The digital revolution is here; and while buzzwords like automation, artificial intelligence, and cloud computing are often linked to big industry, these tools are also proving beneficial in the increasingly-complex world of property management.
“This industry has become very sophisticated,” says Elik Jaeger, CEO with SuiteSpot Technology. “Over the past decades, the industry has evolved to managing portfolios with hundreds of diverse assets and it takes a lot more than pen and paper – or even spreadsheets – to do that effectively.”
Certainly, he continues, data-driven tools and mobile technologies can transform many aspects of the job. That includes one of the most critical pieces of the property management puzzle: the recurring turnover process: “Real-estate turnover is one of the leading contributors to capital expenses. Turnover management takes a lot of time and resources, and if the process isn’t efficient or taking too long to complete, you will begin to see a significant impact on your revenue.”
For that reason, more and more property management stakeholders are leveraging advanced systems and resources to take the risk and headache out of this key process.
Some key benefits of integrating technology for effective turnover management are:
Better budgeting: Through predictive analytics, property owners and managers can use their data to predict turnover occurrences, how inventory levels will fluctuate, what components of the unit will likely need fixing or replacing, and what costs they can expect to incur throughout the turnover phase. Knowing the numbers in advance can help stakeholders plan ahead.
Tighter scheduling: It takes many parties to make a unit lease-ready. With shared, cloud-based platforms and mobile apps, property managers can keep everyone on the same schedule, track their progress, and tweak activities to detect and prevent bottlenecks and delays. From scheduling contractors to ordering materials, and managing inspections to navigating move-ins, there’s much technology can do to give property managers and owners greater visibility over the critical turnover path.
Smarter inspections: Sophisticated apps and advanced analytics can make short and accurate work of move-out inspections. They can give users the ability easily select materials and work required from a predefined catalogue in a standardized way, capture tenant damages for effective recovery, prioritize inspection items, make detailed notes, take pictures, and share inspection results in real time.
Insightful benchmarking: By collecting, curating, and analyzing property data, property stakeholders can compare all aspects of the turnover process against other buildings in their portfolio based on a wide range of factors. In so doing, they can identify trends, compare performance, spotlight areas for improvement, and share best practices across their organizations.
Standardization: By linking everyone to the same cloud-based system and automating certain functions, property stakeholders can enforce and track standards across a portfolio. This results in better workflow, less room for deviations, and more predictable outcomes.
Better reporting: Using tools like machine learning (or AI) and data analytics for quantitative reporting enforces accountability, transparency, and oversight throughout the entire process. These tools can also leverage historical data to predict needs before they occur, detecting and alerting on premature failures and spending patterns.
Worth the Investment
While leveraging technology can bring greater efficiency and accuracy to the turnover process, it is important that there is a measurable return on investment.
“Our technology is built on intellectual property gathered from over 100,000 multifamily turnover projects” added Jaeger, “we’ve seen how SuiteSpot can transform the turnover process first-hand. While providing tools for effective end to end turnover management, and full visibility into the in-suite state and condition, our clients have seen their turnover time reduce by up to 60%”.
Cloud technologies and big data have impacted nearly every industry in the past decade. For property managers and owners specifically, however, it offers access to new tools that can take the property management game to the next level.