The Power of Smart Reporting
We live in a data-rich world. Any PM software platform you use is going to offer lists of reports to find metrics on every aspect of your business. All of this data can offer a trove of information, but how much real insight does it provide?
Multifamily professionals can find themselves overwhelmed or confused when multiple reports approach the same issue from different perspectives, spending extra time to pull multiple reports, struggling to compare historical data with current trends, and losing faith when numbers aren’t what they expect to see. This wealth of information can end up muddying, rather than clarifying, decision making processes. It doesn’t have to be that way.
Entrata’s platform tracks and measures countless data points, and the challenge has always been to make reporting and viewing property data easy and intuitive. Because it’s important. The insights your system provides can have huge impacts on your ability to improve processes and increase revenue.
Comparative Delinquency Report
Take the Comparative Delinquency report, for example. Entrata compiles data from an entire series of reports, including delinquency, resident charges, receipts by charge codes, resident aged receivables, and resident deposit audit data into a single report that tracks charges due in a period of time.
Collecting so much related information in one report can be a game changer. It shows what’s been collected and what’s remaining delinquent both within the period and up to the day the report is pulled. Users can also compare performance in that period to prior periods.
“Being able to understand our historical delinquency trend tells me what to expect in upcoming months and the potential financial impact, as well as some understanding of what is happening in the various markets,” said Maria Banks, CEO of AMLI. “This report identifies the regions or properties where delinquencies are above our norms or expectations, which allows us to ask the right questions and have the conversations around different options to improve on our collection efforts.”
Resident Retention Report
Another tool to collect data that has a huge impact on on-site efficiency is Entrata’s Resident Retention report. The right data can tell you what leases are ending, and of those leases which ones are pending, have renewed, or have gone month-to-month. This information allows you to proactively respond to the community’s needs, drive down the costs associated with unnecessary churn, and help stabilize occupancy.
This report utilizes your properties’ data to help you manage and forecast retention trends over time, and provides key insights into ways you can improve on your retention efforts. The report’s most recent updates offer more intuitive tools to track progress and follow up on expiring leases to help you better manage the resident lifecycle and effectively increase actual revenue.
More data doesn’t have to mean more confusion, more time, or more work. Smart reporting makes it easier than ever to transform mountains of metrics into real insights. And that visibility is your first step toward more profitable properties.