In the dynamic realm of build to rent (BTR), you need to be able to swiftly transform vacant units into appealing homes for new residents. A property manager’s responsibility is to ensure that these units are well-maintained and are promptly available for occupancy.
Yardi’s Regional Director, Justin Harley, notes that if a BTR property with a 35%-unit turnover rate can reduce turn times by as little as one day, that will amount to a revenue increase of 3% each month. The delicate balance between maintenance and unit turnover plays a pivotal role in minimising vacancy days, a key metric that directly impacts the overall profitability of a property. Yet, the complexities inherent in maintenance operations often create challenges that hinder this crucial process.
Juggling repairs, inspections and procurement while adhering to high-quality standards demands a meticulous arrangement of tasks. Traditionally, this arrangement has posed a challenge as maintenance operations involve numerous stakeholders and intricate workflows. The repercussions of mismanaged maintenance are diverse – from extended vacancy periods that drain rental income to a compromised reputation due to subpar living conditions. Property managers have long sought a solution that harmonises these moving parts and with the right technology, such as Yardi’s Maintenance IQ, you can easily resolve these challenges.
Reduce Vacancy Days & Increase Rental Income
Swift unit turnarounds can be a challenge. The intricate coordination required for repairs, inspections and upgrades often results in delays and extended void periods. This disjointed process can lead to increased downtime, reduced operational efficiency and missed rental income opportunities. However, with Maintenance IQ, you can streamline your maintenance operations, automatically schedule and assign tasks, create inspections and execute them on mass with a click of a button.
The maintenance software provides your team with real-time data. It offers a holistic approach to maintenance procedures by connecting all the moving parts of the management process with a mobile app. Having the right tools for fast unit turns in one dashboard provides visibility on resident lease cycles and helps you to identify any changes or updates. Your staff can effortlessly track residents approaching the end of their leases and proactively organise inspections – this ensures units are promptly prepared and ready for occupancy to help minimise void periods.
Improve Productivity & Streamline Inspections
Maintenance teams often grapple with the intricacies of creating work orders and conducting inspections. This inefficient process involves manual coordination and can lead to delays, miscommunication and missed maintenance opportunities that keep units at a high standard.
Maintenance IQ helps property managers be proactive. With automation and streamlined workflows, up-keeping and maintaining units is made easy – with a step-by-step inspection checklist, your operations team can complete seamless inspections. They can include updates about any issues and easily communicate with the off-site team in the activity feed. The intuitive system allows your team to act fast and automatically generate and schedule work orders from one dashboard, resolving issues quickly.
Gain Real-Time, End-to-End Visibility
Having real-time visibility into your maintenance operations is essential for property managers. Yardi’s Maintenance IQ offers a user-friendly mobile app that empowers your maintenance teams to stay connected while on the move. With this app, they can complete assigned inspections, manage reactive and planned maintenance tasks and sync their progress automatically with a central dashboard – they can also add photos and videos within inspection reports and tag staff members. This mobile functionality ensures your maintenance staff are always up-to-date and can address issues promptly, helping to reduce downtime and enhance the resident experience.
Part of Yardi’s end-to-end BTR solution, Maintenance IQ allows residents to report any maintenance issues directly from the resident app. These requests are automatically sent in real-time to the Maintenance IQ dashboard so teams can handle requests promptly. Having effective processes in place allows for continuous upkeep and maintenance, thus reducing your unit turn times.
Simplify Vendor Payments & Supply Procurement
Maintenance software helps to streamline vendor payments and supply procurement. The software simplifies vendor payments with a centralised procure to pay platform. This all-in-one procurement solution includes comprehensive vendor management and compliance, automated procurement, electronic invoice processing and outsourced vendor payments. Moreover, its connection to Yardi Marketplace allows for seamless purchasing with an online catalogue featuring leading suppliers.
Your property management team can plan an order for same-day delivery and maintain high standards of appliances across your units. This end-to-end BTR solution saves valuable time and improves efficiency and accuracy in managing vendor relationships and inventory.
Enhance Performance Tracking with Maintenance IQ
Maintenance IQ provides real-time data on vital tasks to empower your team to be proactive. You can track performance against KPI measures, analyse maintenance operations expenses and question resource allocation to accelerate decision-making processes. With this data-driven approach, your staff can make informed decisions that optimise your maintenance strategies.
See how you can speed up unit turns and building maintenance with Yardi.