Improve Your Property Management Business with Embedded Analytics
Introduction
Acquiring new tenants, boosting property sales, and earning more profits are the key goals of every property management company. Since the business involves a lot of customer interaction, companies will accumulate loads of data over time. By analyzing that data properly, they can get insight into what is working well and where they need improvement. The path to their goals becomes clearer and data-driven.
Embedded analytics makes understanding company data much easier by putting all the key information you need in one location. A property management dashboard helps you view all your crucial data as it is updated. In this blog, I will explain what embedded analytics is and how it will improve your property management business.
What is embedded analytics
Embedded analytics is integrating analytical solutions and data visualization capabilities into a software application’s user interface to improve data comprehension and usability. Bold BI helps you easily embed an analytics solution into your everyday work applications using a JavaScript SDK and server application. It also enables you to reduce dependency on IT teams and delivers all the insights you need to improve administrative and workforce outcomes.
Benefits of embedded analytics in property management
Embedding analytics in your software application is essential in property management, enabling employees to have easy access to key metrics. I am going to discuss the benefits of embedded analytics in property management:
- Increase customer satisfaction.
- Boost property rentals.
- Improve analytics capabilities.
- Gain a competitive advantage.
Increase customer satisfaction
Metrics such as tenant feedback and tenant turnover, let you know how many tenants are satisfied or not with your properties and why. Using reasons from the positive and negative feedback, you can improve or regenerate your property to meet tenants’ expectations. Improving your property will help you retain good tenants, which equals more revenue.
Boost property occupancy
Embedded analytics helps you to track key metrics like the total spent on managing your properties, occupied and vacant counts, and occupancy rate in your application. You will note the ratio of the number of occupied properties to the total properties. Analyzing this information is helpful in pinpointing some of the causes that lead to having fewer or more occupied properties. The property managers can then make changes to attract new tenants and increase occupancy.
Improve analytic capabilities
Embedded analytics is useful in terms of making budget analyses and viewing property management updates daily. Monitoring metrics like the repair, maintenance, and management costs of the property helps the management better assess budgetary allocation. Keeping an eye on repair trends on particular properties will inform property managers of what preventative maintenance may be required to cut down on later repair costs. This sort of assessment helps you cut down on unnecessary spending and increase profitability.
Gain a competitive advantage
Embedded analytics helps you track the trends in your business using metrics such as revenue and cost overview and rent arrears count. With the insight acquired from these metrics, you can understand more about the company’s performance. You can introduce special offers to potential tenants, such as giving initial discounts on rent, at times of year you usually see less traffic, so that your approach to customers is more appealing. Knowing when and what kind of special offers to advertise to potential tenants will help you gain an advantage over your competitors.
How to embed analytical tools in property management domain apps
Let’s see how analytics can be embedded into your property management web applications. Bold BI can embed your dashboards in more than 18 web platforms, including React with ASP.NET Core, React with Go, WinForms, Node.js, Vue with Go, Vue with Core. In the rest of this blog, I am going to explain how to embed dashboards into an Angular application.
Consider a scenario in which your company has a website like the one shown in the following image.
You can embed dashboards easily using Bold BI and avoid building an analytics or BI solution yourself. Follow these steps to embed your dashboard successfully.
Prerequisites
Download and install the Bold BI server in your local machine and create a dashboard. You can find the installation and deployment steps in our documentation.
Step 1: Create an Angular application.
To successfully embed a dashboard in your application, you first need to create an Angular application. Create a new Angular project in Visual Studio Code and add the necessary TS files to the project as shown in the following image.
For more guidance, refer to the sample code in the Bold BI documentation.
In this demonstration, the Angular application acts as a client, and an ASP.NET Core application acts as a server. You need to add several properties in the app.component.ts file, as shown in the following table and screenshot.
RootUrl : Bold BI dashboard server URL. Example:http://localhost:58094/bi.SiteIdentifier : For Bold BI, it should follow the format `site/site1`. For Bold BI Cloud Analytics Server, it should be an empty string.Environment : Your Bold BI application environment. If using Bold BI Cloud Analytics Server, you should use `cloud`. If using Bold BI, you should use `enterprise`.apiHost : An ASP.NET Core application would be run on http://localhost:5000/, which needs to be set as `apiHost`.
Step 2: Create a Bold BI instance.
After the Angular web application is created, you need to create a Bold BI instance to communicate between the server side (any web application) and the client side (Angular application), which allows us to embed a Bold BI dashboard in the Angular application.
Step 3: Create an authorization server to authenticate the Bold BI server.
Every application that embeds a Bold BI dashboard or widget must be authorized with the Bold BI server. This authentication step requires sending confidential information to the Bold BI server, such as users’ email addresses, group data, and embed signatures. So, in your server application, implement this authentication flow and provide the URL for connecting to your server in the Bold BI instance.
Step 4: Run the Angular application to view the embedded dashboard.
In the Angular application, update the authorization URL and dashboard URL that were defined in the ASP.NET Core application. Finally, you can that see the dashboard created in the Bold BI server is embedded in your web application.
To learn more about embedding dashboards into your Angular applications, refer to this blog. You can also download the sample code used in the previous steps from our documentation.
Bold BI’s property management dashboard example
Property Management Dashboard
Embedding a property management dashboard helps the property owner or property manager view their properties’ revenue details such as net income, total expense, and loss due to vacancy. You can also view reports by month for the amount you spent on managing the properties. The occupancy rate and tenant turnover metrics are used to learn about business progress. Examining tenant satisfaction details, you can upgrade your business appropriately.
Key metrics
Loss due to vacancy: This metric shows the amount estimated lost due to vacant units on the property.
Vacated tenants’ feedback: This pie chart displays the feedback provided by tenants who have left recently.
Tenant turnover: The percentage of tenants who vacated the property.
Total amount spent on managing the properties: This chart shows the total cost of each property.
To learn more about the metrics and KPIs used in this dashboard example, refer to the Property Management Dashboard demo.
Conclusion
Bold BI helps you integrate dashboards in your applications written in ASP.NET Core, ASP.NET MVC, ASP.NET, and Ruby on Rails. It will save you time and prevent you from doing redundant work. Click this link to explore its features. To learn more about embedding dashboards into your application, refer to this blog and our help documentation.
I hope you now have a better understanding of Bold BI and how it can help businesses in property management be more successful. You can create a dashboard any way you like with Bold BI’s 35+ widgets and 130+ supported data sources.
Get started with Bold BI by signing up for a free 15-day trial and create attractive, interactive business intelligence dashboards. You can contact us by submitting questions through the Bold BI website or, if you already have an account, you can log in to submit your support question.
Originally published at https://www.boldbi.com on January 27, 2022.
