How ApartmentIQ Saves Time & Boosts Revenue with Automated Insights in Multifamily Operations

Property teams need every advantage in today's competitive multifamily housing market to maximize occupancy and rents. However, gathering accurate, real-time data on competition to inform pricing and leasing decisions manually is time-consuming and grossly inefficient.

ApartmentIQ offers the solution of a fully automated data tracking system. Our software leverages proprietary technologies like AWS, to collect up-to-date rates, concessions, and availability from competitor listings every 24 hours. The result is detailed visibility into real-time market dynamics beyond what any single source can provide. 

With ApartmentIQ, operators gain:

• On-demand access to granular insights on your competition's rates, Net Effective Rent (NER), and concessions. 
• Directors get customizable reporting to spot occupancy and revenue opportunities. 
• Revenue managers receive unit-level intelligence to optimize pricing in real-time. 

This article explores how teams leverage ApartmentIQ's real-time competitive intelligence to make better decisions faster, saving time while maximizing revenue.

The Time Crunch in Multifamily Operations

Performing manual market surveys to benchmark competitor pricing sounds simple enough. However, this process usually takes days for even a single property. Regional and national portfolio operators face a massive time sink in data collection across locations.

Notably, certain property management companies opt to outsource these surveys to call centers. However, outsourcing surveys to call centers introduces its own set of challenges, including potential inconsistencies and limitations that can compromise the accuracy of the data collected.

Furthermore, manual surveying requires coordination across properties, following up on unresponsive contacts, and compiling surveyed findings into reports. Market surveys steal entire weeks that site teams could otherwise spend closing leads and addressing tenant needs.

As if the tedious survey process were not bad enough, the results become outdated almost as soon as they are finished. Market conditions change daily in hyper-competitive areas where sophisticated revenue management platforms adjust rates dynamically.

Without regular competitive visibility, teams end up pricing units and evaluating opportunities based on stale, aggregated information. Consequently, operations suffer from suboptimal pricing decisions, leading to revenue losses.

The negative impact on occupancy rates not only affects financial outcomes but also reflects poorly on customer satisfaction metrics. This is because property managers who could have spent their time on revenue-generating tasks such as giving property tours, closing renters, and appeasing current tenants now waste it on performing manual market surveys. 

This hinders operational efficiency by diverting valuable time and resources and also impedes renovation efforts. The manual market surveys undertaken to gather competitive data consume significant manpower that could be better utilized for strategic decision-making and proactive property management.

This diversion of resources and attention ultimately diminishes the overall business effectiveness and competitiveness in a dynamic market landscape.

The Rise of Automated Insights with ApartmentIQ

ApartmentIQ leads the next generation of competitive intelligence, combining automated data tracking with customizable analytics. Our software ingests up-to-date rates, concessions, and availability for each unit at surrounding properties every 24 hours.

We employ AI-enabled web-collecting software, automated validation routines, and a robust hosting infrastructure to consistently provide our clients with real-time competitive intelligence.

With a complete picture of the market at their fingertips, powered by automated tracking, our clients eliminate the delays and burdens of manual data collection. The results form an accurate, real-time foundation for pricing decisions, plus customized reporting to display market trends.

Conclusion

With our familiar market survey format, teams enjoy intuitive access to essential intelligence like current asking rents versus net effective rates, concessions in your submarket, and real-time leasing velocity trends. Flexible display options allow custom views by property or unit type, while robust filters isolate insights. Sortable metrics enable the isolation of top opportunities.

By automatically capturing real-time market intelligence, ApartmentIQ empowers your entire organization to make decisions based on timely and accurate information, eliminating reliance on hunches or outdated surveys. The outcome of this approach includes well-informed revenue strategies, enhanced lead conversion and retention rates, and strategic renovations that keep you ahead of competitors. All of this is achieved through a purpose-built solution designed to streamline success in the multifamily industry.

Here's what one of our valued clients has shared about their experience:

“We needed to act faster. [ApartmentIQ] probably saves me an hour and a half on my deep dive for each property... This probably saves like 10 hours a week for me.”

~ Revenue Manager, Sterling Group

Take the next step in transforming your business by scheduling a free demo to experience firsthand how ApartmentIQ can revolutionize your operations.

Our platform empowers property management companies to make data-driven decisions through continuously updated intelligence.

Seize control of your market data and simplify success with ApartmentIQ.