How to Optimize Your Real Estate KPI Dashboard
They say you can’t improve what you don’t measure. So, having a real estate KPI dashboard to visualize key metrics and goals – as well as to align your reporting with your business goals – is critical to ensuring that you are on track to accomplish those goals. It’s also critical to making solid, data-driven decisions.
Of course, creating a dashboard to fit your needs can be a challenge. Are you unsure where to start? Try these five steps to optimize your real estate KPI dashboard.
5 Steps to Optimize Your Real Estate KPI Dashboard
1. Start by identifying your core business goals.
Picture the way you want your business to grow in 3, 5, or 10 years. Think about your core values and your long-term goals with specificity. When it’s time to choose the right KPIs and metrics to measure, you can select the ones that best align with the direction you want your organization to go.
2. Measure the right KPIs.
Don’t waste time on fluff metrics. Set up your real estate KPI dashboard to cut straight to the most important information – your organization’s financial health and growth. Here are a few suggestions.
- Properties Won vs. Lost
- Acquisition Costs
- Revenue Growth
- Net Income
- Rent Prices
- Footfall and Conversion Rates
- Occupancy and Vacancy Rates
- Average Days-to-Lease
- Tenant Turnover
- Average Arrears
- Maintenance Costs
- Technology Costs
3. Utilize data visualization.
Make your metrics easy to understand at a glance by including some data visualization. You can create custom infographics or just simple charts to compare metrics over time. You can even make straightforward numerical data easier to interpret instantly by using colors and up or down arrows.
4. Prioritize analytics.
Without an analysis of what drives the metric values you see in each report and how they will trend in the future, your KPIs are virtually meaningless. Go a step further than simply presenting the numbers for each month or each quarter to include details on how that data will impact your decision-making. This can be done by manual analysis, automation, or a combination of both.
5. Consider custom software solutions.
If you are manually pulling together reports from Excel or utilizing a software vendor that has limited capabilities, consider using custom development to help right-size your technology for your business. Off-the-shelf software solutions might work in some cases, but customization allows you to tailor a product to meet your specific business needs.
Do you want to improve your real estate reporting process?
If you are looking for ways to get more out of your real estate reporting, our digital consultants at Saxony Partners can help. Whether you need a custom real estate KPI dashboard, robust analytics tools, automation to eliminate manual processes, advice choosing the right software platform for your company, or simple upgrades to your technology stack, our team of industry-specific data and development experts can take your business where you want to go.
We are built by real estate, for real estate – which means we hire consultants directly from the real estate industry who understand your pain points and know the right solutions.
If you want to do more with your real estate reporting data, contact us today.
To learn more about some of our key real estate reporting services, check out this post.