RentViewer is like an X-Ray Machine
People don’t get X-Rayed unless they have symptoms that need to be examined. In some cases, people who don’t have symptoms can be asked to get a regular X-Ray as a preventive measure.
The same goes for RentViewer. By pulling data out of your property management system and calculating important ratios, analyzing trends, and looking for patterns, RentViewer provides you a report on the health of your business.
Are You Dealing With These Challenges?
- Late collections
- Being surprised by expenses being over budget
- Being surprised to learn about high delinquency
- Not achieving the target NOI for a month
- Finding out too late that units will be vacant
- Having the uneasy feeling that rents are not set at market rates
- Not knowing the return on marketing expenditure
- Not knowing what unit turns are costing
- Not knowing the Inquiries, leads, showings, applications etc. in the leasing funnel (lead-to-lease)
- Using the wrong Excel file to report the metrics
- Not updating the metrics for a week because there were other urgent tasks or the person who updates them was absent
- Work orders remaining in open state with no follow up
- Cost per work order or time per work order trending up
- Not knowing vacancy loss and not being able to take timely corrective actions to reduce it
- Being unable to spend time on root cause analysis and taking corrective action
Download the Business Case Builder
Use this questionnaire to see if your property management business could benefit from RentViewer. If you run into several of these issues in your day-to-day business, RentViewer can help you.
The above list is included in the “Business Case Builder” for RentViewer. Download the Word document and discuss it with your team.
Contact us to learn more about how RentViewer helps property management companies.