So, you’ve implemented property inspection software to help you carry out inspections and grow your real estate/ property management practices. Now what?
Well, you’re likely wondering what to do with all the information you have, And how you can use it to grow your company. Analyzing data is one of the most effective ways a company can experience growth.
Most modern business’ are making data analysis a top priority. There are endless amounts of insight to gain from reviewing your data. Keep reading below to learn how you can enhance your data analysis skills.
Control the Inspection Process with Property inspection software
To analyze the data from your inspections reports, you need to be using property inspection software that gathers the information for you and offers the right tools to sort and extract that data. The right technology solution allows you to pull data instantly, by using a cloud-based solution. Using inspection reports to make decisions is a lot more important than spending time creating and formatting them. When you use property inspection software to inspect, the right solution will make the task of analyzing data a painless and easy one.
Learn From Dashboards
A dashboard is a visual data representation that tracks, analyzes and displays KPIs, business metrics and fundamental data points to accurately determine the health of a business.
Typically the data is represented in graph form and can be customized for different types of users. Dashboards usually offer real-time monitoring which reduces time spent analyzing and communicating with your team.
Perhaps the most essential element to benefitting from property management inspection data is choosing the right KPIs. KPI selection can become complicated when applied to vague areas of business, like customer service. However, with property inspection, things are easier. Here’s a list of KPI’s that SnapInspect thinks you should be checking for.
- Outstanding Rent
- Occupancy Rates
- Tenant Turnover
- Scheduled Inspections
- Maintenance and repair work
- Average days a property is leased
- Net Income
- Upcoming Inspections
- Portfolio Overview
Use Business Analytic tools
If your company has a large amount of data that you want to analyze, you may want to consider using specifically designed tools. Analytics and business intelligence tools can propel your company to the next level by helping you identify trends within your data. With these tools, you can be as precise as possible when searching through your own data from multiple perspectives.
Learning how to use data analytics and information in property management help’s you anticipate factors that affect the way you make investments, lower or raise the rent, approach new tenants, etc.
Overall, using property management inspection data can revolutionize the way you manage your business. The correct technology solutions can enable you to find the shortest point between the data and making the decision.