Revenue management also benefits residents
Once utilized only by the largest property management companies, revenue management technology is now being embraced throughout the apartment industry. Some proponents even think it has the ability to make small companies operate like much larger multifamily organizations. One of my most interesting takeaways while editing this month’s Technology Report (“Revenue Management Today and Tomorrow: Programs that Maximize Rent and Occupancies,” page 43) is that revenue management systems give operators the ability to provide renters with customized leases. In addition to maximizing revenue—and bringing consistency, discipline, and transparency as to how rent prices are being set—the technology lets leasing professionals say “yes” more often. Some prospective renters might not want the traditional 12-month lease. They might prefer a three-month, eight-month or 11-month lease. Revenue management allows leasing agents to more often meet the needs of these prospects. Customization is one of the trends driving consumer choices that our panelists Navid Maqami AIA, LEED AP, principal at Perkins Eastman; Rob Neiffer, director of asset management at Invesco, and Anup Misra, senior vice president at Wood Partners discussed on Oct. 9 at MHN’s presentation “What Renters Want: Multifamily Development and Design Trends that Drive Occupancy.” Click here for a special report by MHN Executive Editor Keat Foong. We thank our industry partners Interface and Universal Fibers for sponsoring this educational/networking event at Interface’s Manhattan showroom. Attendees were able to earn two AIA Continuing Education credits. We’ll be presenting this program again with West Coast panelists on Thursday Nov. 14 at the Los Angeles Interface showroom. Hope to see you there!
Diana Mosher, Editorial Director