In multifamily, data is king.
Revenue Management Software (RMS) provides optimized and agile pricing mechanics and automated workflows to increase occupancy and improve overall financial performance. Developing and enhancing these growth strategies is a delicate balance, requiring comprehensive and accurate data from which revenue managers can make confident and tactical decisions.
The software’s ability to bring in and simplify large, complex data sets is one of many advantages. But here’s a thought: Do you know what kind of data is being used?
Without public data powering your RMS analytics, you risk making recommendations containing anonymized, narrow-viewed, and manually entered data. Public data enables the most informed decision-making with the most accuracy and comprehensive data sets.
The Role of Public Data in RMS Analytics
When integrated into RMS, you’re powering your analytics with a wealth of competitor intelligence obtained from public sources like property websites. It’s clean, accurate, and compliant data that yields high-reward.
- Market Trends and Analysis
Public data offers valuable information for measuring market trends, rental rates, and occupancy. This ethically sourced data can be integrated into your revenue and analytics system, allowing you to customize the RMS dashboard according to your preferences.
- Competitive Intelligence
Public data returns competitors’ rates, occupancy levels, concessions, and more to support regional market- and property-level performance benchmarking as well as identify opportunities to increase demand. Monitoring comp data sets with public data ensures pricing and incentive strategies align to return the most revenue and remain competitive in the market.
- Demand Forecasting
Historical data trends and seasonality views support revenue managers in creating robust forecasts to move inventory. Using time-stamped public data, you can anticipate high rental demand and adjust pricing to maximize occupancy rates and revenue.
- Regulatory Compliance
Staying compliant with local and federal regulations is essential in multifamily. Public data means pure data. There’s no stress, no manipulated data, no putting yourself into a legal bind. Revenue managers can easily integrate public data into their RMS to ensure pricing strategies and operations comply, protecting you and your business.
Enhance RMS Analytics Using Accurate Public Data
Public data is a vital resource that significantly enhances RMS capabilities for multifamily. By providing comprehensive, accurate, and compliant insights into market trends, competitors, apartment demand, and regulatory requirements, public data enables revenue managers to make the most informed and strategic decisions.
With the changing legal landscape, public data is essential for multifamily businesses to remain competitive. Modernizing market surveys powered by public data can shore up your RMS analytics. By leveraging public data through advanced revenue management software, multifamily revenue managers can optimize their pricing strategies, improve occupancy rates, and ultimately achieve new levels of success.
