Essex Profits Climb With M/PF YieldStar Price Optimizer
(May 5, 2008) — RealPage, Inc., a leading provider of on-demand software and services to the multifamily industry, today announced that Essex Property Trust, Inc. is rolling out M/PF YieldStar© Price Optimizer (Price Optimizer) for its entire portfolio following an extensive pilot program.
Essex, a public REIT with 133 communities, initiated a pilot assessment of Price Optimizer on three properties in September 2007. Based on initial positive results at those three sites, Essex deployed Price Optimizer at an additional 20 properties in December 2007. Following a comprehensive measurement of performance results at all 23 trial properties, Essex decided to deploy Price Optimizer for the remainder of its portfolio.
“Essex is always looking for ways to continue to outperform the market, and revenue management was a logical next step for us,” stated Erik J. Alexander, senior vice president for Essex, who has an extensive background in portfolio management, pricing strategy and demand analysis. “In our decision to test Price Optimizer, Essex was looking for a way to grow revenue and bring greater standardization and efficiency to the rent setting process. We found that Price Optimizer not only provided us with enhanced visibility into key operational metrics, but also provided the operations team with the confidence necessary to aggressively price units when conditions warranted. We also found the system to proactively push rental rates while managing occupancy to a more consistent level. The results have been impressive.”
“I’m so pleased to have another successful implementation of Price Optimizer for a customer using Yardi property management software,” stated Janine Steiner Jovanovic, president, M/PF YieldStar Asset Optimization Systems. “There has been a misconception that Price Optimizer only works with RealPage OneSite property management software. Not only does Price Optimizer work beautifully with Yardi but also with Intuit’s MRI property management software.”
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Located in Carrollton, Texas, a suburb of Dallas, RealPage provides products and services to more than 20,000 apartment communities across the United States. Its six on-demand product lines include OneSite© property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, and student housing properties; CrossFire© sales and marketing systems that boost occupancy and build retention; YieldStar© asset optimization systems that maximize asset valuation and investment return; VelocityTM utility and billing services that accelerate payments for resident charges; LeasingDeskTM point of lease systems that streamline the leasing process; and StarFireTM entertainment and communication services that create IP-connected communities. For more information, please call 1-87-REALPAGE or visit www.realpage.com.
Essex Property Trust, Inc., located in Palo Alto, California and traded on the New York Stock Exchange (ESS), is a fully integrated real estate investment trust (REIT) that acquires, develops, redevelops, and manages apartment communities located in highly desirable, supply-constrained markets. Essex currently has ownership interests in 133 multifamily properties (26,963 units), and has 1,658 units in active development. Additional information about Essex can be found on the company’s web site at www.essexpropertytrust.com.