Condo Analytics Matter

November 2018

Analytics are crucial to the success of condo communities.  They help identify what works, what needs to work and how to best utilize funds.  They document what is happening rather than what some believe is happening.

Doctors rely on analytics to measure cholesterol and blood sugar.  It is only through measurement that one can know if they have diabetes or high cholesterol.  This knowledge allows individuals to take action before such problems can cause them damage.  Cities measure traffic flows, transit use and service backlogs.  This information is used to improve services of all types.

Condo communities make extensive use of analytics, through its vendors, to measure and detect problems:

• Engineering services can detect infrastructure degradation and failure
• HVAC and air quality specialists can identify air quality problems
• Odour control specialists can identify the source of, and deal with, bad odours
• Sound control specialists can identify the source of noises, measure their impact and provide solutions
• Water leaks can be tracked down and dealt with
• Contractors resolve mechanical and electrical problems
• Emergency fire services are maintained so they work during an emergency
• Energy services measure energy usage and aid cost reduction efforts
• Restoration services detect and deal with hazardous material

Analytics is the process of capturing, interpreting and communicating useful information so better decisions are made.  Condo corporations can utilize analytics to monitor the health of their business and improve condo life for residents.  Condominium managers can rely on systems to document and quantify resident complaints and concerns.  These tools help identify actual problems thus avoiding the cost and time of dealing with perceived problems.

Benefits of analytics include better decision-making, more efficient staffing, improved management and an ability to make more reliable predictions:

• Tracking usage of common areas makes it possible to identify underutilized amenities that may warrant upgrade or replacement
• Monitoring traffic flow in a building can help identify quiet or busy periods where staffing should be adjusted
• Tracking resident complaints or concerns help identify growing problems
• Tracking water leaks, reason(s) and repair cost can identify worsening water problems
• Measuring water and energy use is the first step in establishing targets and reducing these expenditures

Analytics is a necessary first step in determining when it is time to seek a more permanent solution to growing concerns.

Condo directors can and should utilize analytics to show residents where the corporation is today in terms of any tracked data and if the current trend or direction is good or bad.

Analytics reduce guesswork by providing real information about what is working for a condo corporation, what requires more attention and where funds can be best utilized.