Standard Communities x HappyCo: Multifamily Data Done Right
Bonus
Fewer onsite visits to clarify issues keeps down operating costs, too!
Bonus
Fewer onsite visits to clarify issues keeps down operating costs, too!
Standard Communities, a leader in multifamily housing, manages over $4 billion in assets and 19,000 units. Serving over 45,000 residents nationwide, it ranks among the top 20 owners of affordable housing in the U.S. and is committed to providing high-quality, sustainable housing as a Certified B Corporation.
Multifamily owners, especially those in affordable housing, need access to the right data at the right time to make critical decisions. When Standard Communities wasn’t getting high-quality, reliable data, they turned to HappyCo for help.
Let’s face it: The multifamily industry is a little bit (okay, a lot) change-averse. Using pen and paper to keep track of work orders and sifting through handwritten due diligence notes happens a lot more often than we’d like.
But, for Standard Communites, an affordable housing provider with communities in 16 states across the country + Washington, D.C., disparate, antiquated systems weren’t going to cut it.
Before HappyCo, Standard was having a hard time getting anything but sub-par information from their property management partners. They’d hear there was a problem where the door of a particular unit was rotted and only include a picture of the unit number—not the decayed door. When this happened, Standard would physically send someone onsite to figure out what was actually going on—or, deal with a tedious back and forth.
These subsequent requests were costing valuable time and money, and the way Standard was working was incredibly inefficient. They were getting dozens of different submissions from each management partner. Some days, it even felt like they spent more time reviewing reports than working on ways to provide high-quality housing to their residents.
The need for a comprehensive, scalable solution to manage portfolio-wide data became crystal clear.
To Scott Alter, Co-Founder and Principal of Standard, “good, quality data equals confidence in essential decisions.” Having to track down paper records from 119 communities before portfolio-wide decisions could be taken wasn’t up to par.
According to Scott, a good property management company is defined by three things: “Good software, good systems, and good data.” As a multifamily owner, Standard needs the quickest and cleanest data to be readily available.
“More data is better. The more we have at our fingertips, the better and quicker decisions we can make. One of the things Standard has focused on across all of our management companies is having the same software products and the same types of systems, so that it’s easy for us as owners to make difficult and important decisions.”
- Scott Alter, Co-Founder and Principal at Standard Communities
When the right systems are in place that eliminate roadblocks and give owners direct access to portfolio-wide data, it’s infinitely easier to analyze trends across properties, identify communities that need attention, and take necessary actions.
Owners need this data at a portfolio level, and at a granular, unit-by-unit level, too. It helps with visibility and drilling down into particular metrics, but it’s also necessary for compliance purposes. In affordable housing, owners are often scrutinized under specific physical compliance requirements for HUD-subsidized housing—they need the data to show that they’re following regulations.
The core mission of Standard Communities is to provide high-quality, sustainable homes that give residents the opportunity to build a better future. Without rich, transparent data, multifamily owners are blind to what’s really going on at their properties.
When asked to find a data management solution to roll out portfolio-wide, Nathan Munz, Managing Director of Asset Management at Standard Communities, knew just who to turn to—HappyCo.
From Nathan’s previous experience with HappyCo, he knew the platform would be a permanent solution—it checked all the boxes for what they needed now, while also being fully customizable for future pivots in reporting needs. Though the team briefly tried another multifamily platform, they found that HappyCo was far more user-friendly and tailor-made.
Standard has 10 managing partners across the country—so change management was a big concern. But, in an attempt to standardize reporting and software, they used HappyCo as a guinea pig and have asked all their managed properties to use this tool. Happily, they’ve reported a high level of success with the roll-out.
In today’s world, data is king, and with HappyCo, the team at Standard Communities feels like multifamily royalty every day.
Standard relies on HappyCo reports when reviewing inspection results across management partners—everything from routine, bi-annual unit inspections to their fire and life safety programs is managed through the platform.
“Completion of periodic fire and life safety inspections by our property staff has increased 15% YTD in our stabilized portfolio. This speaks to the platform’s ease of use, allowing our teams to quickly document critical fire and life safety inspections that help ensure we’re providing safe, quality affordable housing to our residents.”
- Nathan Munz, Managing Director of Asset Management at Standard Communities
Where they struggled with getting quality information from construction teams in the past, they now get robust reports complete with pictures, thanks to HappyCo’s integrated photo setting. Nathan cited HappyCo specifically comes in handy when dealing with larger liability or CapEx concerns, sharing, “When we can see reports with inspection photos all in one place, it helps us make better decisions from afar.”
“HappyCo has the best way of measuring and providing the data we need. In past situations, systems were antiquated and not at the level that HappyCo can provide.”
- Scott Alter, Co-Founder and Principal at Standard Communities
Their communication across management partners has improved, too. Having instant access to the exact level of detail they need on a property-by-property basis reduces the amount of time that Standard’s team spends going back and forth with their partners. And, their partners have cleaner, more accessible data, too. It’s a win-win!
“Being able to get the information we need in a timely, routine basis is everything. HappyCo has streamlined communication between all of our management partners to where we’re able to see exactly what they see and pivot and make adjustments as needed.”
- Nathan Munz, Managing Director of Asset Management at Standard Communities
Standard’s top priority is making the best decisions for their communities that will positively impact their residents' lives, but it has to start with a solid foundation. When asked about AI and other emerging technologies, Scott said that his first concern is tackling inefficiencies. “There’s still much that’s handwritten, and people waste so much time filling out paperwork,” he shared. That has to be remediated first.
Nathan is prioritizing streamlined communication with Standard’s 10 management partners. He wants to find innovative ways to standardize all reporting done portfolio-wide, and HappyCo has been a key partner in that initiative so far.
Thinking about 2024, Scott and his team will be focusing on systems—making sure they have the right processes and software in place to get the data they need, when they need it. HappyCo will continue to be a key partner in achieving that goal.
Please note that positions and personnel mentioned in our customer stories may change over time as individuals transition within or leave the company.
Please note that positions and personnel mentioned in our customer stories may change over time as individuals transition within or leave the company.
Standard Communities is an owner and developer of affordable, senior, and workforce housing with nearly 19,000 units and $4 billion+ in assets under management. They are committed to providing high-quality, healthy, and sustainable housing.
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