Leveraging technology can bring greater efficiency and accuracy to the turnover and asset management processes. It is important that there is a measurable return on investment.
The property management industry has become very sophisticated, managing large portfolios with hundreds of diverse assets. When you manage such a large portfolio and unit-turnover rates are as high as 30%, real-estate turnover is actually 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 begin to see significant revenue impact.
In this new environment is where 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.
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.
Through predictive analytics, property owners and managers can use their data to predict turnover occurrence, 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.
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 plenty technology can do to give property managers and owners greater visibility over the critical turnover path.
Sophisticated apps and advanced analytics can make short and accurate work of move-out inspections by giving 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.
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 an organization.
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.
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.
Though technology adoption has transformative promises, it is important that there is a measurable return on investment.
SuiteSpot is built on intellectual property gathered from over 100,000 multifamily turnover projects and we've seen how SuiteSpot can transform the turnover process first-hand. SuiteSpot can reduce up to 60% of the turnover time, provide tools for effective recovery of tenant excess wear and tear and full visibility into the in-suite state and condition across the portfolio.
We have seen cloud technologies and big data impact 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.
Learn more about how unit turnover software from SuiteSpot can help streamline your operations and achieve faster unit turnover times.