An asset manager’s work is never done; in many ways, asset managers are constantly on call. As the primary link between the investor and the property, asset managers can be found juggling many tasks at once such as portfolio monitoring and reporting, capital investment decisions, and strategizing with operators.

Asset managers also often act as a strategic advisor to their operators by assisting them with operational concerns that can impact the bottom line. For instance, they may help their operators resolve low occupancy issues by analyzing available data to determine potential causes. However, helping operators with these concerns and sifting through an abundance of data that is not always relevant, leaves asset managers less time to focus on actual work.

So, what can be done to help asset managers take back control and do their job more effectively? Consider these three ways technology is transforming the day to day of an asset manager:

  1. Improving Data Systems

The success of a property is dependent on data-driven decisions, but many property managers are still relying on Excel to compile and assess data. In Excel, it takes hours to manually update data, and it is all too easy to key in errors. Using Excel spreadsheets creates delays in addressing issues and negative trends, as data is compiled less frequently.

Time spent compiling reports is often the number one pain point of an asset manager’s day-to-day life. Although it is merely a subset of the role’s responsibilities, asset managers spend a significant amount of time trying to collect and aggregate the data necessary to assess the success of a property. However, there are simple ways to address this. Perhaps first and foremost is implementing a Business Intelligence solution that allows data issues to be addressed in real time.

Implementing a BI solution allows immediate access to portfolio data. This provides up-to-date insights into leasing patterns, vacancy rates, budget variance, and other concerns that impact the bottom line. With this kind of technology, asset managers and operators can monitor data more frequently, allowing them to address concerns immediately instead of retroactively when they go through month’s end reports.

  1. Facilitating Stronger Communication Between Operators and Owners

While integrating a streamlined data solution significantly impacts how an asset manager does their job, it also has major benefits for the relationship between owners and operators. The reality is that the roles of operators and asset managers have been significantly siloed, largely due to a major lack of communication. There is often no agreement on the definitions of KPIs across the portfolio. Most investors are working at a high level, while operators are concerned about the day-to-day operations; each group is blind to what the other is doing, and this misalignment causes problems.

To better position asset managers for success, every meeting between owners and operators should revolve around internal portfolio data. Keeping the entire team aware of property and portfolio goals and KPIs can help both roles work together to succeed. When operators are aware of the owners’ overall goals and metrics, they are better able to make decisions that improve long-term portfolio growth.

  1. Staying Connected On the Go

Real-time data has many benefits for both operators and asset managers, but perhaps one of the most significant is the impact on workload. Asset managers are tasked with a neverending to-do list of time-intensive reporting, urgent phone calls from operators, critical meetings — and many of them manage a busy travel schedule as well.

An asset manager might need to assess a property after an emergency situation, or visit the property simply to check in. New technology allows asset managers to tackle on-the-go work more effectively. Rather than calling four operators, asset managers can pull data instantly by logging in to their system anywhere, anytime.

Asset managers and property managers need a reliable platform with real-time access to data. This will not only help the relationship between the asset manager and property manager flourish, but will in turn benefit the property itself.

As technology changes in the multifamily space, so does the life of an asset manager. Better data and improved software enable asset managers to be proactively engaged in their roles. By integrating business intelligence software — facilitating stronger communication between operators and owners — asset managers are able to meet portfolio goals more efficiently. Download our infographic now to discover how you can transform your day-to-day as an asset manager.