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 Legacy pricing & revenue management systems changed the multifamily industry. Now, with almost 25 years of learning, it's time for more contemporary approaches that reduce the total cost of ownership, improve acceptance and are more flexible in adapting to recent and future changes in the multifamily pricing arena.Here are 10 questions you should ask when evaluating pricing & revenue management software. To get our comprehensive PRM ...

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Intelligent pricing inputs ensure we're reacting to the right things. After two decades of legacy system use, the industry has learned lessons about what should and should not be part of any contemporary PRM system. For example:1. Comp DataUsers should have the option of whether, and how much, comp data is included in their pricing algorithm. Where they can collect accurate data and, as a matter of corporate strategy, want to include that data th ...

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With more pricing & revenue management (PRM) experience than anyone else in the multifamily industry, we have defined what a great contemporary PRM solution would look like that leads not only to a more efficient and more effective PRM strategy but also one that more naturally and intuitively builds trust with operators and asset managers. Massively improved workflows reduce Total Cost of Ownership (TCO)A good PRM should make it easy for reve ...

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 Ever since pricing & revenue management systems became "standard" among the NMHC Top 50 (and beyond), the multifamily industry has seen higher occupancies and more stable and predictable rental growth than at any time in the history of rental housing. So, let's start by saying that legacy systems work. Despite this success, there have always been concerns with these systems.Little black boxes…for you and me The leading systems have ...

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One of my favorite questions to ask leaders in this industry is one thing their "today" self would like to teach their "then" self when they first got into the industry that they know now but didn't know then. It both sheds light on a key lesson successful executives have learned and provides insight into the industry and its evolution.Many (most?) readers already know that I got into the industry back in 1999-2000 when I had the honor of leading ...

Manjit Sohal I couldn't agree with you more. Having spent a lifetime in the travel industry (at Sabre) and then diving into Screening in MFH (at RealPage), we tend to focus more on the similarities and love to jump to conclusions supporting the "been there done that" philosophy. Having a directionally accurate solution that is simple to understand and implement goes much further as compared to complicated black-box solutions that customers can't comprehend. The deregulation event kicked off the wave of rev mgmt in the travel industry. I feel in MFH it is a regulated world with the operators cautiously trying to see how much they can stretch the envelope.
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There’s no doubt that multifamily operators and owners are getting more serious about their data and reporting. It’s equally obvious that an industry not traditionally known to be cutting-edge in technology is both 1) catching up and 2) sometimes missing opportunities by aiming a bit too low. Nowhere is that more evident than in the complex world of business intelligence (BI). There are so many different components to a true BI platform, and it’ ...

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Last week I was listening to the Walker webcast’s quarterly update with Dr. Peter Linneman. Born of the pandemic lockdown, this series by Willie Walker is “must watch” streaming, particularly whenever Dr. Linneman is the guest (I confess to registering just to get the email link to the recording. I can then watch at double speed thus squeezing an hour-long video into 30 minutes). This last session was particularly provocative and typically insig ...

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3 Most Common Budget Modeling Mistakes & How To Fix Them

Now that budget season is done, are you so exhausted from the grind of herding all the cats in Excel, or are you taking a moment to plan ahead for next year? If you’re in the latter category…and you know you should be …then here are 3 common mistakes we’ve seen in the many dozens of budget models we’ve reviewed when it comes to rental revenue.   Budgeting at the community level instead of the unit-type l ...

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4 Ways to Change the Multifamily Budget Narrative

The confluence of the end of budget season in December and the new year got me thinking about the whole budget process. Almost everyone I know in the industry hates the budget season. At best, it’s a “necessary evil” and at worst, “budget is a ‘four letter word’’! But just because it’s always been that way doesn’t mean it should st ...

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Recapping the Best Session at OpTech

I think I’m just about recovered from an incredible 3 days in Las Vegas at the NMHC OpTech conference. It was a record crowd, and in my opinion, a record quality of content and networking. Rather than writing an overview of all the content, I want to focus on what was one of the best sessions I have ever attended in all my years in multifamily housing.

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From Data Pain to Data Gain via a Single Source of Truth

If you’ve ever felt like you were drowning in data yet struggling to get insights you can act on, you know exactly what I’m talking about when I refer to data pain. The harsh reality is that we spend much mo ...

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A Missing Data Role That May Be Holding You Back

It’s a well-worn lament that the rental housing industry is years behind many other industries in technology, particularly data-related applications. While true to a degree, I have found that the industry has been making great strides in this area over the past few years. That fact is what motivated my partners and me to start REBA. I had the idea back in 2012 when I left Holiday Retirement ...

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4 Keys to Multifamily Budgeting

Excellent budgeting and forecasting are not only predictive but also provide means for evaluating and improving performance going forward. With our experience creating bespoke models in both “commercial tools” and Excel for several different multifamily companies at various points in our careers, we’ve identified four key items that make for great budgeting: Purpose-built by industry professionals Dr ...

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Why is multifamily budgeting so painful?

Is there any time of the year more frustrating than budget season? So much depends on it—promises to ownership, commitments to management, and benchmarks for future bonus payouts—it’s a wonder that organizations don’t buckle under the weight of all that pressure. And the worst part of it is that, with all the time spent on budgets, operators end up putting their head facing the CFO and COO and their rear end facing the customer—often in ...

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AIM Conference Recap - Marketing Thoughts

Now that it’s been a couple of weeks since the Apartment Innovation and Marketing (AIM) conference, I’ve been reflecting a bit on everything I heard and saw in Huntington Beach. Kudos to Steve Lefkovits and 

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