Wood Partners goes beyond giving people a better place to live: distinctive communities of lasting value are created, a solid return for investors is delivered, and a culture of respect and empowerment is forged for its employees. Wood Residential Services, the in-house division of Wood Partners specializing in property management, highlights a unique aspect of the company’s culture: its desire to continually improve.

Executive Summary:

Part of the core culture at Wood is empowering associates to act as owner-operators and achieve maximum results. The ability to quickly and easily analyze competitive data directly impacts associates’ ability to make timely and meaningful decisions about their property’s performance. In analyzing the various platforms and methodologies used throughout the organization for gathering competitive data, it became apparent that there were significant challenges with ease-of-use and time spent gathering data, as well as a fragmented ability to export and marry data with internal systems. A better solution was needed.

BI:Radix was selected as the next-level market survey platform of choice for many of the company’s properties; through their ability to automate the process and present reporting in a simplified dashboard, Wood has seen enormous benefit:

Before Implementing BI:Radix

  • Cumbersome Excel spreadsheets and other market survey tools were used to capture and display competitive data
  • Site staff spent countless valuable hours collecting data via personal phone calls and email, as well as combing through ads
  • Reporting was manually generated and often complicated
  • Data accuracy and timeliness were inconsistent
  • Collaboration was difficult because there was no hub where different users could view and analyze the same data in real-time
  • Wood Partners saved about 75% of the man hours previously dedicated by automating the process of gathering competitive data (via the Survey Swap feature) and generating/delivering custom reports
  • The BI:Radix cloud-based platform created better data uniformity; on-site, corporate and ownership teams can now review and analyze the same data, real-time, to set strategies and improve performance
  • Presentation of analytics in a visual format enhanced trend analysis and ease-of-use, enabling more informed decisions regarding performance and pricing

What Property Directors Had to Say

The key for me is the simplicity of reporting and ease of use that BI:Radix provides. I can see what our pricing has been vs. competitors in an easily manipulated format, and can search back as far as I like. I also have the ability to export data in a format that works with our other BI tools, with many time saving features vs. what we were using before. It is much easier to spot input errors and see trends. Having such a clear picture of how rents are moving definitely impacts top line revenue.

I really like BI:Radix! Data entry is easy, and there are alerts if a figure is too far off from the previous week’s. That keeps us from making typos or using comp information that’s just a blatant lie. I love the ability to compare all our data with the other market surveys too, which many times Excel and the Yardi market surveys cannot duplicate. We can look at the entire history of a property’s performance in a snapshot.

Having a system that allows properties to share their weekly information is very efficient and saves so much time. Also, I love that you can pull the report in excel.

I really enjoy the weekly recap email showing what pricing changes were made over the last week vs. month. The color-coding makes it super simple to see the changes for our comps.

I no longer need to manually calculate concessions, track history, etc. It’s nice to open up and see the past, however long, and easily reference rent increases or reductions. Seeing your ranking at PSF or net effective is very convenient! If I had to call myself, it would take 3 hours of my time!