The Company
Westlake, Ohio based Banyan Living provides innovative property management for communities across the state of Ohio, with a focus on first class amenities and high quality customer service.
The Challenge
Manual Rental Pricing
Pricing properties without market insight and transparency into their inventory and rental performance led Banyan Living to seek out an integrated revenue management system. Specifically, hard-to-price properties and inflexible lease terms were costing Banyan Living revenue and leasing opportunities.
The Solution
Yardi RENTmaximizer
Yardi RENTmaximizer is a dynamic revenue management system designed to maximize rental revenue by targeting the specific goals for each asset, and to optimize performance using real-time traffic, inventory and market conditions. The system provides complete visibility into rent movement, financial and operational performance, and helps clients know their market — including every comp and how they compete. And because it’s built into the mobile Yardi Voyager platform, RENTmaximizer can be accessed from smartphones and tablets, using any browser
The Story
Flexible and Automated Rental Pricing
Banyan Living chose Yardi RENTmaximizer for profitable pricing built into Voyager. According to Amanda Smeltzer, executive director, RENTmaximizer delivers consistent results in both occupancy and rental income growth — even for properties that previously struggled to attract and retain residents. And since Banyan Living uses RENTCafé for property marketing, RENTmaximizer automatically populates current rents for every listing.
Banyan Living also values the flexibility of RENTmaximizer to offer multiple pricing options. Smeltzer commented, “We’re able to offer more pricing options to our residents now, and find the ‘sweet spot’ for each property that gets us more leases. Prior to RENTmaximizer, we didn’t offer short-term leases. Now we do, not only for renewals, but also for new leases.” As a result, Banyan Living has seen positive rent growth.
Smeltzer added that Banyan Living appreciates the unique control they have with RENTmaximizer, including customization features that other revenue management systems do not offer.
