Since 1985, Portland-based Dalton Management has provided hands-on property management services for its growing portfolio of properties in Portland and Western Oregon. To remain competitive, Dalton realized it needed to optimize its approach to rental pricing and lease management.
Lack of Insight into Pricing and Leases
Disparate software solutions and a lack of transparency into rental pricing and lease management exposed Dalton to revenue loss. Dalton was leaving money on the table — and also struggling to retain residents. Additionally, too many lease expirations in a single month cost Dalton both money and occupancy.
Dalton sought to consolidate its business practices and operational data on the Yardi Voyager® property management and accounting platform. This led them to choose RENTmaximizer, a dynamic revenue management system seamlessly built into Voyager. RENTmaximizer is 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.
Turnover Decreased 20% — and Rents Increased
According to Jeffrey Denson, CFO at Dalton, “the best thing about RENTmaximizer is that it allows us to consolidate our business practices in one system, which enables us to optimize operations portfolio wide. It also takes lease management into account, so pricing is based on lease expirations and we can avoid having too many in one month.”
With RENTmaximizer, Dalton also gains visibility into rental pricing including benchmarking and market comparisons. Without that insight, they were losing money at a property where rents were priced too low.
Denson added that Dalton also highly values the unique support of a dedicated revenue analyst included as part of RENTmaximizer services. The Yardi analyst helps keep their staff engaged to continue to make the most of the solution.