The analytics of an effective revenue management tool go a long way toward helping a multifamily property realize its full potential. But the real trick to getting the most out the software that has redefined multifamily management in recent years goes deeper. The churn in analytics that balances supply and demand for maximizing revenue growth is heightened when owners and operators get a helping hand from a knowledgeable revenue management professional, especially when tackling special circumstances. When milestone events like changing market conditions, renovations and new lease-ups occur, communication and a consultative approach is essential. It’s what makes a great tool even greater. Getting everybody on the same page when conditions change David Danish, Vice President, Professional Services at RealPage, Inc., says a successful approach to revenue management is getting everybody on the same page, not only during the day-to-day course of business but when the playing field alters. The multifamily industry’s return to normalcy in 2017 that affected revenue growth and occupancy was cause for recalibration in some markets. For RealPage customers, such shifts typically required some fine-tuning of the company’s YieldStar revenue management system to stay the course for meeting strategic goals. As conditions changed, the YieldStar staff went into high gear and began frequent discussions with customers to make the necessary adjustments for maximizing performance. “It’s not about just having the conversation but about having it frequently,” Danish said. “A stable, healthy market doesn’t require as many check-ins with your stakeholders as a market or asset strategy that is shifting. We expect to have an increased level of engagement with clients or properties who are in that situation.” Danish said it wasn’t unusual for asset managers and owners who had not been on scheduled calls to get on the hor...

The analytics of an effective revenue management tool go a long way toward helping a multifamily property realize its full potential. But the real trick to getting the most out the software that has redefined multifamily management in recent years goes deeper. The churn in analytics that balances supply and demand for maximizing revenue growth is heightened when owners and operators get a helping hand from a knowledgeable revenue management professional, especially when tackling special circumstances. When milestone events like changing market conditions, renovations and new lease-ups occur, communication and a consultative approach is essential. It’s what makes a great tool even greater. Getting everybody on the same page when conditions change David Danish, Vice President, Professional Services at RealPage, Inc., says a successful approach to revenue management is getting everybody on the same page, not only during the day-to-day course of business but when the playing field alters. The multifamily industry’s return to normalcy in 2017 that affected revenue growth and occupancy was cause for recalibration in some markets. For RealPage customers, such shifts typically required some fine-tuning of the company’s YieldStar revenue management system to stay the course for meeting strategic goals. As conditions changed, the YieldStar staff went into high gear and began frequent discussions with customers to make the necessary adjustments for maximizing performance. “It’s not about just having the conversation but about having it frequently,” Danish said. “A stable, healthy market doesn’t require as many check-ins with your stakeholders as a market or asset strategy that is shifting. We expect to have an increased level of engagement with clients or properties who are in that situation.” Danish said it wasn’t unusual for asset managers and owners who had not been on scheduled calls to get on the hor...