BH Management, LLC Masters Multifamily Management Best Practices With Rentlytics Jun 17, 2017 BH Management Services has enjoyed continuous growth and outstanding performance for more than two decades. From its roots as a small management company in 1993—with just five apartment communities—the company revenue now surpasses $680 million. BH Management has come a long way in a short period of time, and its growth can largely be attributed to its mission: “We’re all about creating value.” The Challenge Joanna Zabriskie, President of BH Management Services, knows the multifamily industry is changing. In the past ten years, institutional capital has found its way into the industry; and with it, the demands for information far surpass the limits of a monthly accounting report. “When the expectation of the capital buying assets is to have real-time data,” says Zabriskie, “waiting ten days after the accounting month-end to see a T12 trend is not acceptable. To manage our business effectively, we need information on trends daily—what’s happened in the past, and what we think is going to happen in the future—so we can make the right decisions to continue effective growth.” However, accounting systems are not created to normalize and visualize data, or make reporting available in real-time. “With 45,000 units at the time—which has since scaled to 65,000 units—it was taking too long to get to the meaningful data we needed. We needed to achieve real-time visibility in a more manageable way.” The Solution When Zabriskie first heard about Rentlytics Business Intelligence, she was already seeking a business intelligence solution. The team had looked at competing solutions, but ultimately chose Rentlytics because of the company’s clear alignment with the needs of asset managers. “Justin [Rentlytics CEO] really ‘got it’ in terms of what we needed to run our business. The team was in complete alignment in terms of the vision. The solution was incredibly visual, and had everything I expected to see.” The Results BH Management has continued to enjoy rapid growth and high levels of client satisfaction, and Zabriskie feels Rentlytics has played a role. “BH prides itself on its transparent data practices. We believe that informed decisions must be driven by accurate data. Rentlytics helped take our data practices to the next level with exceptions management and auditing tools that allowed us to proactively manage our data and ensure the highest level of accuracy for our clients. Rentlytics paid for itself in 90 days because it helped standardize our lease term input methodology and highlighted our vacant days by unit.” 1) Management Efficiency and Effectiveness With Rentlytics, BH Management not only saves time, but can actually manage its teams and properties more effectively. “We pull our client Monday morning reports from Rentlytics, and it saves hours of work every week. We create scorecards, run contests on resolving delinquencies, and are able to do things like reward our top ten properties to get people excited. It’s really helped us inspire change at all levels of our business.” One of the reasons Zabriskie believes BH has been so effective is that the team took a thoughtful and thorough approach to rolling the solution out to internal and external stakeholders. “It was crucial to get our Regional Vice Presidents, and then Regional Managers using the system, to make it part of the culture with all property managers, and then to roll it out to our clients. Rentlytics helped us with the trainings, and brought the team out to train our Regional Managers at our management conference.” 2) More Competitive Services Offering Since adopting Rentlytics, the solution has not only helped BH’s internal teams speak the same language, but also made the company more effective when pitching their business services to new clients. “We’re all about providing value, and when we’re pitching new clients, we showcase Rentlytics as part of our accounting package. It actually makes us more competitive, because our clients have much more transparency—and they don’t have to wait until month-end to see what’s happening at their properties.” 3) Agility to Meet Tomorrow’s Demands Rentlytics has not only made BH more competitive, but also helped BH become a leader in a rapidly changing, data-driven industry. The ability to know what is happening inside the business 24/7, and manage to a set of critical KPIs, ensures the team moves quickly, and runs predictive—versus reactive—operations. This has been crucial when it comes to raising equity and supporting the needs of investors. “Several investors stopped by my office during our last GP fund raise when I had Rentlytics up on my screen and asked what it was. I flipped it up to the big screen and said, ‘This is our opportunity fund that we raised, and these are the 35 properties in this fund, and here’s what happened yesterday in terms of traffic.’ I went through a series of the dashboards with them and they were enthralled. Two weeks later they doubled their investment in our next fund because of the transparency of the information.” “Rentlytics paid for itself in 90 days because it helped standardize our lease term input methodology and highlighted our vacant days by unit.” Joanna Zabriskie President Go Recent Post Customer Spotlight: South Oxford Management Introduction to Rentlytics 11 Multifamily Industry Trends to Look Out for in 2018 Subscribe Tell us your email address and we'll add you to the list. Subscribe If you are human, leave this field blank.