Multifamily operators benefit from the experiences of revenue management users in other industries. Lodging, in particular, is a similar enough business that both the parallels and the differences are readily obvious, and don’t take away from gaining deeper insights into a statistical approach to pricing and demand management.
Below are selected videos taken from a presentation given by Kathleen Reidenbach of Kimpton Hotels. In the short videos, she shares revenue management practices and strategies used by the lodging industry and draws parallels to the multifamily industry.
Revenue and Market Share Lift from Using Revenue Management
Kathleen Reidenbach, Vice President of Revenue Management and Distribution for Kimpton Hotels was kind enough to speak at length to the 2008 AIM Conference. Her presentation detailed Kimpton’s increased revenue and market share from revenue management, how they optimize pricing using demand information, and the deep integration of marketing with revenue management and the staffing required to reach the right customers with the right offers at the right time.
For those interested in managing advertising in social media, the last video will be especially useful as she details how they use public feedback from ratings sites as a management tool, and how Kimpton manages their brand reputation in an environment with customer-generated content.
Reidenbach’s complete presentation is available on this site to view. Above and below are four video excerpts of some of the most directly applicable lessons she shared with the multifamily industry.
Revenue Management Staffing and Infrastructure
Automatic Distribution of Pricing
Across Marketing Channels
Reputation Management – Customer Ratings and Comments
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