If you’re working with a smart Nashville property management partner, you’re likely getting more value than you realize. Property managers are great at leasing homes, enforcing lease agreements, and managing maintenance, but there’s so much more we can do for you.
We think of ourselves as investment partners; we want to help you succeed and grow your portfolio with the help of our expertise and resources. As you make decisions about what to buy, what to sell, and how to improve your current real estate investments in order to earn more money, we can support you.
By harnessing property management insights through data analysis of market trends and property performance metrics, you can avoid expensive mistakes and keep yourself on a path that leads to better investment choices.
Here’s how we make it work for our investor clients.
Providing Comparables to Help with Pricing
How much should you pay for your next acquisition?
What should the rental value be for the investment property you’re about to list on the rental market?
To optimize what you earn, these numbers have to be accurate. They have to be profitable. A property management company like ours gathers data to create comparable analytics that can help with pricing, whether you’re buying, selling, or renting something out. The more properties we manage, the more data we collect. This helps us evaluate opportunities for you.
More than ever, investors count on property management data analytics to gather information using statistical models. We take a look at rent rolls and transactional data, and that leads us to make recommendations to you with more accuracy and efficiency. Our access to actionable data means you can create stronger opportunities for smart investments. More deals become available and better options show up.
Remaining More Competitive in the Nashville Rental Market
In today’s fast-moving real estate and rental markets, you can easily be left behind when things shift so dramatically and so quickly. Reading industry newsletters that arrive in the mail with stories that apply to the way things were months ago will not help you compete in the market.
Instead, you need to monitor property management data analytics, driven by the data we collect from our pipeline, which will enable you, in real-time, to identify and work within the trends that matter today. This will help you stay at least one step ahead of the competition when it comes to pursuing new opportunities in fast-growing markets like Nashville.
With the right metrics, you can review all of the properties becoming available in Nashville, or you can specify only the multifamily properties or strictly the fixer-uppers. The data we can now access is highly specific, and drilling down into the exact types of properties you’re looking for will enable you to save time. There’s no scrolling through endless listings. No actively seeking the properties that fit your investment goals. Instead, a shorter and more targeted list can be delivered directly to you.
Market and industry trends are at your disposal, too. Maybe cap rates will begin dropping. When you have access to this information before others on the market, you can remain flexible and take the necessary steps to position yourself better for what’s coming.
Property Management Data and Performance Metrics
How are your existing properties in your investment portfolio performing?
Understanding your own portfolio’s performance is critical as you make decisions about renovations, lease renewals, 1031 exchanges, and other investment tools. Are there specific properties that are underperforming? Some that are doing better than expected? Use the data that property management analytics can provide to review and reset investment goals, priorities, and action items.
These insights about your rental property’s performance are more strategic than simply analyzing income and expenses. You’ll get detail-rich data that can help you strategize around timing, funding, and further auditing. Maybe you’re earning more on multifamily properties than single-family homes. Maybe your turnover is higher in a specific neighborhood. These are the data points that can help you make more strategic decisions.
Optimize Your Rental Property Operations
You need to know how your portfolio is performing, not only against your own expectations and goals but also against the competition in the market. You can use the data from property management analytics and metrics to decide whether you should stay on your current path or do something different.
Data delivers the answers you need, and it’s important that you know how to use it.
It’s also important that the data is reliable.
With a sophisticated property management solution that combines business intelligence with real-time data, you can easily get a clear view of how each property is performing individually and how your portfolio is performing as a whole.
Reliable data and good property management insights will help with reporting, analysis, monitoring, and prediction. Look to your property manager for metrics on operational issues, marketing success, tenant and applicant demographics, facilities management, screening standards, and accounting performance.
Don’t be afraid to get granular. You want to know which data points are actionable and which are to be used as background information. Your Nashville property management partner should be able to help you understand this.
You can use property management data analytics, insights, and metrics to impact vacancy rates, decrease turnover, increase earnings, and improve tenant satisfaction. In years past, the property management industry did a great job of collecting data but struggled to make any impactful use of it.
That’s changing. A lot of the owners and landlords we work with understand the importance of leveraging different types of data to help them improve their performance. What we’re looking for today is high-quality data that can be easily targeted toward better outcomes. To effectively influence what you earn in the short and long term, you’ll need to know that the data is accurate and easy to understand.
Would you like to talk more about the data we can provide to owners such as you? Please contact us at Omni Realtors & Property Management.