Managing the Human Factor of Revenue Management

Integrating a Revenue Management System into Your Operations: Managing the Human Factor

When it comes to setting rents, human input based on first-hand market knowledge is invaluable. But some feel that a subjective approach to multifamily pricing is no longer adequate in today’s times of advanced technology. Revenue management systems for the real estate industry have surpassed people power when it comes to multi-level data analysis. Simply put, if you are not currently using a revenue management system, you’re missing the key to maximizing your returns.

Maybe you’ve thought about how revenue management could help your bottom line, but you’re having trouble with buy-in across the organization and don’t know how to move forward. An insightful roundtable session to be held at NAA, focusing on “Integrating a Revenue Management System into Your Operations: Managing the Human Factor”, will be invaluable. The talk is set for Thursday, June 20 at 9:00 a.m. PT, and will help you get answers from industry leaders to important questions about revenue management.

When you implement any new property management software technology, there is sure to be an impact to your company, whether it’s a change to processes and resources, a need to orchestrate feedback, or staffing adjustments. This is no different when implementing a revenue management system. This education session will focus on the impacts a revenue management system can have on your daily operations, from leasing to financial reporting, and illuminate what you can expect and plan for.

The panelists – Kenneth W. Hodges, vice president of information technology for Western National Group; Jennifer van Arcken, director of information systems for BSR Trust LLC; McCarley Davis, senior vice president of operations for Epoch Management Inc.; and Dharmendra Sawh, industry principal, revenue management, for Yardi – are experienced in successfully implementing, maintaining and refining revenue management systems. They will review in detail how organizations have dealt with implementation and property, regional, and corporate level impacts of a new revenue management system.

Adoption of revenue management programs in multifamily has exploded over the last three years as technology has advanced from the first generation of black box systems (adopted from the hospitality industry), toward today’s systems that can handle predictive analysis and advanced data evaluation in any hypothetical business scenario.

Don’t shy away from learning more about revenue management. Let the experts help you navigate any concerns. This session will illustrate how understanding a revenue management system’s “human side” can have a positive impact on your management operations and staff resources—and maximize your rental income at the same time.