{"id":7516,"date":"2013-07-11T06:00:31","date_gmt":"2013-07-11T13:00:31","guid":{"rendered":"http:\/\/www.yardi.com\/blog\/?p=7516"},"modified":"2020-12-24T01:46:46","modified_gmt":"2020-12-24T09:46:46","slug":"revenue-management","status":"publish","type":"post","link":"https:\/\/www.yardi.com\/blog\/revenue-management\/","title":{"rendered":"Revenue Management"},"content":{"rendered":"<p>When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for operational change and minimize disruption, it\u2019s important to have a solid implementation strategy in place pre-launch.\u00a0 Organization-wide training on a new revenue management system is a vital means of empowering your staff to better connect with residents and colle<img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-7517 alignright\" src=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL-300x200.jpg\" alt=\"revenue trend chart on wall\" width=\"300\" height=\"200\" \/>agues.<\/p>\n<p>One key reason for having a training strategy in place has to do with the typical turnover experienced in the real estate industry. \u00a0If the property is running smoothly because the current staff knows the system but then new hires arrive, you must be nimble enough to train new employees quickly and ensure their understanding of the software is thorough.<\/p>\n<p>As Jennifer van Arcken, director of information systems for BSR Trust LLC, pointed out, \u201cThere are a lot of parameters to set up on each property and if something gets changed then it might not be giving you the right response.\u201d In short, the onsite team needs to know it is okay to pick up the phone and call their manager with concerns.<\/p>\n<p>Not only do managers and staff need to appreciate the system, but they also must know how to sell the pricing to prospects. Prior to the establishment of <a title=\"Revenue Management LinkedIn Group\" href=\"http:\/\/www.linkedin.com\/groups\/Yardi-Revenue-Management-5017079\/about\" target=\"_blank\" rel=\"noopener\">revenue management systems<\/a>, renters were sold on the bottom line. Now the question that matters is \u201cWhen do you want to move in?\u201d Prospects may be surprised at first when presented with lower longer-term rates based on an earlier move-in time frame. And they\u2019ll hopefully be incentivized to sign a lease to start almost immediately, even if they still need to vacate a former unit.<\/p>\n<p>Your prospects are savvier now, they understand how airlines and hotels operate and that prices will fluctuate. \u00a0Managers should see this as a time saving device. Without time spent compiling information on how they created their pricing, they, along with their leasing agents, can focus attention on customer service and resident satisfaction.<\/p>\n<p><em><a title=\"Aptly Spoken\" href=\"http:\/\/www.naahq.org\/read\/aptly-spoken-blog\/human-science-revenue-management\" target=\"_blank\" rel=\"noopener\">Read the rest of this post on the NAA Aptly Spoken blog<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for operational change and minimize disruption, it\u2019s important to have a solid implementation strategy in place pre-launch.\u00a0 Organization-wide training on a new revenue management system is a vital means of [&hellip;]<\/p>\n","protected":false},"author":442,"featured_media":7517,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_s2mail":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4],"tags":[589,538],"class_list":["post-7516","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-multi-family","tag-revenue-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Yardi Blog<\/title>\n<meta name=\"description\" content=\"When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for\" \/>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revenue Management\" \/>\n<meta property=\"og:description\" content=\"When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.yardi.com\/blog\/revenue-management\/\" \/>\n<meta property=\"og:site_name\" content=\"Yardi Blog\" \/>\n<meta property=\"article:published_time\" content=\"2013-07-11T13:00:31+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-24T09:46:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"850\" \/>\n\t<meta property=\"og:image:height\" content=\"567\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Yardi Blog Staff\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Yardi Blog Staff\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/\",\"url\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/\",\"name\":\"Revenue Management - Yardi Corporate Blog\",\"isPartOf\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg\",\"datePublished\":\"2013-07-11T13:00:31+00:00\",\"dateModified\":\"2020-12-24T09:46:46+00:00\",\"author\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/12d209262af43d800c30fba2abaa9d23\"},\"description\":\"When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for\",\"breadcrumb\":{\"@id\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.yardi.com\/blog\/revenue-management\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/#primaryimage\",\"url\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg\",\"contentUrl\":\"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg\",\"width\":850,\"height\":567},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.yardi.com\/blog\/revenue-management\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.yardi.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Revenue Management\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#website\",\"url\":\"https:\/\/www.yardi.com\/blog\/\",\"name\":\"Yardi Blog\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.yardi.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/12d209262af43d800c30fba2abaa9d23\",\"name\":\"Yardi Blog Staff\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4796c721c2ceb2c229dd6e9907b4e76da4dd06914020409d763157a7b7ed473e?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4796c721c2ceb2c229dd6e9907b4e76da4dd06914020409d763157a7b7ed473e?s=96&d=mm&r=g\",\"caption\":\"Yardi Blog Staff\"},\"url\":\"https:\/\/www.yardi.com\/blog\/author\/yardi-blog-staff\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Yardi Blog","description":"When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for","robots":{"index":"noindex","follow":"follow"},"og_locale":"en_US","og_type":"article","og_title":"Revenue Management","og_description":"When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for","og_url":"https:\/\/www.yardi.com\/blog\/revenue-management\/","og_site_name":"Yardi Blog","article_published_time":"2013-07-11T13:00:31+00:00","article_modified_time":"2020-12-24T09:46:46+00:00","og_image":[{"width":850,"height":567,"url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg","type":"image\/jpeg"}],"author":"Yardi Blog Staff","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Yardi Blog Staff","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.yardi.com\/blog\/revenue-management\/","url":"https:\/\/www.yardi.com\/blog\/revenue-management\/","name":"Revenue Management - Yardi Corporate Blog","isPartOf":{"@id":"https:\/\/www.yardi.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.yardi.com\/blog\/revenue-management\/#primaryimage"},"image":{"@id":"https:\/\/www.yardi.com\/blog\/revenue-management\/#primaryimage"},"thumbnailUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg","datePublished":"2013-07-11T13:00:31+00:00","dateModified":"2020-12-24T09:46:46+00:00","author":{"@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/12d209262af43d800c30fba2abaa9d23"},"description":"When you implement a revenue management system, it will change staff roles and how internal data is analyzed and put to use. To be prepared for","breadcrumb":{"@id":"https:\/\/www.yardi.com\/blog\/revenue-management\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.yardi.com\/blog\/revenue-management\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/revenue-management\/#primaryimage","url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg","contentUrl":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg","width":850,"height":567},{"@type":"BreadcrumbList","@id":"https:\/\/www.yardi.com\/blog\/revenue-management\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.yardi.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Revenue Management"}]},{"@type":"WebSite","@id":"https:\/\/www.yardi.com\/blog\/#website","url":"https:\/\/www.yardi.com\/blog\/","name":"Yardi Blog","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.yardi.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/12d209262af43d800c30fba2abaa9d23","name":"Yardi Blog Staff","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.yardi.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4796c721c2ceb2c229dd6e9907b4e76da4dd06914020409d763157a7b7ed473e?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4796c721c2ceb2c229dd6e9907b4e76da4dd06914020409d763157a7b7ed473e?s=96&d=mm&r=g","caption":"Yardi Blog Staff"},"url":"https:\/\/www.yardi.com\/blog\/author\/yardi-blog-staff\/"}]}},"jetpack_featured_media_url":"https:\/\/www.yardi.com\/blog\/wp-content\/uploads\/sites\/15\/2013\/07\/Fotolia_44859938_Subscription_XXL.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/7516","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/users\/442"}],"replies":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/comments?post=7516"}],"version-history":[{"count":8,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/7516\/revisions"}],"predecessor-version":[{"id":27063,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/posts\/7516\/revisions\/27063"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media\/7517"}],"wp:attachment":[{"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/media?parent=7516"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/categories?post=7516"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.yardi.com\/blog\/wp-json\/wp\/v2\/tags?post=7516"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}