How property management analytics tools can help make your real estate agency more profitable

Managing an agency effectively requires a clear picture of exactly where your opportunities are, where your revenue comes from, who your best performers are, and how you can improve. Using analytics strategically can help you develop more accurate, achievable, and even ambitious business plans, as the data can forecast targets and projections for the future. You can use this data to make informed decisions on opportunities that can increase revenue, performance, and efficiencies.

When there are multiple applications being used to manage properties, this can make it difficult to identify market trends. The information becomes siloed and hard to analyse. With a fragmented picture, you could be focusing on areas that don’t need much attention while neglecting areas that could deliver huge returns, and you may not even be aware of it.  

To better manage your rental property portfolio and leverage its ability to generate a massive proportion of your revenue, it’s worth considering a tool that brings all the relevant information into one place and provides analytics capabilities so you can see exactly what’s happening in your business.

For example, Digital Rent Roll integrates with your agency’s existing systems and applications, and includes analytics software. The data it reveals can provide insights to property lists, current market fluctuations, and historic market trends.

There are three ways a property management analytics tool can help increase profits:

1.       Increasing business efficiency

Property management analytics provides real-time insights that can identify areas of the business that are being stalled or impacted by workflow processes. It provides you, as the business owner, with an overview of how your agency is functioning, and what you could do to deliver the greatest value to customers. Having an efficient business will improve the reputation of your real estate agency, contributing to more leads and more profits.   

2.       Identifying new opportunities

Real-time analytics can also identify areas of opportunity to improve the business or pursue new revenue streams. It also provides property managers and agents with data across their property portfolios, which can improve their productivity, task management, and customer satisfaction.

3.       Reducing business risks

Analytics data can support business decisions and goals. Typically, the data will show historic trends, including business successes and failures. This data can provide a logical foundation to build on when setting new goals and objectives for the business.

Data is also a crucial element for management and pricing, as it can let you make confident, informed decisions that minimise risk and are more likely to deliver the greatest profit.

Contact Digital Rent Roll to find out more about how property analytics tools can help your real estate agency increase profits and see a demonstration of the software in action.