Top Multifamily Veterans Share Tips on Unlocking Hidden Yield at RealWorld

On RealWorld’s opening day, RealPage SVP of Asset Optimization Keith Dunkin hosted a panel of multifamily veterans to discuss the ways in which they’re leveraging people, processes and technology to squeeze every bit of yield from their portfolios. Yetta Tropper, who serves as executive director at PGIM Real Estate, opened with the encouraging assessment that multifamily continues to be a strong and reliable asset class, COVID or no COVID, and that capital continues to flow into the market. She said PGIM’s pipeline of new deals has not been significantly compromised by the pandemic. Pinnacle CEO Rick Graf did mention, however, that doing due diligence before a purchase has become a bit of a challenge due to social distancing. Executive VP Laurie Baker of Camden Property Trust then dove into the subject of “unlocking hidden yield” with a discussion of how the company is using YieldStar revenue management software to pinpoint untapped opportunities for higher rent or amenity pricing, ancillary income, staff changes, improved reputation and other possibilities that properties not using yield management – or using it ineffectively – just can’t see. The right people in the right places Rick Graf addressed how critical it is to match the right teams to the right assets and asset managers. “On the operational side, you wouldn’t, for example, want to put someone who’s great at getting properties leased up at a value-add property,” he said. “And on the other side, the interface with the asset manager, that relationship has to be a good one as well. Sometimes there’s just not quite the right fit between people and you have to make changes. I think the people side of things is sometimes overlooked, but to me, a big part of driving better yield lies in having the right people in the right places.” New technology continues to deliver ROI When it comes to exploiting technology, the pa...