What Will Happen If You Don’t Have Insights
To leverage the immense amount of data our software collects to provide our customers unparalleled oversight and visibility into their maintenance process, Property Meld created Insights. Making decisions driven by data instead of assumptions is the new standard for property maintenance. Property management companies are left guessing about their maintenance process without this visibility. When issues arise, it can be difficult to track down the root cause, leading to focusing resources on the wrong aspect of the maintenance process. Instead, Property Meld Insights allows you to look at maintenance at a granular level and analyze which part of your process is inefficient—enabling you to implement changes that move the needle in the right direction.
1- Speed of Repair Will Increase
Numerous property managers currently monitor their repair speed either through manual methods or with the help of maintenance software. Nevertheless, the majority of these approaches lack the capability for property managers or maintenance coordinators to analyze each phase of the repair process and identify areas of inefficiency within their operations. With over 6,000 work orders in our platform completed each day, Property Meld data determines a world-class repair speed of just 2.7 days. If on average it takes your team a day to schedule work orders to a vendor, there is no way you will be able to reach those world-class benchmarks. To achieve proper scheduling efficiency, you must assign work orders in minutes, schedule them in hours, and complete the repair in days. Failing to do this will lead to longer-than-average repair speeds. From your overall speed of repair to assign to schedule and schedule to completion, you can view key metrics in real-time with Insights by Property Meld. This granular reporting allows you to determine which part of your process is inefficient and make strategic changes to improve speed. Without this visibility, you are left guessing and making changes that may not be tackling the root of the problem.
2- Maintenance Costs are Unpredictable
One of the most significant pain points surrounding maintenance is the cost due to its unpredictability. Insights allows you to track your average maintenance spend per unit and compare your costs to historical time frames to see how prices have decreased or increased. This allows you to find trends to identify what time of year maintenance is more costly. Having this insight can help improve your bottom line by scheduling maintenance when repair costs are lower and avoid expensive maintenance emergencies. Keeping your maintenance spend low is imperative to the success of your organization. Property managers who fail to track this metric may lose owners due to costly owner statements. In addition, this visibility into spend allows you to be predictable. Establishing effective communication with property owners prior to them encountering costly maintenance expenses on their owner statements is the most effective approach to fostering strong and enduring relationships.
3- Residents and Owners Grow Dissatisfied
As we mentioned, without visibility into your maintenance process, property managers cannot analyze their process and determine where issues occur. But what are the consequences of this? First, being unable to track the maintenance process from start to finish can lead to increased backlogged work orders and a high repair speed. Both of these things will wreak havoc on resident satisfaction. 31% of residents report the reason they left a property was due to maintenance issues. Failing to analyze your process strategically will lead to a higher resident turnover rate. If you start losing residents at higher rates than average, your property owners aren’t going to trust that you can manage their properties properly and may end up working with a competitor instead. With Insights’ visibility, property managers can see every aspect of the maintenance process, including measuring resident satisfaction. This data tool is the first of its kind to the industry, allowing property managers to make data-driven decisions that bring about positive organizational change.
To see insights in action, schedule a demo with our team and see why Property Meld is the new standard for property maintenance.