Veritas is one of the largest owner-operators of multifamily, urban retail and mixed use properties in the San Francisco Bay Area. The organization has more than $2 billion in assets under management and is vertically integrated with affiliates that provide property management, leasing, project management and redevelopment services.

The Problem

Justin Sato, Chief Operating Officer with Veritas, understands the value of data and how it can improve NOI.

“As an organization, Veritas sets aggressive top line goals around everything from unit renovations to leases to operating expense performance. But to hit those goals, we needed a better way to make portfolio data accessible and actionable.”

To understand portfolio performance, the team needed more sophisticated tools. Veritas had a massive amount of data from multiple systems, and they still lacked visibility into their progress toward key goals. While Veritas is known for innovation and use of advanced reporting and technology, its staff still had to create certain highly specialized reports manually. The leadership team realized they needed a better way to manage the data and simplify the analysis process across the portfolio.

The Solution

Veritas chose Rentlytics over other business intelligence platforms for several reasons, but one clear differentiator was the ease of implementation and how quickly the software was up and running.

“I’ve had experience with other BI tools and the amount of effort it took to deploy, onboard the team, and start generating reports was quite painful.” Sato said. “With Rentlytics, we were up and running within a matter of weeks. Out of the box, Rentlytics provides the right data and insights to meet the needs of every level within the organization.”

The Results

Rentlytics provides instant access to current data, so Veritas can see what drives their portfolio performance, operations, and ultimately delivers the highest returns and value to their investors.

“Rentlytics gives us on-demand, day-to-day feedback on our operational performance. What was yesterday’s traffic? What were yesterday’s call volumes? What were yesterday’s move- ins and move-outs? Now we can affect future performance,” Sato said.

1) Faster Access to Data for Real-Time Decision Making

“Being a highly effective investment operator in today’s environment really requires you to understand the key drivers of your business. We can’t simply expect to make reasonable, intelligent decisions based on thirty-day- old data,” Sato noted.

This data-driven mentality has spread from leadership to the rest of the organization. Veritas now empowers asset managers and property managers to use this real-time data to make their own recommendations.

“We now have property managers and asset managers who conduct meetings on a weekly basis with dashboards in mind, looking at the information in real time and sharing their individual perspectives on how they interpret and analyze the data,” Sato said.

2) Improved Clarity Across The Organization

Now that portfolio data is centralized and frequently updated, it’s much easier for everyone across the organization to track progress to goals.

“A lot of people don’t necessarily understand their connection to achieving a top line goal,” Sato explained. “We now publicly display our progress against goals within all of our departments on monitors with Rentlytics dashboards. The more people see that, the more they ask how they can get involved and the more achievement you actually see.”

3) Business Differentiation

Sato believes more and more multifamily investors will recognize the importance of technology like Rentlytics in achieving success, because the technology is such a differentiator.

“The most forward-looking investors are leveraging technology and taking advantage of all the new software platforms out there today,” Sato noted. “Companies that are static and set in their ways are going to be left in the dust. Innovative companies are gaining tremendous efficiencies and scale through technology. If you aren’t open to change within your business, you’re really going to be trailing your competition.”

“Rentlytics gives us on-demand, day-to-day feedback on our operational performance. What was yesterday’s traffic? What were yesterday’s call volumes? What were yesterday’s move- ins and move-outs? Now we can affect future performance.”

Justin Sato