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The integration between the industry-leading solutions will
fuel productive collaboration between pricing and marketing teams
The integration was announced at OPTIMIZE2017, Rainmaker’s annual three-day user conference at the Terranea Hotel & Resort in Rancho Palos Verdes, Calif. The theme of the conference is “Revenue Management & Marketing: The New Power Couple.”
“In today’s market, savvy operators are looking more broadly at the levers available to optimize revenue, leading to a more holistic view of marketing and revenue management,” said Nikhil Venkatesh, Rainmaker’s chief product architect, leasing performance management. “This integration between LRO and ILM allows pricing, marketing and operations teams to truly collaborate with each other. When this happens, operators get a crystal-clear understanding of the myriad factors affecting demand at communities.”
ILM is the only product in the multifamily industry to score every inbound and outbound interaction with prospective renters to enhance leasing performance. The solution also provides near-real-time metrics to deliver unparalleled insight into the effectiveness of a community’s marketing and advertising sources in attracting qualified prospects.
Integration between ILM and LRO allows operators to tailor their leasing and marketing activities based on the supply-and-demand forecasts produced by the revenue management system. This data integration ensures that marketing dollars are targeted as precisely as possible and that leasing agents are closing the right lead at the right time. The detailed prospect information stored in ILM – floor plan requested, move-in date and more – can also be used by LRO to further optimize lease expiration management strategies and overall pricing recommendations based on demand.
Furthermore, the LRO report used by revenue managers to understand exposure and set rates now incorporates ILM’s leasing metrics. This comprehensive collection of data provides pricing teams unprecedented insight into marketing and operational issues. It also enables operators to determine whether a demand problem stems from marketing or pricing issues. Once the issue is identified, they can be sure they are taking the right steps to address the problem.
“This integration between ILM and LRO will allow us to future-proof both our pricing and our marketing performance,” said Harlan Krichman, president and CEO of Wynnewood, PA-based Merion Residential, which started using ILM in June 2016.
“As markets conditions are changing it is even more vital to ensure you are on top of how every facet of your properties is performing,” said Krichman. “The integration of our pricing and marketing data will help us better ensure we are solving any problem – whether it is a marketing or a revenue management issue – before it truly starts to have a negative impact on our performance.”
In February, Rainmaker announced it signed an acquisition agreement with RealPage, Inc., a leading global provider of software and data analytics to the real estate industry. Rainmaker LRO and ILM are assets that would be acquired by RealPage as part of the acquisition. The acquisition is expected to close in the second quarter of 2017.