How much does yieldstar cost

We were one of the first in our market to use Yieldstar three or so years ago so at first it was rough getting our Managers and prospects on board because we weren't offering concessions nor were we able to negotiate pricing like our competitors. Instead we flipped it to be presented in the manner of "be able to pick your own rent price" since different lease lengths and start dates would mean differnet pricing- if they were willing to be flexible with those things they could get a lower rate.

Our Managers really like it now because it takes all the guess work out of everything and it's a great closing tool "our prices change daily so this price is only good for today and tomorrow it may go up. That is absolutely true. The more overrides and exceptions you use, the more you defeat the purpose. I do agree that one should have good training in place. There are real specifics a leasing agent needs to explain changing pricing, especially in markets where the concept is new.

In bigger cities people are understanding it. I'd be curious to hear from anyone using Yardi's RentMaximizer. Essentially it can increase overall profit during the leasing process, but only slightly in my opinion. You may be able to squeak out a few extra dollars on a lease contract from a prospect who may be uninformed with competitive marketing pricing or otherwise desperate to move.

I do question the small increase in profit compared to the cost and support of the software. How long will the ROI take? At that point is it worth it? IMHO the only positive factor would be the reduced exposure to fair housing violations based on pricing.

I can deal with walking away from a leasing office and losing an apartment to someone else. Although this software is used in the hotel and airline industry, neither of these industries are considered a basic necessity. Travel and lodging is considered a luxury - basic housing is not.

LRO "IS" the hard sell. My personal philosophy is that your product should sell itself. When I make a decision about where to live I look at price, location, layout, amenities.

Demand is one thing, but to artificially inflate the price on a basic necessity based on a speculative demand is wrong. You know, I think you bring up a very interesting point, MKC. We often talk about revenue management relative to airlines, but realistically, they have a lot more inventory than we do.

So if a few seats are sold between one day and the next, the price difference may not be all that much. But for apartment communities, that could be a large percentage of our vacancy for a given unit, which would cause the price to jump quite a bit. So while it might make sense to have full ability to adjust to the market and current availability, could that create some pretty heavy price volatility for a single community?

And if so, how does that impact the buying experience to prospects, like you mentioned? When employing pricing systems, it's important to understand that: increases and decreases. Pilots run for three months or longer, depending on seasonal leasing conditions. When comparing results, the variance between pilot and control is the result of YieldStar, Roper said. Camden piloted YieldStar for six months at five communities in various geographical locations that could easily be bench marked against other Camden communities in the same sub-markets.

We achieved the 1 percent to 2 percent lift, as we anticipated. Mid-America plans to fully deploy LRO this year. Rainmaker picked up its first Yardi engagement with Western National Property Management, owner of 14, units and manager of another 12, for large institutional clients. Western National is piloting LRO across more than 4, units.

One of the questions people have is how the cost of pricing technology would be passed on to third-party clients by management companies. Western National President Steve Donohue said that, in his opinion, the fee is not an issue if the software can produce results. Richard Dauenhauer, chief information officer of Pinnacle Realty Management, the largest third-party manager of multifamily real estate in the U. So, which software is United Dominion likely to choose?

Each product has unique capabilities and United Dominion wants the best of both worlds. Rainmaker is addressing the issue with the April release of LRO 8. Expect United Dominion to make a decision in April. LRO places responsibility for comparables in the hands of property managers, which make weekly calls to competitors and upload those prices to LRO, but have very little price control.

If they tear the street up out front or a competitor opens a community across the street and is in lease up, those are significant events that will affect how to position the asset in the marketplace. Montgomery stresses the importance of an in-house revenue management team. Without investing in data analysis, review, process and infrastructure — sales, marketing, etc. I have seen it happen in other industries.

Consulting and business process improvements are important elements of each client engagement. Revolution LRO is available in an application- and self-hosted model, and Flanigan is seeing interest in the latter from companies that want to amortize the transaction. The price varies based on portfolio size. The first is train-the-trainer, where we develop domain expertise within the company. The second is an extensive, sometimes four-day workshop geared toward the person who sets the revenue management pricing strategies within the company.

It builds the level of confidence that a person needs to understand the ins and outs and various levers they can control to make certain the system is running correctly within each market. Third-party property management RKW Residential actively works behind the scenes for their owners to increase revenue for new leases and renewals.

Instead of manually entering settings and overrides for lease expirations and rent pricing, RKW lets YieldStar handle unit-level adjustments for expiring rental terms or promotions. In addition, with YieldStar owners can price each unit daily by reviewing all property, market and concession data to set the best rent to help stabilize occupancy and maintain profitability.

Using RealPage technology for gathering and analyzing the most accurate and current research that matters to properties, YieldStar reviews data including market surveys, unit types, pricing categories and availability to help balance occupancy with rent price for the most competitive rate to achieve optimal property performance. By putting this real-time data at their fingertips, YieldStar can help RKW and their property owners set the best rent for that unit on that day, at that point in time for that property—and avoid leaving any money on the table.

And transitioning properties with new ownership to a new property management company is much easier and faster with YieldStar as part of the process.