Property management data is an important tool. This data helps property managers keep track of the market and how they stack up against the competition. Also, multifamily market data helps you make decisions that will benefit your community in the short- and long-term. If you don’t have access to precise data, you could be losing out on revenue.
Comparing Community Information to National and Local Market Property Management Data
One important way many communities use property management data is to compare it to different levels. For example, in your multifamily community, say 80% of your residents own pets. You can look at the national average for pet ownership, as well as pet ownership in your local market. If you have significantly higher numbers of pet owners in your apartment community, you can then assess why that is. One reason may be that you offer the lowest pet fees in your market. This can be a selling point that you can use for marketing purposes to fill vacancies. Or, it could be so little compared to other communities around you that you’re losing out on revenue. In either case, you need the apartment community data to make the determination.
Property Management Data offers Competitive Intel
As a property manager, do you ever “secret shop” other apartment communities in your area? This is a somewhat common practice. However, busy schedules often prevent you from getting competitive intelligence from all the communities you’re up against. In addition, if there’s any indication you could be working for another community, there’s a chance that the information you get is inaccurate. Other communities may try to throw you off or resist giving you the information you’re looking for.
Instead, our multifamily data research team gathers up-to-date and accurate information from all the communities in your area to help you see how you match up against your competitors. We keep track not only of rental prices and number of communities in your area, but even things like rental concessions and policies.
Making Decisions with Comprehensive Multifamily Data Research
Having multifamily data at your fingertips also helps you make decisions that have huge impacts on your community. For example, if your vacancy rates are higher than those in your local market, you might decide to offer rental concessions to increase occupancy. There may be new tenant screening options that others in your industry are using that you could benefit from. Property management data offers this information to help you make good decisions that help you grow your apartment complex. Therefore, make sure you have the most up-to-date and accurate data for your needs.
Cutting-Edge Multifamily Data for Property Managers, Landlords, and More
At ApartmentData, we provide data solutions for a wide range of professionals in the multifamily industry. Whether you need property management data to help build budgets or need multifamily data research to help you invest in the right property, our reports help provide you with the information you need. We continuously update information to help you achieve your objectives. Call us today at (800) 595-8730 to learn more and request a demonstration of our services!