The power of data and benchmarking in real estate management
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Property managers today understand that leveraging data strategically is essential for increasing efficiency, boosting revenue, and enhancing asset value. Data-driven decision-making has become a core skill for today’s professionals, and IREM’s leading the way.
Managing data overload
With so much data flowing from so many systems, the biggest challenge isn’t lack of data - it’s making sense of that data.
Property management platforms, revenue tools, leasing CRMs, and utility tracking systems all operate in silos. One platform might update daily, another weekly. Each uses different metrics, and the lack of integration forces teams to patch together reports manually. The result? Time-consuming processes, inconsistent data, and decisions based on incomplete or unreliable insights.
This fragmentation limits your ability to see a clear picture of property and building portfolio performance and ultimately limits growth potential.
Standardization and benchmarking
To move beyond spreadsheet chaos and guesswork, property managers need more than just access to data; they need structure. That means:
- Benchmarking tools that offer apples-to-apples comparisons
- Standardized metrics across properties and systems
- Flexibility to adapt data parameters as business goals evolve
By creating a unified view of operational and financial performance, building operators can make smarter, faster decisions. They can see what’s working, what’s not, and how their properties stack up against similar assets in their market.
Building a data strategy
Just as you develop strategies for leasing, marketing, and cost control, your organization needs a clear data strategy. It starts with defining your goals:
- What insights do you need to grow your business?
- What KPIs matter most for your assets?
- Where are your opportunities for improvement?
Once goals are set, you can begin collecting, organizing, and visualizing data with intention. The right analytics tools make this data accessible to your team, empowering them to identify trends and recommend improvements—even if they’re not data experts.
Benchmarking with IREM Income/Expense IQ
IREM is helping property managers build a data-driven culture with Income/Expense IQ, a powerful benchmarking tool that provides insights into how your properties compare to others in your market. Submit your data and unlock performance comparisons across income and others in expense categories, organized by asset type and region.
- Company-level access: Multiple users can input data and generate reports within your organization.
- Streamlined data collection: In partnership with Lobby CRE, we’ve made the process faster, easier, and fully anonymized.
- Hands-on support: For portfolios with 20+ properties, our client success team can help with onboarding and data uploads.
Since 2023, we’ve expanded our reach by incorporating data from BOMA International, the National Apartment Association (NAA), and continued contributions from IREM members. The result? Broader, deeper benchmarking that works for every type of property and team.
Why it matters now more than ever
In today’s competitive landscape, instinct and outdated reporting won’t cut it. Data analytics isn’t just an advantage - it’s a necessity.
With accurate insights, you can:
- Maximize net operating income
- Enhance customer satisfaction
- Improve maintenance efficiency
- Identify underperforming assets
- Guide smart investment decisions
Real estate leaders who embrace data and benchmarking now will be those setting the standard for operational excellence and shaping the future of the industry.
Submit your data by July 28, 2025, and get a token for a free asset class in any MSA when the new dataset becomes available. See timeline details that make participating in the program a breeze. Learn more here.
