What Pricing Managers Need to Do to Succeed
Digested from Multifamily Insiders
Pricing and Revenue Managers (PRM) not only need to effectively run revenue management systems. They also need to manage relationships.
On Multifamily Insiders, Donald Davidoff breaks down three traits that successful PRM’s must have: analytical chops, sales skills and the ability to resolve conflicts.
The inclusion of analytical skills is obvious since PRM’s must interpret complex data. With sales, they must be able to able to explain the logic behind pricing recommendations in understandable terms.
But successful pricing and revenue managers must also engage with onsite teams, even if the community staff is being distant.
“The disciplined PRM must constantly gather information to ensure we are doing everything possible to maximize revenue,” Davidoff writes. “The best PRMs will get out into the field to tour a property if a manager is being distant and not providing ample feedback. This is because a great PRM knows one final key piece of knowledge - it’s much easier to maintain a good relationship with someone when you are buying them lunch!