Property management company increases rental income and occupancy with automated pricing
SANTA BARBARA, Calif., Dec. 13, 2016 —Westlake, Ohio-based Banyan Living has selected Yardi RENTmaximizer™ to optimize rental income and occupancy. Yardi RENTmaximizer is a revenue management system that is part of the Yardi Voyager® platform.
According to Amanda Smeltzer, executive director at Banyan Living, Yardi RENTmaximizer delivers consistent results in both occupancy and rental income growth — even for properties that previously struggled to attract and retain residents. “With RENTmaximizer, occupancy has been tremendous — our properties are consistently over 95%. We’re also able to find structure and stability in our GPR, versus making our best guess at what it should be.”
Banyan Living also values the flexibility of Yardi RENTmaximizer to offer multiple pricing options. Smeltzer commented, “We’re able to offer more pricing options and flexibility to our residents. Essentially, RENTmaximizer helps us find that ‘sweet spot’ for each property that results in more leases. Prior to RENTmaximizer, we hesitated to offer short-term leases. Now we confidently offer them for both new and renewal leases. As a result, we’ve seen positive rent growth.”
Yardi RENTmaximizer leverages both property history and market comparisons and generates best rents using a transparent calculation method that is easy for property managers and leasing agents to understand. “With Yardi RENTmaximizer’s open pricing system, Banyan Living will be able to drive adoption across its properties more easily, and increase the confidence of its leasing agents,” said Terri Dowen, senior vice president of sales for Yardi.
About Banyan Living
Banyan Living provides innovative property management for communities across Ohio, with a focus on first-class amenities and high quality customer service. For more information, visit www.livebanyan.com.
Yardi® develops and supports industry-leading investment and property management software for all types and sizes of real estate companies. Established in 1984, Yardi is based in Santa Barbara, Calif., and serves clients worldwide. For more information, visit www.yardi.com.