The apartment industry is about to get an in-depth look under the hood of the YieldStar Price Optimizer revenue management solution.
Attendees of “RealWorld 2010,” the new moniker for multifamily software maker RealPage’s annual user conference, will learn how Price Optimizer works in at least three different sessions.
Topics range from “Revenue Management 101” to “Eliminating Concessions” and focusing on best practices to get the most out of revenue management technology.
YieldStar Price Optimizer, which helps set prices for approximately 700,000 units nationally according to this post from Keith Dunkin, vice president of business development and client services at YieldStar, is one of two major revenue management solutions used in the multifamily industry today, along with the Rainmaker Group’s LRO software package.
You can check out the complete run down of RealWorld 2010 revenue management sessions, to be held in Las Vegas July 25-27, here. (While a session on the business side of the senior living market was originally cast in the revenue management track, and highlighted in this column, RealPage has re-categorized it as a general session on its Web site.)
Speakers include a veritable who’s who of apartment pricing pros, including UDR’s Chris Long, Greystar Realty Partner’s Tom Bumpass, Archon Residential’s Mark Van Tilburg, Camden Property Trust’s James Flick, Berkshire Property’s Ken Catmull and Trammell Crow’s Susan Vickery.
With that kind of star power, RealPage says attendees will see how revenue management can help properties reach their potential, while achieving premiums of two to five percent over market performance.
That range is just slightly higher than the two to four percent spread typically cited for revenue management in the apartment industry. But it’s also not surprising that RealPage is one-upping the revenue management ceiling this year, given the momentum many owners and managers are starting to see as the recovery takes shape.
Colonial Properties Trust, for instance, an LRO user, recently said it intended to push rents 7 to 16 percent at selected properties using its revenue management tools.
After this MultifamilyRevenue article highlighted that trend, Keith Dunkin, RealPage’s director of business development and client services, commented that YieldStar users were also experiencing a lift in the current environment.
“Now that markets have begun to turn, we have seen aggressive rent increase recommendations becoming more prominent and are confident that the Revenue Management systems will help to lead the market back up,” Dunkin wrote on the LinkedIn Apartment Pricing Professionals group. “In the latest ‘down market’ YieldStar partners benchmarked their performance to non-YieldStar assets and 3rd party data providers and are seeing an average effective revenue premium of 3 percent plus, with some experiencing several points above.”
You can see Keith Dunkin’s full comments on the LinkedIn group, here.
Are you a YieldStar or LRO user? What results are you seeing in this environment? Let us know on the LinkedIn Apartment Pricing Professionals page.
