For pricing and revenue management (PRM) professionals, this downturn is like nothing we've seen before. At times like these, we need the industry's leading experts to share their experience and insights as we all try to figure out a path through unprecedented uncertainty.
With this in mind, D2 Demand Solutions has initiated a client round table, which includes some of the most experienced PRM practitioners. Each week we are publishing new insights from these conversations - click here to view the latest updates.
In an industry that has known nothing but growth for more than a decade, relatively few PRM specialists have experienced a recession before. We recently assembled a panel of three multifamily pricing leaders to share their first-hand experience of managing pricing through previous downturns.
As multifamily leaders work to make sense of the COVID-19 crisis and the uncertain economic outlook, this webinar sets out strategies and tactics for managing through these difficult times. Watch now and learn from others' experience as you develop your playbook for managing through this challenging period.
As you'll see, if you've read our recent blogs or watched our webinar (see above), we believe that for the COVID-19 downturn will be a two-stage recession for multifamily. Although submarkets are behaving differently in the early stages of this downturn, many are in "Stage 1," which is typified by a sharp fall in demand for new leases.
In this environment, renewals are even more important than usual. Operators need to take decisive and proactive steps to connect with residents and define the kind of win-wins that will result in the highest possible renewal rates. Learn more about the steps you need to take NOW to make sure you keep happy residents.
The COVID-19 downturn is different from previous recessions. As we noted above, we expect two stages to this recession - Stage 1 (the current situation) sees an often steep decline in new lease demand as people are unable to tour and move in under lockdown restrictions. Stage 2 will look more like a normal recession, as demand returns but is still inadequate to fill capacity.
Forward-thinking operators are thinking right now about the changes they need to make their properties successful as we move out of lockdown and towards recovery. The strategies and PRM system settings that have worked over the last decade of growth are unlikely to work for the foreseeable future. Learn more about the ways to reset properties and get ready to
D2 Demand is committed to sharing the best and most current PRM insights in the multifamily industry. We share the learnings that our uniquely experienced group of PRM leaders develop in collaboration with the tier-one operators in our client base regularly on this site.
As we progress through the COVID-19 downturn, towards eventual recovery, we will need to implement a variety of PRM tactics and strategies. Sign up to the D2 Demand blog to get the best quality insight directly to your inbox.