RICHARDSON, Texas, (January 10, 2018) – RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, today announced that Arizona-based HSL Properties has implemented its YieldStar® revenue management solution at all of its properties in its quest for a 5 percent revenue boost. HSL Properties owns and operates 36 apartment communities, comprising 10,000 apartment homes and over 7 million square feet.
“We’ve had YieldStar fully in place for only a few months now, but feel we’re on track to surpass that goal,” said Andrew Titche, vice president of operations at HSL.
YieldStar was the first revenue management system designed from the ground up for the multifamily industry. It weighs criteria such as competitor rents, current and future inventory, amenities, seasonality and market velocity to help determine the perfect rent price to charge for every unit, every day.
HSL chose YieldStar after a competitive review that included the other leading revenue management solutions for property management. Titche said YieldStar earned a “full letter grade” better than the competition due to its greater depth of data and superior customer support.
“Some of our team actually used YieldStar in prior positions, and had a positive experience with it,” he said. “YieldStar weighs more internal and external variables to come up with ideal rent pricing, which gives us confidence that our rents are exactly what they should be day in and day out. We were also really impressed with the strong support RealPage puts behind it.”
Titche said that, in addition to giving HSL confidence that its rent prices are right, the company has been able to eliminate its dependence on concessions to win renters.
“The market in our area has traditionally been concession-heavy, and we paid a price for that,” he explained. “Eliminating the sales gimmicks and simply offering the right prices is saving us significant money. Our leasing agents are able to offer a range of options based on lease term, move-in date, unit type and amenities that are scientifically calculated to generate equal profit, so the renters can find an option that’s right for their budget without us taking a hit.”
RealPage is a leading global provider of software and data analytics to the real estate industry. Clients use its platform to improve operating performance and increase capital returns. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves nearly 12,500 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.