Five million SEK in reduced rent loss - this is how Mimer did it

“We have had great results! We have been able to work so much more concentrated with our vacant apartments.
Apartments don't fall through the cracks like they used to - we have a clear view of each apartment because it's in Homepal. We get both a really good overview but can also dive deep and analyze why a certain area tends to have more vacancies, for example. Homepal has had a huge effect.”

- Amanda Öholm
Leasing Manager, Mimer

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Background and challenges

When the market changed towards tougher times, new challenges arose for Mimer, Västerås municipal housing company. Mimer's rentals had previously run like an assembly line - the apartments basically rented themselves out. With the new market situation, the situation changed quickly.

The number of vacant apartments increased rapidly and the leasing agent at Mimer found it difficult to get a coherent overall picture of the rental and vacancy development over time.

Difficulties in making quick decisions and adapting the way of working to market needs became apparent, as more time, creativity and skills were needed to get the apartments rented. However, up-to-date data was lacking, leading to a reactive approach where interventions often came too late.

These challenges contributed to unclear responsibilities and objectives, making it difficult to work effectively. It was clear that something needed to be done to gain control and structure the work.

The need for a clear overview

To turn the situation around, a structured overview of lettings and vacancies was needed. Without a tool for data collection and analysis, there was a high risk of wrong decisions being made, or decisions being made too late.

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The goal setting

With this in mind, colleagues at Mimer gathered to agree on a clear set of objectives that covered both performance and organizational goals. The following objectives were identified:

• Create a faster rental flow, from terminated apartment to new contract.
  

• Increase ownership, competence, mandate and commitment throughout the rental process.
  

• Work in a data-driven way with careful follow-up and flexibility around each property.
  

• Deepen cooperation with the management.
  

• Create a unified communication so that everyone speaks the same language internally.

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More than SEK 5 million (-40%) in reduced rent loss in 11 months with the help of Homepal

The rental team at Mimer started working with Homepal in January 2024. Compared to the same period last year, the rental team at Mimer has reduced rent loss by approximately SEK 5,150,000, which corresponds to 40% - in just 11 months.

! Such a change could theoretically increase the value of the property by millions of dollars, although this depends on more factors than just rental income.

What Mimer did to achieve the results

By working closely with Homepal, Mimer has been able to introduce a more efficient and structured way of working.

1. Clear goal setting
   Preparation is important! Clear and measurable goals for rent loss and vacancy rate together with the possibility to follow up carefully creates even more commitment.
   

2. A data-driven approach
   Mimer now works in a series of dashboards that provide a clear overview of the rental situation, where the areas that need focus can be easily identified. With the ability to dive down to the level of detail in specific objects, it became easy to keep track of each apartment, so that nothing falls between the chairs.
   

3. Simplified and escrow leads with a responsible person
   One challenge was blocked objects in general and blocking leads in particular. Blocking instructions were numerous and unclear, leading to a lack of clarity and items falling through the cracks. By simplifying with fewer, clearer blocking instructions, and by assigning a person responsible for each blocking instruction, Mimer gained better control and follow-up over blocked objects. The loss of rent has decreased thanks to the ownership of each block.
   

4. Clear overview
   Even before Homepal, each leasing agent was responsible for a specific district, which makes it possible to get to know the properties and customers in depth. In addition, leasing agents have a mandate to make decisions on issues related to their districts, which increases ownership and commitment. In Homepal, leasing agents can filter their view to show only their own districts and associated properties, to quickly find areas of focus.
   

5. Strengthened cooperation with the management department
   The leasing agent responsible for a specific area attends weekly joint district meetings where the letting agents and management discuss specific sites and areas in need of intervention. With Homepal as a basis, everyone looks at the same information and “speaks the same language” internally. Together, management and landlords can work more proactively by anticipating vacancies and dealing more quickly with more difficult rental properties.
   
   The increased collaboration has contributed to improved visibility and strengthened internal communication. With everyone in the organization having access to Homepal, the platform becomes a common ground for consistent communication and understanding - reducing the risk of misunderstandings.

Did you know that many of the ready-made rental dashboards found in Homepal's catalog come from the work we did with Mimer? “They walked so you could run”, as they say.

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Then and now

Then...

• Lack of overview and structure: rent shortfalls and vacancies were handled reactively without updated data, leading to late interventions and inefficient work.

• Unclear responsibilities: Roles and mandates were not clearly defined, leading to confusion and lost items.

• Difficulties in follow-up: Without good system support for follow-up, analysis and identification of focus areas became a difficult process.

• Lack of cooperation with the administration: Internal discussions lacked structure and were more sporadic.

Now...

• More efficient work processes: Clear objectives, data-driven insights and structured follow-up have given the leasing team the right tools to work proactively.
  

• Clearer accountability and commitment: Letting agents have been given responsibility for specific districts, which has strengthened their ownership and decision-making authority.
  

• Data-driven and proactive approach: Homepal gives the team real-time insights into vacancies and allows them to quickly take action where needed.
  

• Improved internal communication: A common platform allows the whole organization to share the same information and language, strengthening collaboration between leasing and management.