ATLANTA, GA - The Rainmaker Group, the leading provider of revenue management and profit optimization solutions to the multifamily housing and gaming/hospitality industries, today announces the tremendous success realized by CORE Realty Holdings Management, Inc. since the deployment of Rainmaker LRO revenue management across its portfolio. The Newport Beach, Calif. based company initiated the platform on one property in May 2012 and has since expanded the system to its entire 5,000+ unit portfolio. During the initial phase, the company experienced double-digit revenue increases and is now averaging 2.78 percent revenue increases at each property.
“Our expectations were exceeded within five months of using Rainmaker LRO revenue management,” said Erin Khamis, director of marketing & training CORE Realty Holdings Management, Inc. “I am amazed at how the system reacts to occupancy, rental rates and traffic. This system is far beyond what we could do on our own.”
CORE’s senior vice president, property and asset management, Marc Raskulinecz, agrees. “We had far better success than I ever anticipated,” he said. “We are seeing similar results that we would see on an annual basis within the first few months of implementing LRO. I am now a believer.”
Cost and outcome were two key components the CORE team looked at when determining the best revenue management solution. It was during the company’s due diligence they discovered that Rainmaker LRO’s optimized platform, the company’s tremendous customer service reputation along with cost and results were exactly what CORE needed to be successful in the transition to software-based revenue management practices. The Rainmaker business consultation team assisted in the implementation process by conducting in-person training sessions with Khamis to help gain buy-in from the leasing teams, as well as help garner the confidence needed to ensure the new pricing practices will be fully adopted at the site level.
“CORE’s quick success and ability to achieve revenue goals in such a short time frame indicates how strategic pricing from an optimized revenue management system along with buy-in at all levels can have a remarkable, positive impact on a company both from an operations standpoint and more importantly a financial one,” said Andrew Rains, executive vice president of Rainmaker LRO. “We are thrilled and honored to be a part of this amazing success.”
For more information about the rapid success CORE has realized through Rainmaker LRO revenue management, please read the CORE case study here.
Rainmaker LRO™ is the leading multifamily lease rate optimization solution used to maximize revenue from apartment leases. The system calculates optimized pricing based on multiple factors that influence rate setting, including traffic and lease duration, move-in dates, competitive affects and other metrics. The system also produces enterprise-wide demand forecasts by measuring and analyzing historical and current market metrics and performing calculations necessary for occupancy predictions that are dynamically updated as market conditions change.
Source: Rainmaker / #Technology #Multifamily