For many owners and operators, budgeting season — the paramount time of year when you plan and forecast next year’s revenue and expenses — is beginning. During this time, multifamily professionals attempt to evaluate and analyze their budgets, an often time-consuming and intensive process. On top of that, finding the resources to fit new software into your budget can complicate the process even further.

From property management software to business intelligence (BI) and analytics, the tech explosion over the past few years has provided multifamily owners and managers a vast array of solutions and tools.

BI, in particular, is attracting interest industry-wide for its ability to help multifamily organizations make better decisions, grow revenue, increase their competitive advantage, and improve operational efficiencies.

Yet, many owners and managers have been slow to adopt BI. Securing company-wide buy in to fund any new technology is often a difficult process, prompting many to push it off for another year — or two.

Here’s a sneak peek from our new ebook, highlighting the reasons you should start thinking about your budget for business intelligence right now.

Keep Up With the Latest Technology (and the Industry)

Whether you are an owner or operator, new technology can offer a strategic edge for your company and prevent you from falling behind the industry.

Considering most multifamily organizations start the budgeting process around August or September, delaying any new technology solution until the following budget cycle can be detrimental to your bottom line.

If you factor in next year’s budgeting season, time spent finalizing details, and the implementation period, you could be waiting a year and a half before achieving results. Can you afford to wait that long?

Improve Communication Right Away By Aligning Owners and Operators

There are many roles within the multifamily industry that do not have access to the right data to measure KPIs for portfolio operations. Property managers who lack access to detailed BI data, for example, tend to look at the siloed information that comes out of their property management software. Considering owners and operators are working off of completely different information sources and measuring success by different metrics, this creates a significant communication issue.

With visual dashboards and a centralized view of how your team is tracking goals, BI makes it easy to drive more effective conversations with stakeholders, align priorities, and transparently share performance data.

By budgeting now for BI software, you can facilitate stronger communication between operators and owners sooner rather than later — and, in turn, meet portfolio goals more efficiently.

How to Fit Business Intelligence Into Your 2019 Budget

Forecasting end-of-year market and effective rents, vacancy, concessions, and loss to lease are challenging enough in the budget process without the added task of convincing your team to stretch or reallocate funding for new software.

Eager to learn more? Want to find out how you can convince your team to make BI a priority? Download our new ebook now to learn more about why you need business intelligence in your 2019 budget and how to convince your team to get on board.