Revenue Management Spanning All Portfolios

Revenue Management Spanning All Portfolios

Engaging an audience of revenue managers, fee managers, analysts and executives, Brandy Daniel, VP Business Intelligence Systems Manager, BH Management Services and Marcie Bissell, Director of Revenue Management with Continental Properties Company, along with David Danish, Director at RealPage, discussed the opportunities YieldStar® revenue management can present for businesses during lease up, renovation and with C-class properties.

Here are a few insights our panelists shared:

On the reluctance toward adopting optimized revenue management

“The biggest fear toward adopting revenue management is giving up control. We like sticking to our pro formas. However, we found the opposite to be true. We have strong success stories across our portfoliols that  blow our pro forma prospective rents away!” — Marcie Bissell, Director of Revenue Management with Continental Properties Company

When YieldStar becomes a crutch for onsite staff instead of a tool

[Attendee noted that in his experience, some onsite staff were so dependent on YieldStar that they couldn’t correctly report the exposure or vacancy status of their properties.]

“If someone is accepting the recommendations 100% of the time, this reveals that they have checked out. We work hard hard to create an engaged relationship where we recognize that staff opinion is valid and valued. We want to see that they are questioning the recommendations in order to produce optimal outcomes.” – David Danish, Director at RealPage

“Property teams need to talk regularly—weekly at least—with property managers and their staff and ask them what they are seeing, thinking and feeling. This way they know they are accountable.” — Brandy Daniel, VP BI Systems Manager, BH Management Services

On the benefit of using YieldStar to assess renovations

“When renovation is sitting on the shelf longer, you can see and compare if it’s taking too long to turn.” – Brandy Daniel

Why YieldStar is worth the investment for C-class properties

“YieldStar was able to stabilize an Iowa property with erratic performance and moved the rates up higher than expected and higher than we thought they could go.” – Brandy Daniel

“Many C-class markets have seen faster growth rates than A and B markets across the country.”  –  David Danish

Responding to the attendee question “Where does YieldStar get their market data to set your rents during the lease up process?”

“YieldStar uses several sources to inform the model to make its calculations. It enters pro forma rents from a client’s existing rent roll, MPF Research data (and will soon include data from Axiometrics) and real-time lease transaction data from millions of units across hundreds of markets.” – David Danish, Director at RealPage

Learn more about YieldStar revenue management.