Revenue management system can aid rental revenue growth
Use of the Yardi RENTmaximizer, a revenue management system built into the Yardi Voyager full-business real estate management platform, resulted in rental revenue growth for West Bloomfield, MI-based Singh Management, Yardi reports.
“We've been using Yardi RENTmaximizer for five months, and we're already experiencing amazing results compared to the properties in our portfolio not yet using the system. Our revenue is consistently higher for the Yardi RENTmaximizer properties,” said Mike Leja, Yardi administrator for Singh Management. “After the first month, the Yardi RENTmaximizer properties were performing at 7% higher, and by the fifth month, they reached rental growth of 18.5%.” Leja added, “Even some high-occupancy properties achieved an average 10% occupancy jump using Yardi RENTmaximizer.”
Singh Management is a builder, real estate developer and manager with properties in Michigan, North Carolina and Virginia. Its portfolio includes senior living, apartments, single family homes and commercial properties.
As part of using RENTmaximizer, Yardi provided Singh with a dedicated analyst. Regular meetings between the analyst and Singh's onsite staff and regional managers provide expert insight and valuable advice where pricing improvements can be made. Since using Yardi RENTmaximizer, leasing agents have had more success with flexible lease terms, lease expiration management and offering discounts to fill stale units sitting empty for more than 800 days.
In addition to Yardi Voyager and Yardi RENTmaximizer, Singh Management uses Yardi Procure to Pay, Yardi Resident Screening, Yardi Payment Processing, and RENTCafé, which all are part of the Yardi Voyager single stack platform.
“We are pleased that Singh Management is using our single stack solution — including Yardi Voyager and Yardi RENTmaximizer — to improve rental growth, gain higher occupancy and provide excellent customer service,” said Terri Dowen, senior vice president of sales for Yardi.