In the multifamily industry, many companies struggle to track and determine ROI from value-add projects. Luckily, there’s a solution: a streamlined renovation process.

In a recent webinar, Justin Alanis, Rentlytics Co-Founder and CEO, and Michelle Zierolf, Director of Real Estate at Greystar, shared lessons learned that are important for anyone trying to make their renovation projects more efficient.

Watch the full recording here, and read the highlights below …

The Need for Change

Traditionally, multifamily owners and managers use one system to track unit turns and scheduling, and one system to track expenses, rent premiums and ROI. Additionally, many tracking methods rely on data entered in spreadsheets.

Unfortunately, organizations that use those methods run the risk of:

● Inconsistent templates
● Lost data
● Inaccurate information
● Formula errors
● Corrupt files

As a result, owners and managers with spreadsheet-based renovation tracking systems are faced with:

● Drawn-out training times
● Hundreds of hours spent manually cross-checking data
● Inaccurate information flowing from managers to owners
● Incomplete information flowing from owners to managers

3 Lessons Learned

With these renovation management problems in mind, Rentlytics created a product that centralizes the renovation process and data, and delivers advanced analytics: Renovation Manager. Renovation Manager connects workflows between the property manager, regional manager, asset manager, executives, and the construction team so that everyone can easily access the right data during a renovation.

While the product was in beta, Rentlytics partnered with Greystar for additional research and development to make Renovation Manager even stronger. As part of that process, Greystar implemented Renovation Manager during their renovations. Here are a few key lessons learned on how to get the most from using a new system or workflow during a renovation project …

1. Support is Critical

Having your company’s full support when introducing a new system is absolutely vital to the success of your renovation project. Support and input is needed on many different levels, including your construction team, accounting team, directors, regional managers, on-site community manager and maintenance supervisor.

2. Client Buy-In is a Must

When you’re embarking on a new renovation project with a client, it’s important that the client understand and align him or herself with the new system you’re using to manage the project. After all, the new system is going to replace many of their traditional methods, and this can be a challenging step.

3. Training is Essential

When adopting new technology, you need a program that’s easy to learn, easy to access and easy to be trained on. This is especially helpful when taking staff turnover into account, and the time and effort it takes to get someone up to speed.

How Renovation Manager Can Help

With the help of Renovation Manager, both owners and managers can complete value-add projects that are more efficient and effective than ever before.

Renovation Manager delivers streamlined reporting in a consistent format so that everyone can stay on the same page without scrambling to piece together multiple different templates.

Renovation Manager addresses the needs of multifamily owners and managers by delivering:

● Real-time visibility into the project
● A quick feedback loop
● Advanced analytics
● Connected workflows
● Consolidated reporting

With those features, Renovation Manager is able to save time and money across the board.

To learn more about how you can use Renovation Manager to boost value-add ROI, request a demo today.