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  • Feb 28, 2024
  • IREM

Top 5 property management problems solved with IREM®’s Income/Expense IQ reporting

IREM's Income/Expense IQ benchmark reports play a crucial role in empowering property managers to effectively manage their properties by providing invaluable insights into the financial performance and operational efficiency of their assets. These reports, powered by Lobby CRE with data collected by IREM (Institute of Real Estate Management), NAA (National Apartment Association), and BOMA (Building Owners and Managers Association), offer a comprehensive analysis of income and expenses within the real estate industry, enabling property managers to make informed decisions and optimize their management strategies. Benchmarks are available for multifamily, office and industrial properties.

Submissions are now open for the next benchmark dataset. Submit your data today! Between now and June 28, when you submit your building’s data, you receive a free benchmark from the next dataset. Benchmarks are also available to purchase from the 2022 dataset.

Here's how this data can work for you and your property:

  1. Comparative property analysis. One of the primary ways these reports aid property managers is by facilitating comparative analysis. By benchmarking key financial metrics such as rental income, operating expenses, and capital expenditures against industry standards and peer properties, managers gain a clear understanding of how their properties stack up against the competition. This comparative analysis allows managers to identify areas of strength and weakness, pinpointing opportunities for improvement and implementing targeted strategies to enhance profitability.
  2. Identifying trends in the local market. IREM’s Income/Expense IQ benchmark reports provide valuable insights into trends and patterns within the real estate market. By analyzing historical data and tracking changes in income and expenses over time, property managers can identify market trends, anticipate shifts in demand, and adapt their management strategies accordingly. This proactive approach enables managers to stay ahead of the curve and position their properties for long-term success in a dynamic and evolving market environment.
  3. Budgeting. They serve as a powerful tool for budgeting and financial planning. By providing detailed breakdowns of income and expenses across various categories such as utilities, maintenance, and property taxes, managers can develop more accurate and realistic budgets, ensuring that resources are allocated efficiently and effectively.
  4. Performance tracking. The Income/Expense IQ reports facilitate performance tracking and accountability. By establishing clear benchmarks and performance targets based on industry standards and best practices, managers can track their progress over time and hold themselves accountable for achieving desired outcomes. This performance tracking enables managers to identify deviations from established goals, diagnose underlying issues, and take corrective action as needed to ensure optimal performance and profitability.
  5. Data-driven decision making. Another key benefit is the ability to facilitate data-driven decision-making. By providing managers with access to comprehensive and reliable data on income and expenses, these reports empower managers to make informed decisions based on objective evidence rather than relying on intuition or guesswork. Whether evaluating potential investments, negotiating leases, or implementing cost-saving initiatives, managers can leverage the insights gleaned from benchmark reports to make decisions that maximize value and drive sustainable growth.

Angela Aeschliman, CPM®, CCIM, LEED AP ND and Senior VP of Property and Asset Management with The Missner Group, LLC, has this to say about her experiences with IREM’s Income/Expense IQ reporting:

“I find this information to be incredibly useful in reviewing market operational expenses, this helps with budgeting and seeing if our buildings are comparable. The biggest reason I use the information is when acquiring an asset, we can plug in the per square foot numbers from the data to build a budget simply and easily, once we locate our size and type of building in the platform.”

Benchmark reporting plays a vital role in helping property managers effectively manage their properties by providing valuable insights, facilitating comparative analysis, aiding budgeting and financial planning, enabling performance tracking and accountability, and facilitating data-driven decision-making. By leveraging the information and analysis provided by these benchmark reports, managers can optimize their management strategies, enhance profitability, and position their properties for long-term success in the competitive real estate market. Get started by creating your own benchmarks. Purchase benchmarks now from the 2022 dataset and boost your property performance.

Don’t forget that submissions are open for the next benchmark dataset. Enter your multifamily, office, industrial, and other assets into the platform- it takes less than 5 minutes. And if you have more than 20 properties, the Lobby CRE Success Team will upload your T12 reports for you— free of charge. Data submission is open until June 28, 2024. And remember, your data is always anonymous. Every person who submits data will receive one free benchmark when we release the new dataset with your information. Submit your data today.

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