Cadence Connect + Remarkably: What You Need to Know About Benchmarking
We’ve all been through the ringer when it comes to responding to the pandemic, now reaching over a year. So, how do we continue to overcome some really tough situations for multifamily marketers, owners, and operators? From our perspective, data, analytics, and insights that drive benchmarking plays a huge part, which is why we asked Erina Malarkey, of Remarkably, to share her guidance on the process of setting benchmarks to establish performance metrics. Brilliant, right?
Here’s why we decided to cover this topic, taken straight from the feedback from Cadence Connectors:
Multifamily marketers are spending their entire weeks pulling & merging reports of historic data to be covered in meetings and then repeating this multiple times each week, month, and quarter for multiple assets. Can we say redundant, inefficient, retrospective, and low value?
The lack of quick access of historic data is creating a huge barrier to ever being able to spend time looking ahead. We’ll take one order of predictive analytics please!
We’re making reactive decisions based on lagging versus leading indicators, and all these decisions are being made in the vacuum of not having context as to how you’re performing against internal and external comps.
In addition, we’re measuring current information off of anecdotal industry and company baseline benchmarks that are dated and flawed. The leasing process, for example, changed drastically in 2020 (and has been for several years before that). We’re basing expected conversion rates on old processes and need to set new benchmarks to measure performance of new SOPs.
For Remarkably, benchmarking supports a means to assess performance for owners and operators that seek to understand property and portfolio performance within a contextual framework. Mind blowing!
From a recent blog of theirs here are some of the basics of benchmarking: 5 Simple Steps for Multifamily Funnel Benchmarking Everyone Should Employ.
Decide which KPIs matter most
Portfolio versus regional versus property specific
Corporate versus marketing versus operations specific
Stabilized versus lease-up versus repositioning specific
Measure your baselines and set your benchmarks
Pre-COVID and COVID
Achievable and Stretch
Monitor and measure
Reactive to proactively addressing issues
Quickly identify, address and even dig deeper to the source
Update as Required
Ongoing discovery and improvement
Based on the conversations during this session, savvy marketers already have solid ideas of what they want to measure and how they want to measure it, but the looming question remains - How do you set solid baselines off of antiquated data? And as you establish the inefficiency of that process, How do you demonstrate the value of a tool like Remarkably to streamline data delivery? Analytics tools are often adopted only by the biggest operators yet they truly scale perfectly to support small and mid-size portfolios by expanding bandwidth with efficiency for small marketing teams. Here are tips to start building a case to recommend adoption of tools like Remarkably:
Track your time spent on preparing reports, the facts usually don’t lie.
List the data you can’t access in your current reporting.
Take a real life scenario and play it out with a tool like Remarkably, what could you do with the new type of information and how can you move the information gathering stage up by even one to three months? What is the impact?
From Erina, “"Is our industry ready? That was the burning question at last month's Cadence Connect session. I think our industry has to be and many agreed we're long overdue. We must start leveraging data, analytics, and business intelligence to power multifamily marketing, establishing it as a predictable, strategic, and revenue driving lever in the asset management function. Simply put, our vision is to transform multifamily marketing operations: helping people make smarter marketing investments that drive higher leasing revenue, more efficiently, at lower cost, with better ROI.”
We asked Erina if she could put together a brief productivity analysis worksheet to help support the buy-in conversation and position the investment of a software like Remarkably as a true win for the marketing decision maker, owner and property as a whole. Can you imagine that dream-world? It can be a reality! Look for that resource coming soon!