{"id":25550,"date":"2020-09-15T05:13:40","date_gmt":"2020-09-15T12:13:40","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=25550"},"modified":"2022-05-02T06:37:57","modified_gmt":"2022-05-02T13:37:57","slug":"beyond-bi","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/beyond-bi\/","title":{"rendered":"Beyond BI"},"content":{"rendered":"

\u201cGrubb has a top-down philosophy of promoting long-term residents,\u201d said Shawn Cardner, executive vice president of operations at Grubb Properties<\/a>. \u201cWe always felt our long-term resident program that caps rent at five years was the right thing to do and was working, but we didn\u2019t have a lot of data on it. We do now thanks to deep property and portfolio analytics, and that\u2019s very exciting.\u201d<\/p>\n

The analytics Cardner refers to come from Yardi Asset IQ<\/a>, part of the Yardi Elevate Suite for multifamily. Asset IQ is taking Grubb beyond business \"\"intelligence by providing property, portfolio and market analytics for benchmarking, budgeting, analyzing collections and adjusting quickly to changing needs.<\/p>\n

Cardner and other execs get fast insights from dashboards that display real-time performance with drilldown to details. They not only have stats that show residents are staying longer but can also \u201cget into the weeds\u201d and see what\u2019s behind the numbers to really understand what\u2019s happening at their properties.<\/p>\n

Validating a long-term renter program<\/strong><\/p>\n

At one of Grubb\u2019s apartment communities, an impressive 42% increase in length of residency was only part of the story. \u201cUsing data from Asset IQ, we correlated the success of a long-term resident program to important financial metrics: $30 increase in rental income per unit and $32 lower expenses,\u201d said Cardner.<\/p>\n

Grubb utilizes the benchmark KPIs on its Asset IQ dashboard for renewal rates, renewal percentages and new lease rates. The company also likes to keep a close eye on maintenance expenditures. Cardner added, \u201cI see benchmark data as a tool that brings visibility into possible areas of improvement.\u201d<\/p>\n

Benchmarking against peers and budget<\/strong><\/p>\n

With Asset IQ, Grubb can compare its actual leasing, financial and operational data to a defined peer set and to its own budget. An easy-to-use dashboard displays KPI visuals for performance updates at a glance. For example, a green thumb up icon shows the company where it\u2019s doing better than both benchmark and budget, a yellow thumb up icon indicates it\u2019s doing better in one area but not both and a red thumb down icon means it\u2019s not doing as well in either area. Each KPI provides drilldown to underlying data so Grubb can quickly understand issues and take appropriate action.<\/p>\n

\u201cThe benchmarking in Asset IQ has been valuable \u2014 we found market volatility that we were unaware of. As an operator, we have always been heavy on the expense side because we are about the long-term play. One downside of that is it\u2019s easy to not focus on expenses as much. But once we looked at the data, we did see markets where we had applied portfolio generalizations and were spending more than our peers,\u201d said Cardner.<\/p>\n

Saving time and money<\/strong><\/p>\n

Cardner explained that with Asset IQ he can dig into turn costs at specific properties and analyze them on a line item basis. With regard to marketing, Grubb makes sure it\u2019s in line with its peers \u2014 but where it isn\u2019t, can ask why and find the solution.<\/p>\n

Before using Forecast IQ, also part of the Yardi Elevate Suite<\/a>, one of Grubb\u2019s biggest challenges was seeing an accurate representation of loss to lease and vacancy loss.<\/p>\n