How Business Intelligence Can Clear Up a Cloudy Forecast

The business forecast for the multifamily industry is cloudy. The winds are changing at a supersonic pace. We all know why: COVID-19 has basically obliterated all expectations for 2020. Today, if you don’t know how you stack up against the competition in these changing times, how do you know where to set your goals, forecasts and budgets? How can you ensure that you won’t be the last to react to changing metrics that drive NOI? What tools can you use to determine if re-forecast numbers are in line with submarket trends and performance? Reforecasting is absolutely critical in today’s environment—and adjusting performance expectations to catch up with trends requires innovative tools that give you daily updates to transactional performance from competitive assets. Today, those tools are available with RealPageÒ Business Intelligence and Performance Analytics Benchmarking. An extra bonus: you can manage your portfolio without being in the office. According to Tracy Saffos, Industry Principal at RealPage, “RealPage currently collects data on over 16 million units, and that's a very large chunk of the total inventory in the country when you consider that there are about 22 million investment-grade apartments in the US today. After almost 20 years of collecting data, there are literally billions and billions of transactional data points to power our BI and Benchmarking capabilities.” In a recent RealPage webcast entitled Smart Solutions: Outpace the Competition with Benchmarking & Business Intelligence, Ms. Saffos and Kristen Brooks, Director, Business Intelligence and Benchmarking Consulting & Training asked a peer group of customers representing multiple levels of the multifamily industry to share their unique perspective on what is happening in the marketplace, and the ways they use RealPage’s BI and Benchmarking tools to maximize their day-to-day and long-term decisions. Webcast participants included Rick B...