{"id":27854,"date":"2021-01-06T05:49:58","date_gmt":"2021-01-06T13:49:58","guid":{"rendered":"https:\/\/www.yardi.com\/blog\/?p=27854"},"modified":"2022-05-02T06:30:40","modified_gmt":"2022-05-02T13:30:40","slug":"asset-performance","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/asset-performance\/","title":{"rendered":"Asset Performance"},"content":{"rendered":"

Industry leaders from Grubb Properties and MG Properties Group recently shared insights on big data, benchmarking and forecasting with Yardi\u2019s \"\"Paul Yount.<\/p>\n

\u201cYou won\u2019t be successful in any market if you don\u2019t have the right tools. You need the data. You have to be ready and prepared,\u201d said Joe Anfuso, chief financial officer at MG Properties Group. Nothing could have been truer for real estate companies in 2020. With unanticipated challenges brought by the COVID-19 pandemic, real estate operators had to act fast to protect their bottom lines and keep staff and residents safe.<\/p>\n

For most companies, that meant adopting technology to transform their businesses. Read on to learn how Grubb Properties and MG Properties Group have been using Asset IQ, Yardi’s multifamily asset management software<\/a> part of the Yardi Elevate suite of multifamily solutions, to guide decisions and improve performance with better data.<\/p>\n

Pivoting to online services<\/strong><\/p>\n

With the growing demand for contactless leasing and transactions, many operators have made the pivot to doing business online. And it\u2019s likely that contactless leasing \u2014 including self-guided tours<\/a> \u2014 will be around long after the pandemic. Additionally, asset intelligence driven by big data has been guiding real estate operators through challenging times and will continue to lead the way.<\/p>\n

\"\"
Shawn Cardner<\/figcaption><\/figure>\n

\u201c2020 budget numbers were very different from what we projected in 2019. We didn\u2019t see the normal seasonal changes, and budgets were pretty much out the window which has made competitor and peer data very important to accurately measure performance. We need to know how we\u2019re measuring up to our competitors, what concessions and lease terms we\u2019re offering and if we\u2019re keeping the back door closed to avoid being in a vulnerable position,\u201d said Shawn Cardner, executive vice president of Grubb Properties.<\/p>\n

According to Joe Anfuso, you need to start with the end in mind. \u201cWork with your teams to figure out what you need to accomplish and plan for it before you implement your tech. Make the correct investments. We built everything we needed, we did the training and we have a dedicated big data expert. Make sure you\u2019ve got momentum drivers internally and identify stakeholders on your executive teams and site staff. We focused on key early wins using big data to get people more engaged and excited.\u201d<\/p>\n

Anfuso also said that when you have so much information available, you need to avoid data paralysis. \u201cKeep it simple. Sit with your stakeholders, figure out the pain points and what needs to be done. We looked at eleven reports with critical KPIs and developed our big data to recreate those reports. Every morning we\u2019re all reading the same report now and we can see every level of our operations.\u201d<\/p>\n

Cardner echoed the need to listen to internal teams when it comes to analyzing operational data. \u201cFigure out what your teams need, what their pain points are and what manual methods can be replaced. Develop initiatives around the KPIs they\u2019re already using and develop additional KPIs as needed.\u201d<\/p>\n

Seeing clearly with benchmarking<\/strong><\/p>\n

Cardner said his team uses comps to get a broader picture of the market and understand how the company is doing, with the ability to \u201cdig into the weeds.\u201d Benchmarking has also proven their loyalty program is working. \u201cWe have a loyalty program that caps rent increases at five years. We\u2019ve always felt it\u2019s the right thing to do but until recently we didn\u2019t have analytics for it. When we implemented Asset IQ, we gained visibility into that data. Eligible residents stay an average of 20% longer thanks to the loyalty program and we\u2019ve reduced turn costs. The data also showed us beating our peers in new lease rent growth, even when we were a little down on renewal lease growth, which wasn\u2019t our focus.\u201d<\/p>\n

Anfuso also values comps. \u201cWe benchmark against the market and have different strategies for individual properties in our portfolio. Using the big data at our fingertips, we can figure out if what we\u2019ve done to a property has really added value. We also look at various regions and do comparisons down to spending<\/p>\n

\"\"
Joe Anfuso<\/figcaption><\/figure>\n

on plumbing and landscaping. Your budgeting is an even more powerful tool when you can hold teams accountable down to line items,\u201d said Anfuso.<\/p>\n

Using analytics to predict and prescribe <\/strong><\/p>\n

Grubb Properties and MG Properties Group are among the many industry leaders using big data not only for benchmarking but also for predictive and prescriptive analytics. \u201cUsing machine learning we\u2019re able to pick out patterns and trends in a much broader pool of data. We have lots of data points, including spending on search engine marketing and how it correlates to leasing ratios. The data tells us when to spend marketing dollars to meet leasing goals and hit the desired revenue,\u201d said Cardner.<\/p>\n

MG Properties Group is an owner-investor with more than 1,200 investors relying on the company to provide distributions. \u201cUsing predictive data we know if we\u2019re starting the month with a high delinquency rate and by tracking correctly we\u2019ll also know what cash we\u2019ll have in 30 days so we can predict what we\u2019ll be able to distribute to our investors,\u201d said Anfuso.<\/p>\n

Getting ready for the road ahead<\/strong><\/p>\n

Cardner and Anfuso agree that sharing industry data benefits all real estate businesses and provides value. \u201cBetter data gets better outcomes,\u201d said Anfuso. Cardner added, \u201cCompetitive data sets are very reliable and useful. It\u2019s good for our industry as a whole to help each other and share big data for benchmarking.\u201d<\/p>\n

Want to learn more about how asset intelligence using big data can help your business and show you the way forward? Join a free Asset IQ webinar<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Industry leaders from Grubb Properties and MG Properties Group recently shared insights on big data, benchmarking and forecasting with Yardi\u2019s Paul Yount. \u201cYou won\u2019t be successful in any market if you don\u2019t have the right tools. You need the data. You have to be ready and prepared,\u201d said Joe Anfuso, chief financial officer at MG […]<\/p>\n","protected":false},"author":616,"featured_media":27859,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"yes","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[289,2889,956,679,29,2169,328,2754,40,917,2420],"class_list":["post-27854","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-apartments","tag-asset-iq","tag-benchmarking","tag-big-data","tag-multifamily","tag-multifamily-property-management","tag-property-management-software","tag-self-guided-tours","tag-yardi","tag-yardi-clients","tag-yardi-elevate"],"acf":[],"yoast_head":"\nYardi Blog<\/title>\n<meta name=\"description\" content=\"Industry leaders from Grubb Properties and MG Properties Group recently shared insights on big data, benchmarking and forecasting with Yardi\u2019s Paul Yount.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.yardi.com\/blog\/asset-performance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Asset Performance\" \/>\n<meta property=\"og:description\" content=\"Industry leaders from Grubb Properties and MG Properties Group recently shared insights on big data, benchmarking and forecasting with Yardi\u2019s Paul Yount.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/asset-performance\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2021-01-06T13:49:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-05-02T13:30:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2021\/01\/AdobeStock_368003456.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1001\" \/>\n\t<meta property=\"og:image:height\" content=\"602\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lee Ann Stiff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lee Ann Stiff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/asset-performance\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/asset-performance\/\",\"name\":\"Asset Performance - 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