Like property management teams, asset managers have a vested interest in the performance of their buildings. They may deal with the “big picture” rather than day-to-day operations, but they are equally intent on finding ways to maximize value.
Here’s where software can give asset managers an edge. Much like how TRIMM solutions help property managers enjoy leaner and more efficient operations, the same digital technologies give asset managers the tools to protect and increase the value of their portfolios.
Consider the following examples:
Net operating income (aka NOI) is king in asset management. It’s generated by efficient operations, effective maintenance programs, engaged staff, and happy building occupants. Attending to each of these priorities is tricky, but it helps if tech can take some of the load.
How can TRIMM software drive revenue? For one, it lets multifamily teams automate and streamline critical processes (e.g., preventative maintenance, unit turnovers, inspections, resident requests, etc.), so they can focus on activities that increase value in all of these areas. TRIMM systems also collect and parse operational data to give asset managers a layer of real-time visibility into all aspects of their properties’ performances. Having this “bird’s eye view” of one’s portfolio lets asset managers monitor all kinds of financial KPIs from project expenses to supplier pricing, resident chargebacks to budget deviations, and beyond.
All combined, TRIMM platforms make NOI the priority by speeding up the make-ready process, thus reducing vacancy loss, providing real-time financial insights, and fostering more efficient (and engaged) property management teams.
It takes more than clean floors and a fresh coat of paint to keep buildings in market-ready conditions. To that end, TRIMM platforms help maintain asset health and performance in several ways.
For one, TRIMM software gives property managers the tools to plan and monitor preventative maintenance programs, track repairs and renovation throughout the entire process, and benchmark maintenance activities. As well, TRIMM platforms like SuiteSpot are made with mobile apps that field teams can use to be more responsive to issues as they arise.
These capabilities (and more) work in unison to keep maintenance activities on track, increase the lifecycle of the built environment and building systems, and ensure buildings are operating at their peak.
With a wealth of historical and real-time data at one’s fingertips, TRIMM software can inform more accurate and predictive budgeting activities based on real-time needs and trends. What’s more, it can alert asset managers to cost outliers or negative trends, such as when material costs rise above expected prices, project expenses well beyond initial projections, or when budgeted spend has been exceeded. In short: If tasks like unit turnovers cost are trending higher than expected, you’ll know, and you’ll have the means to correct.
It pays to assess and compare key property performance metrics (e.g., unit turnover times, vacancy rates, staff performance, 3rd party vendors performance, resident satisfaction, etc.) across portfolios, regions, and even units. TRIMM platforms provide the analytics and robust reporting tools to carry out this benchmarking at the property or asset management level.
TRIMM platforms afford real-time visibility into a property’s risk environment. This helps asset managers respond quickly to negative financial trends (e.g., increasing spends, cost fluctuations and anomalies, etc.) and operational risks (e.g. long outstanding issues, growing delays, mounting deficiencies). Similarly, this real-time view of building activities helps asset managers spot health and safety liabilities and address them at their source. And the more tools that help mitigate risks and protect asset value, the better.
Having all documents, reports, inspection evidence, and work orders in a central cloud location makes it far easier to tackle the “paper-pushing” side of the business. Moreover, TRIMM platforms often include standardized templates and data aggregation tools that help asset managers conduct comprehensive reporting, track returns on investments, and analyze all facets of the building’s operations. Not to mention, trading physical paperwork and storage for secure cloud environments is a win for all.
Asset managers may not occupy the same space as multifamily property management front line teams, but they are just as committed to the performance of the property and for its residents’ satisfaction. And while there is no replacing human skills and experience, eliminating friction requires us to orchestrate technology with human processes so that operators can do more, do better and do it faster while also gaining more control, insight and greater flexibility and resiliency, to lower their cost of operation.