Property operations seem more unpredictable than ever. Margins keep getting tighter as owners demand more services and costs surge. Navigating this rapidly changing business environment requires a skilled, knowledgeable real estate manager—and in 2021, knowledge comes in the form of actionable data.
IREM is excited to offer that actionable data through Income/Expense IQ, a collection of interactive financial benchmarks for office buildings, conventional apartments, and industrial buildings. Benchmarks are available at the national level as well as for major U.S. markets at irem.org/tools/income-expense-i-q.
IREM has partnered with Lobby CRE, whose mission is to help real estate professionals find new opportunities in their portfolios with better access to data and analytics, and to offer a simplified digital experience. This dynamic combination brings you the power of data benchmarks to help prepare accurate property budgets, fine-tune property and portfolio performance, and empower teams to excel in the financial management of their properties.
National benchmark snapshots
First, a few data snapshots. The following tables present national benchmarks for the property types currently available in Income/Expense IQ. Benchmarks represent financial operations for year-end 2020.
National benchmarks can be a quick gauge for how your properties are performing. Just remember—not all markets are alike. Digging deeper into the data on the platform reveals significant variations based on geographic region, building age and class, and other variables.
Figures are presented in dollars per unit for conventional apartments and dollars per square foot for office and industrial buildings.
Exciting features and benefits
Income/Expense IQ has some exciting features and benefits, including
- In-platform comparisons
Configure your property’s T12s in monthly, quarterly, annual, or custom-defined periods and compare them to a benchmark in real time.
Tailor your filters to ensure the benchmark, and its results, accurately reflect your property’s attributes.
Get your team on the case by inviting them to the platform to collaborate, share data insights, and spot areas where you can improve.
- Live benchmarks
Income/Expense IQ technology recalculates benchmarks monthly to ensure newly added property data is captured. This allows you to unlock more granular benchmark configurations as the data pool increases.
With the new IE IQ tool, you can securely submit data to gain access to additional platform features. And submitting data doesn’t require manual spreadsheets and emailed data. You can easily auto-schedule reports from property management software (PMS) to automatically upload to the platform. IE IQ is compatible with PMS technology from IREM Industry Partners AppFolio, Yardi, Rent Manager, and several others.
Once you configure your property within the platform, property attributes are saved and T12s can be automatically scheduled monthly.
Security and privacy are top priorities. The Lobby CRE platform uses the leading encryption methods, so you know your data will be safe when you share it. And your data will always be anonymous when included in the final benchmarks.
Volatility in property operations is nothing new. What’s different is whether it’s you or your competitors who take advantage of the actionable data now available to manage that unpredictability. Income/Expense IQ from IREM is that actionable data.