The multifamily industry has lagged behind other industries when it comes to technology adoption and operational sophistication. The idea of relying on multifamily reporting software to guide your operations is still a relatively new concept in the industry. In the past, making the switch from paper checklists and spreadsheets to a digital platform was viewed as difficult, time-consuming, and costly (often millions of dollars in upfront costs). However, in recent years, as operators shift to a more data-driven approach in their decision-making, the emergence of proptech solutions has made that transition easier.
What is the Purpose of Multifamily Reporting Software?
Multifamily reporting software is all about bringing your data together to make faster, smarter decisions as it relates to your operations. Visualization of key rental data helps you make smart decisions about what to do about your property, leasing, marketing, and value-add rehabs in order to lift rent – this becomes much easier to discern when you have great multifamily reporting software in place.
Benefits of Multifamily Reporting Software
Save time – Reporting software allows you to aggregate all your property data into a single source of truth for your organization. By eliminating those tedious and time-consuming spreadsheets you’ll save time for yourself and your team. Within Leonardo247, our reporting platform features a Quick Reports option, enabling you to find the most frequently used report configurations and drill deeper using filters. You can also save time by scheduling any report you want to see on a routine basis.
Proactive decision-making – Property managers have traditionally taken a reactive approach when it comes to their property operations and maintenance. Trying to predict your building’s operational needs is complex. Multifamily reporting software can help you prepare for the unexpected. For instance, in Leonardo247, you can pull reports showing the upcoming tasks for the month. This allows your maintenance team to plan ahead.
Reduce operational risk – Slip & falls, pool or playground accidents, improper billing of residents’ move-out charges. As a multifamily operator, property management risk is all around you. The more properties you have, the more complicated it is to manage risk. For instance, let’s say you want a monthly report on whether all the inspections and preventative maintenance were done at every property last month. If you are relying on paper and spreadsheets to track your activity, it could take your property manager hours upon hours to compile all that data. With multifamily reporting software, you can instantaneously know what is happening across your entire portfolio.
Implement Your Own Reporting Software Today
Technology adoption continues to accelerate in multifamily. If you are a sophisticated operator, there is no reason you should not be using some sort of reporting software. All the data you add to Leonardo247 can be reported on, resulting in detailed historical information on virtually all property activity. We also roll up reports into a Business Intelligence (BI) tool to prepare and analyze data to find and share actionable insights. By providing deeper insights across the organization, BI reporting helps customers improve decisions and business performance. To learn more, schedule a demo today!