Lyra Intel™, a growing technology solution for property owners and managers for their commercial real estate, has recently announced the expansion of its business intelligence platform along with the launch of a new feature focused on the multifamily market, the feature has been dubbed Smart Retention™.
Smart Retention has been developed in response to the evolving needs of property owners and managers and enables them to engage and respond to resident renewal interest faster, significantly accelerating the leasing process.
Smart Retention offers an intuitive, hands-off approach to resident retention, completely removing the manual effort required of property teams by generating automated workflows within an easy-to-use dashboard. It intuitively categorizes residents based upon key criteria at critical intervals leading to lease expiration and targets each resident with messaging based upon their behavior in and around their community.
The proprietary feature automatically translates live data and sends a notification within the dashboard to the property identifying resident intent, allowing property management to negotiate concessions faster, track unit demand, and collaborate in real-time directly with their teams.
To date, Smart Retention has proven to increase resident retention on average 10 percent and save customers on average $84,330 in annual cost savings. These findings have been submitted in research format for industry peer review.
"No matter what a community's retention rate is, turnover is expensive – nearly five times more than it costs to keep a resident. The fact of the matter is nearly half of all residents will leave a property during the course of a year," said Rob Finlay, Lyra Intel founder and CEO. "Smart Retention provides direct visibility into resident renewal intent and automates the property's ability to take action faster, saving properties valuable time and money."
Lloyd Jones, LLC, a top property management company based in Miami, FL, turned to Lyra Intel to help increase retention rates across the 20 properties it manages in the U.S. Following the implementation of Smart Retention, the company experienced a 10.62% increase in retention and $89,559 in cost savings.
"Resident turn has increasingly become all too common in the multifamily market mostly due to a lack of visibility and tools to proactively combat it," said Ailda Alushi, Asset Manager, Lloyd Jones. "With Lyra Intel's Smart Retention we no longer look at turnover as a cost of doing business, but now combat it head on. The increased value of our properties and the cost savings we've experienced after its implementation have been a gamechanger for us."
There is no additional cost to use Smart Retention at this time. Lyra had launched back in July of this year and since has become among the fasted growing business intelligence solutions in the commercial real estate industry. The company currently has over 225 customers in 32 markets across the United States.
SOURCE Lyra Intel
Edited by V. Haviland
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