We have all heard the terms “big data” and “data visualization” being used more than ever. But what do these terms really mean, and what do we do with the data we gather?
The issue with data has never been attaining it. Instead, the problem has always been attempting to make sense of the data you have and understanding how you can use it to your advantage. Data allows us to run our businesses, management companies, and properties more efficiently.
With data dashboards, you are able to visualize data in a way that you’ve never been able to before, integrate multiple data sources, create a centralized place to store your data, and make decisions in real-time so that every dollar you spend is effective. The visualization provided by this tool enables users to absorb large amounts of information with a single glance, allowing you to gather the intelligence you need when you need it, which will only increase your productivity and fulfill your objectives.
In a study completed by the “Harvard Business Review,” it was found that data-driven companies performed better than those in the same industry that did not utilize data. In fact, companies in the top third tier of their industry that used data-driven decision making were on average five percent more productive and six percent more profitable than their competitors.
With decision-making being a vital aspect in any field of business, data dashboards are important tools that can assist multifamily housing professionals in making well-informed decisions. Using real-time data, property managers can better approach comparable pricing research, marketing, and revenue optimization with the ultimate goal of boosting occupancy.
Essentially, data dashboards transform “big data” into “bite-sized data” that is easily accessible to all of your community’s decision-makers.
Keep in mind that data, which reflects actual resident behavior, has become critical. By supplying multifamily housing professionals with the ability to make informed, data-based decisions, we can improve the bottom line.
As professionals in our industry know, it’s impossible to avoid data whether you are the president of a property management company, a property manager, or a marketing director. Data is everywhere you turn, and those who have access to data-driven tools have a massive edge over the competition because they can translate raw data into intelligence that drives real-world action.
Visualization of data enables multifamily housing professionals to not only examine the position between operating costs and revenue performance, but it also provides them with the ability to look for seasonal trends to appropriately adjust pricing.
Additionally, data dashboards help marketing teams ask the right questions, identify impacts, seize possibilities, and prevent looming problems. This tool can assist marketers in viewing the correlation between marketing spend against conversion rates. Over time, your data should tell you how much you’re spending on marketing versus the results of your marketing efforts.
With the extremely competitive nature emerging in many markets, it has never been more important to consider these types of parallels.
Data dashboards are not just limited to property managers. Transforming big data into intelligence can strengthen your productivity, your performance, and most importantly, your relationship with your residents.
Providing residents with the information they need to manage their leases, payments, and services is not only smart, but it also eliminates the burden for on-site staff to find and distribute information.
Allowing residents to keep track of their payment due dates, payment history, and lease renewals is smart business. By implementing countdown reminders on your resident dashboard, coupled with transactional tools, you can create a robust self-service center and decrease time spent on the lease renewal process.
Once multifamily housing professionals decide to streamline processes and make data open, free, and accessible to residents, we bring a new amenity to those who inhabit our community, enhancing their living experiences by simplifying transactions.