How Real Estate Analytics Gets Done
Analytics enables businesses to make sound decisions based on facts and trends. It often means a lot of spreadsheets: a lot of numbers, a lot of reading. But when it comes to an investment property, it’s important to use this data. Read on to know how real estate analytics gets done. Our…
Analytics enables businesses to make sound decisions based on facts and trends. It often means a lot of spreadsheets: a lot of numbers, a lot of reading. But when it comes to an investment property, it’s important to use this data. Read on to know how real estate analytics gets done.
Our operations team looks at our numbers every week – sometimes, daily. As they say, you measure what matters, and everything matters when it comes to the profitability and the smoothness of running your property. Some of the things that we look at are the following:
- Vacancy rates
- Number of showings
- Collected rent
- Uncollected rent
In addition, we try to figure out how many days maintenance items might be open or how many maintenance items are outstanding at any given point. We have thresholds within our company to make sure that we maintain a certain quality so your property gets the best service.
There are people in our company who take charge of these numbers. They know they are responsible for these specific metrics. We know that they have to make changes and take action based on them. We go through the process of working through that with them; and if they run into a roadblock or get confused or don’t know where to go – which is very unlikely – that is when we, upper management, will step in and help them out with it.
That’s completely different from other management companies that just hope things go well and if nothing goes wrong, they don’t have to worry about it. Not in our case. We make sure that we are watching it constantly. If there are blips on the radar, we fix them and do something about it immediately.
If you or anybody else you know is looking for a proactive property manager who knows how analytics gets done in real estate, please think of Green Ocean Property Management: where you get more than a property manager, you get peace of mind.
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