Organizing and Leveraging Data to Create Actionable Reporting

When implemented for progressive change within an organization, data can be one of the best tools.

By Darcey Leach |

3 minute read

How data is governed, leveraged and implemented can help companies set up meaningful portfolio-wide KPIs and best practices. During the 2022 Apartmentalize session, “Organizing and Leveraging Leasing Data to Create Actionable Reporting,” industry experts shared their successes, failures and strategies for developing a company culture that embraces data. 

Today’s operators, large and small, collect data in order to understand and support their business goals. But with so many new platforms and options to meet the insatiable demand for real-time, self-serve data for both clients and onsite teams, growing tech stacks can pose a problem for delivering the right data to the right people at the right time. 

In fact, in a Harvard Business Review study, only 26.5% of companies reported actually feeling confident that they did a good job of embracing data. That’s partially because data and its governance can be scary. Having multiple stakeholders, data reporting tools and platforms can pose significant challenges for operators. 

However, a thoughtful integration strategy can create a sophisticated tech stack that benefits everyone. A system of checks and balances between corporate and field teams, as well as implementing focus groups and fact-checking will ensure accurate, rich data that can be embraced by all. 

Institutional investors will have different needs than a single property. Knowing a specific property’s goals, such as renovations, occupancy or rent, and tailoring that data for them will drive change. People need to know the value of the data they’re being given. If they care about it, it applies to them, and it can help them reach their goals, they’re more likely to buy in.

Consistency can also be a major red flag to watch for. For example, defining your company’s “data dictionary” is of upmost priority to start aggregating reliable data. An agreement on a few, targeted KPIs will also help people work toward the same goals. 

After obtaining agreement on the necessary data points, training and getting people on board is essential to implementing and using it. For Jenn Kloett, Marketing Director at First Communities Management, “Training and data go hand in hand.” It’s important to show people the bigger picture and the “whys” behind the data order to facilitate the “aha!” moments people need to take their properties and their careers to the next level. 

“Training, overall is going to be the biggest key, including communication and repetition, but understanding where people are coming from and why is going to be the biggest part,” Kloett said. 

When implemented for progressive change within an organization, data can be one of the best tools. 

“People are afraid of data, but when you can look at it side by side, it can actually be a motivator, it can drive promotions and careers,” says Wendy Dorchester, Senior Vice President of Operations at Pegasus Residential. “Data is not only used to look at a property’s performance and their value and how they’re doing, but it’s also all about the people and their performance. [Data can be used to] drive conversation, to drive connection and to also propel people’s careers forward.”

Darcey Leach is an Account Manager for LinnellTaylor Marketing.

Apartmentalize Heads to Atlanta This June

Atlanta will be the hub of the rental housing industry when we all come together to connect, share ideas and find solutions at Apartmentalize, June 7-9 in Atlanta. Register today and come ready to be inspired, gain knowledge and build a network of innovative thinkers and strategists.