Predictive Model Questionnaire
Use this questionnaire to decide if predictive models will be useful
Some examples of areas predictive models can be used for …
- Predict maintenance intervals?
- Predict a tenant’s tendency to be delinquent?
- Predict appliance outages and replacement?
- Predict likelihood of a lead turning into a tenant?
Download the questionnaire for more ideas.
Improve forecasting and proactively create the desired outcomes
What are Predictive Models for Property Management?
- Predictive models use historical data and assumptions to predict future events, such as an equipment outage, a tenant becoming delinquent, or the volume of service tickets
- Predictive models utilize statistics to identify patterns in historical data. For example, we can look at the volume of service tickets and statistically analyze the ticket types and volumes that occurred each month. Then we take into account what factors could have contributed to the ticket volumes (weather, occupancy rate, special events). We use that information to project ticket volumes likely in the coming months.
Benefits of Predictive Models :
- For Finance Departments, predictive models can be an additional input for budgeting and forecasting decisions
- Companies that do seasonal hiring can utilize a model to forecast hiring needs
- Predictive models in property management are useful for preventive maintenance and
Challenges in Using Predictive Models in Property Management :
- Some types of predictive models require large volumes of data (several hundred thousand data points)
- Models are only as useful as the business knowledge that goes into building them. This is not the job of the data scientist alone; there must be strong executive sponsorship of the modeling effort
- Too much reliance on the models. Models cannot replace human judgement.
- We first define the goals and reasons for building the model, and identify who (from your team) will need to participate in the effort to make it successful
- We then collect historical data (by extracting it from your property management system, for example), and analyze it
- We discuss with you the usefulness of the data for building predictive models, and remove data points that are “noise”
- We use tools like RapidInsight or IBM Watson to build a model with you
- We test the model’s accuracy (by having it make “predictions” for months that have already passed, and compare the predictions with the actual data
Our solutions are built on the RentViewer software. RentViewer connects to data sources (such as Property Management Systems, other systems and Excel files), collates the data and enables the creation of Executive Dashboards, Custom Reports and Analytical Solutions
Do you have questions and need detailed explanation of how our product could help your businness?
The Property Management Metrics Handbook
Which property management metrics are important to you?
See a list of over 100 metrics for categories such as:
- Lead Management Metrics
- Lease Application Metrics
- Unit Turnover Metrics
Use the Handbook for ideas on metrics that will be useful to your company.
Decide which property management metrics should be tracked and used for setting improvement goals.