3 Reasons Why

By on May 17, 2018 in Technology

Think you’re getting top dollar for your units? Odds are, you can be doing a lot better if you were working with a revenue manager. All Yardi RENTmaximizer users get a designated revenue manager to help them identify best practices for the highest revenues—even with those hard-to-move units.

The role of a revenue manager is to first understand the asset, then the company’s goals for the asset. Is it a long-term hold or short-term sell? Do you want to improve occupancy or increase rates? Your revenue manager will work with you to understand your objectives.

Your revenue manager can then offer insights and suggest ways to attain your goals based on different rules and settings in RENTmaximizer. Together, you can monitor the property to make sure that you are achieving your goals.

When you work with a revenue manager, three things happen in your favor.

  1. You make the best decisions for your property based on accurate data, not just competitor behavior.

“One of the most common mistakes is feeling the need to follow the competitor,” explains Tracy Hollins, Senior Technical Account Manager, CSD at Yardi. “Just because they dropped their rates does not always mean that you should.  They could have other issues causing lower occupancy where your property is performing just fine.”

  1. You gain access to historic data as well as current activity and emerging trends.

“Another mistake is making assumptions based on what happened last year,” says Hollins. “Things are always changing and while historical information is important, you must not neglect what is happening now.”

For example, don’t rush to make changes just because last summer was a very hot market with lots of leases. That doesn’t mean this summer will be the same.  Current trends play a huge role in savvy revenue strategies.

  1. You really understand how occupancy affects revenues.

Hollins adds, “One of the other mistakes is thinking that more occupancy is my main key to increased revenue.  You can actually have a much higher revenue with lower-than-usual occupancy and more qualified tenants.”

Your revenue manager will schedule weekly or biweekly calls with your team. Each call highlights trends at your property and the market. With that information, you can proactively make effective adjustments to marketing, pricing, and other factors.

More Ways to Save Time & Money

In addition to wiser pricing decisions, revenue managers can help you save money in other ways.

“Your organization does not need to hire a lot of extra employees to watch over your sites when you have a revenue manager analyzing all of the data for you across your portfolio,” says Hollins.

The revenue manager is your convenient, single point of contact for the Yardi RENTmaximizer product. If you have a question when that person is unavailable for any reason, you can contact the group email address and have your question answered by another team member.
“We make it easy to take care of clients concerns without delay,” says Hollins.

To learn more about RENTmaximizer, join a webinar.