DEELS Properties is a renowned leader in apartment and commercial operations with a portfolio concentrated in Los Angeles. Its portfolio is comprised primarily of apartment buildings. DEELS strives to provide superior apartment homes and service with quality living to all its residents. DEELS communities are carefully selected and most were developed by the company.
Prior to implementing Yardi RENTmaximizer in 2015, DEELS used spreadsheets, market surveys and traffic reports to set rents. According to Noam Hameiri, Senior VP of Operations at DEELS, “The process of using paper reports was cumbersome. It did not allow us to be as adaptive as we would like to be. And because it took a lot of time to compile the data, we only adjusted prices once per month.”
RENTmaximizer utilizes rental pricing technology that leverages both property history and market comparisons to generate best rents in a way that is transparent to the property manager. The open calculation method, along with market data and analytics, helps DEELS make effective pricing decisions across its portfolio.
RENTmaximizer leverages DEELS’ property data in Voyager to drive revenue with clear, comprehensive metrics focusing on rental income, concessions, occupancy and rental rates — not just pricing.
Having a mathematical pricing process that determines and adjusts prices based on real data and ever-changing market conditions was critical for DEELS. According to Hameiri, DEELS now adjusts prices daily based on a set of criteria and formulas that streamline the process. The result is up-to-date prices that take into consideration supply and demand broken down by traffic, competitor rates, vacancies and notices.
Thanks to RENTmaximizer, applicants can review available units online with different price options based on terms and move-in date. Hameiri commented, “We find that applicants accept our prices even more now. Same for renewals. Current residents can see our prices online, and we can offer them different prices for different terms, which has improved our renewal rates.”
DEELS also uses Yardi Matrix for automated market surveys that are critical to its price-probing process. Staff members see new pricing tables reflected on the company website and on the RENTmaximizer dashboard every morning. Hameiri says it is much easier to use price tables and a calculator tool to enter different move-in dates and terms to see the available prices.
Hameiri added, “Picking my favorite thing about RENTmaximizer is hard. In my opinion, the price transparency for our staff and clients, the speed and adaptability of the system, the extensive reporting and the weekly phone call with our dedicated RENTmaximizer expert are some of the best parts of the system.”