Featuring: Justin Pardy, Senior Data Analyst
Collecting lots of data is one thing. Understanding it is entirely another.
More than ever, the rental housing industry understands the value of data-driven decisions. The industry has done a commendable job of collecting the data—particularly in the past few years—but still must make headway in quantifying it and converting it to actionable business intelligence (BI).
Challenges exist regarding sheer volume, uneven integration and simply not understanding how to unearth whatever business intelligence exists within the data. Fortunately, operators are beginning to recognize these obstacles, improve data management strategies and leverage the data in previously unforeseen ways.
But it is not an immediate process.
“Real estate, like many other industries, is experiencing challenges with data management in general,” says Justin Pardy, Senior Data Analyst. “One of the challenges is collecting and storing the data in a way that is usable and accessible. Cleaning the data is another big issue, although it is also not unique to real estate.”
Apartment operators weighed in on some of the specific challenges and how the industry can do a better job with data management. Effectively leveraging that data often consists of determining what’s important and what’s not, asking the correct questions and properly analyzing the metrics to fuel better decision-making.
The increasing number of partners with the ability to integrate is alleviating some data integrity challenges. Whether a property management system or industry supplier, a seamless, accurate flow of information reduces many of those concerns.