Lyra Intel™ Launches Smart Retention™ Feature for Multifamily Market Enabling Properties to Track Renewal Intent in Real-Time
New feature developed specifically for property owners and managers will enable properties to automate the process of resident retention
CHARLOTTE, N.C., Nov. 30, 2018 /PRNewswire/ -- Lyra Intel™, the fastest growing technology solution in the commercial real estate industry, today announced the significant expansion of its business intelligence platform with the launch of a new feature specifically for the multifamily market – 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."
Smart Retention is currently available at no additional cost to Lyra Intel customers. Launching in July 2018, Lyra has quickly become the fastest growing business intelligence solution in the commercial real estate industry boasting more than 225 customers in 32 markets across the U.S.
About Lyra Intel:
Lyra Intel is a commercial real estate tech startup and business intelligence solution built for CRE professionals by CRE professionals. The Lyra solution was created out of a need for better information to influence decisions at the commercial property level. By designing the solution around our own needs, we've reinvented the entire process of fact finding and problem solving for property owners and managers across the market.
SOURCE Lyra Intel
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