Maya Angelou famously said, “Do the best you can until you know better. Then, when you know better, you can do better”. Part of the beauty of this mantra is that it can be applied to all areas of life, and working in the multifamily industry is no exception.
This adage springs to mind as we start a new year and property management professionals begin to tackle their freshly-written goals. More than likely, your multifamily company is aiming to lower its property operating costs, increase revenue, and improve efficiency. Meeting these goals requires having a constant, clear understanding of key property metrics. Without a precise picture of what is happening, it’s challenging to accomplish the “do better.” That’s why we are rolling out a new feature to help improve your business operations – a built-in business intelligence and reporting platform, that we call Portfolio Insights Dashboard.
With Portfolio Insights Dashboard, you can get an instant view into critical operational metrics across your properties whenever you log into your PayLease account. Designed to help you make better data-driven decisions, it’s packed full of helpful insights, easy-to-understand charts and reports about utility use and recovery performance trends. Best of all, these handy-dandy tools are now available at no charge to PayLease’s Resident Billing and Utility Expense Management clients. Here are a few ways Portfolio Insights Dashboard can make your job a lot easier and improve property operations.
Benchmark Portfolio Performance
Having insight into your properties’ billable utility charges and recoupment rates is a critical metric. But piecing together that information is next to impossible, especially if you want to benchmark performance across time or by region. Luckily, Portfolio Insights Dashboard can generate that information with a few easy clicks. Now you can quickly understand which communities are reaching their maximum utility recoupment potential, and if any of your properties are falling short. Users can benchmark across individual properties, your entire portfolio, or across certain timeframes. By comparing property performance, you can identify opportunities for improvement and take action. Our reports even highlight areas for improvement, so you can quickly hone in on where you should focus your efforts.
Be Alerted to, Quickly Pinpoint, and Resolve Costly Problems
Portfolio Insights Dashboard enables you to quickly identify and alleviate anomalies. For example, submeter usage reports help you identify spikes that might indicate a resident or a meter issue. And submeter health reports detect malfunctioning meters so they can be repaired in a timely manner. Portfolio Insights Dashboard can pinpoint these potential problems (and more), letting your team resolve issues before they become costly.
Even if you don’t have inkling that there’s a problem, you can elect to be automatically notified when there are spikes or should any pre-defined thresholds be exceeded. One situation that’s hard to stay in-the-know about is if new residents have moved utilities into their name like they are supposed to, and how successful each of your properties is in handling repeat offenders. That’s why we’ve engineered same-day notifications that alert you or your staff to possible instances of utility theft. You can see the number of violations by resident at each property, quickly identifying where adjustments need to be made, either in resident communication or by assessing penalty fees. The sooner you are alerted to a potential problem, the higher the likelihood it can be resolved while its effects are minimal.
Make Your Team Aware about What’s Happening
With all these great insights about property performance, you’ll likely want to share that data with your team. Every report you generate within Portfolio Dashboard Insights can be saved and sent at that moment. Or, you can schedule reports to be sent to certain team members on a recurring basis. This feature is especially handy for Regional Managers, who can create and receive performance reports on a daily, weekly, or monthly basis for their areas.
These are just a few ways that using Portfolio Insights Dashboard can help you “do better” in 2019. If you are looking to gain better visibility into utility and billing metrics at your company, contact us. We’ll be happy to show you a demo of how our comprehensive business intelligence system can deliver insights about your company.
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