The Institutional Real Estate Inc Sponsorship brochure, Connected-Investor Focused, We connect people, data and insights, sponsorship, events, IREI Products
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NAREIM Stamford | Atlanta | Boca Raton | Chicago | Dallas | Denver www.waypointresidential.com Multifamily | Student Housing | Seniors Housing Over $2.3 billion total investment activity across more than 24,000 units Waypoint Residential leverages the advantages of its vertically integrated platform to acquire and develop well-located rental housing properties across the U.S. L e v e r a g i n g T e c h n o l o g y T o O p t i m i z e P e r f o r m a n c e a n d I m p r o v e R e t u r n s As CRE professionals continue to embrace the technology solutions available in the market today, there are ways to reframe the approach to managing performance data and analytics to improve financial outcomes. 1. Automate data collection – More and more companies are adapting to this technology wave, but finding a technology solution that syncs with existing platforms and organizes, centralizes and normalizes the data is the best way to enable your teams to make smarter decisions. 2. Standardize your financial benchmarking – Being able to compare asset performance against other buildings and across markets helps provide the insights needed to improve performance. However with limited access to this data, it becomes difficult. Most market comparisons come by way of anecdotes. But, a single system of financial record that allows for information transparency across a portfolio is a start and can encourage healthy competition that leads to major improvements. 3. Encourage collaboration – A building's greatest asset is its team. An empowered and engaged team is more likely to proactively seek out ways to optimize the building's performance. It is important for teams to see how their efforts impact asset value and the overall health of the building. Additionally, collaboration and thought sharing across a portfolio can help all assets. There is now the potential to streamline procurement or consolidate contracts. 4. Streamline reporting processes – With the current reporting process, there is inherently a lag time between the closing of the books and receiving variance and budget reports. There is even more time invested between receiving the reports and analyzing for variances. Multiple phone calls and excel spreadsheets are the backbone of the current process between asset and property managers. In order to focus on what will impact operational efficiency, engage the accounting team in updating the process so they are responsible for highlighting the largest variances so when the property team receives the report, they can immediate look into those priorities. 5. Ask for transparency – Ensure the rollup report is available to everyone. This allows other teams to see how they are performing across the portfolio and could encourage a more proactive approach, but mostly it allows everyone to see how their work directly impacts NOI. Being able to view the data the way you want when you want. Investing in a reporting tool that helps drive productivity gains for asset and property managers can quickly pay for itself by highlighting immediate opportunities. The Waypoint platform provides real-time reports with standardized data so that you can pinpoint the areas where you can get the most "bang for your buck." This allows you to instill effective operating expense management into every part of your business. If you are interested in learning more about how this can work for your portfolio, contact us @ waypointbuilding.com.