The Demand Solutions Blog

Dom Beveridge

Dom Beveridge is a Principal with D2. He has held leadership roles in consulting, revenue management and marketing for more than 20 years. Dom's blogs cover revenue management, marketing, and multifamily technology and industry trends.
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Recent Posts

It’s the (Revenue Management) Strategy, Stupid!

Posted by Dom Beveridge on Aug 14, 2019 11:03:51 AM

You reach an age when everything reminds you of something in the past, often for reasons that aren’t immediately obvious. A few weeks ago I was talking to a seasoned pricing and revenue management (PRM) practitioner, and I found myself reminded of an old political slogan.

Most readers of this blog are probably too young to remember the 1992 US general election. But after Bill Clinton won it, it came to light that the mantra “It’s the economy, stupid,” had been drilled into campaign staff. The slogan was intended to remind them never to stray from the core theme of the campaign, which was the plight of the American worker. An overarching strategy begat an overarching message that dominated an ultimately successful campaign.

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Topics: Revenue Management, pricing and revenue management, Future

Multifamily Pricing: The Danger of “Doing Fine”

Posted by Dom Beveridge on Jun 25, 2019 3:57:01 PM

A couple of weeks ago, we published a post about the risk to multifamily operators of complacency in their approach to pricing and revenue management (PRM).  Frequent readers of this blog will be familiar with this theme, which was a major finding of our 20 for '20 white paper.  To summarize, PRM seems to have slipped from the senior management agenda, resulting in a pervasive view that "PRM is doing fine."

PRM has been doing fine in multifamily for a number of years - in fact, it's been doing exceptionally well, delivering outsized returns for operators and investors alike.  Looking forward, however, our concern is not so much with the current business practice, but its future evolution. With reduced senior management attention and technical innovation delegated to a highly consolidated vendor community, several of the drivers for big change appear to be missing.  To put it another way, the source of the next big thing in PRM is far from clear.

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Topics: Pricing, Revenue Management, pricing and revenue management

The Year They Put the “Innovation” into AIM

Posted by Dom Beveridge on May 8, 2019 10:14:59 AM

Early May has long been the time of year for multifamily marketers to head to Orange County, CA for AIM. As convivial networking opportunities go this event can’t be beat, which explains it’s impressively growing audience of both owner/operators and sponsors.

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Topics: apartment marketing, Multifamily Trends, Technology

The Next Big Thing in Multifamily Revenue Management

Posted by Dom Beveridge on Apr 23, 2019 9:42:19 AM

Pricing and Revenue Management (PRM) in multifamily turned 18 years old this year. For those interested, the first-ever deployment of a PRM system took place in February 2001 at the Hunters Run apartment complex in Austin, TX. When we sat down recently with 20 multifamily executives to discuss the industry outlook towards 2020 and beyond, we invited them to provide their perspectives on the current state of PRM.

We discuss the results of our research in greater detail in our 20 for '20 white paper. Below we have summarized the feedback that we received on possible future PRM advancements and areas of opportunity.  We found that PRM system-specific feedback fell into two broad categories: how to improve the current models; and more radical improvements and future direction.   

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Topics: pricing and revenue management, Multifamily Trends, Future

Why Short and Long-Term Priorities Aren't the Same for Multifamily Leaders

Posted by Dom Beveridge on Mar 27, 2019 9:13:44 AM

After a decade of unprecedented growth, the multifamily cycle is hard to predict, as each new year of growth moves us further beyond historical norms. Our industry has lately acquired the habit of starting each year wondering if this will be the one where the bull run comes to an end. When we interviewed 20 executives at the end of 2018 for our 20 for ’20 white paper, we were keen to understand they saw the next few years and how that impacted their priorities.

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Topics: Multifamily Trends, Future

The Multifamily Technology Projects that Dominated 2018

Posted by Dom Beveridge on Mar 21, 2019 11:02:42 AM

It’s easy to get caught up in industry hype – especially when new and exciting technologies come along.  Industry press, conferences and blogs like this one provide the platform to engage an audience in a conversation about the next big thing.  We recently took the opportunity to step away from the domain of thought leadership and ask a group of senior multifamily executives for their own perspectives about a range of issues – most notably, technology.

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Leasing Up in London - Familiar Challenges in a New Multifamily Market

Posted by Dom Beveridge on Feb 19, 2019 8:04:00 AM

Last week I was in London – the city where I grew up and spent most of my formative years. I have never used trips home to view multifamily real estate, but this time was different. A couple of weeks ago at NMHC Annual, I attended the session that provided an overview of London’s Wembley Park project. With that presentation still fresh in my mind, I couldn’t leave my home town without taking a tour of the development.

For those unfamiliar with the project or its locale, Wembley is home to England’s national soccer stadium. It is familiar to most people as a concert venue, the home of the annual FA Cup final, and the iconic site where England won the World Cup (in 1966). Although it is not far from central London, all paths lead to the imposing stadium that dominates the whole area. Crowds arrive for the game or concert and then leave – or at least that’s the way things used to work. Today a revolution is underway that will change that forever.

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Topics: Revenue Management, pricing and revenue management

From Imagination to Implementation – MICA in Review

Posted by Dom Beveridge on Feb 12, 2019 10:49:52 AM

As long-standing supporters of the annual AIM conference in Southern California, we had been looking forward to the launch of its south-eastern sister conference – MICA (Multifamily Innovation Conference Atlanta) – which took place last week.

The inaugural MICA event promised a showcase for innovation in one of the nation’s multifamily industry hotbeds, and it didn’t disappoint. An impressive crowd experienced a program that ranged from the creative, cutting edge of marketing to the nuts and bolts of implementing the innovations that residents are increasingly expecting of multifamily providers. 

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Topics: Multifamily Trends, Future, Short-Term Rentals

Ten Questions You Should be Asking Yourself about Leasing

Posted by Dom Beveridge on Feb 6, 2019 12:16:48 PM

Recently it's been my privilege to interview 20 senior multifamily executives to get their viewpoints and understand their priorities for the next few years. (The interviews were part of our research for a new white paper that we'll be publishing soon - you can pre-register for your copy here.) Through the interviews, one thing was crystal clear: most companies see sales as a top training priority for 2019.

Readers of this blog will not be surprised by this finding - we have long been calling for a revolution in multifamily sales. Multifamily leaders seem to agree, and there are good reasons for that: after a decade of growth in multifamily, the sales muscles have perhaps not received the most rigorous of workouts lately. It makes sense to strengthen them before markets start to soften - whenever that is.

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Topics: leasing associates, Leasing Performance, Sales Coaching

Why The Challenger Sale Matters to Multifamily Leasing

Posted by Dom Beveridge on Jan 16, 2019 10:00:00 AM

If you're anything like me, then this is the time of year when your nightstand groans with books that friends and family kindly sent you over the holidays. You feel grateful and daunted at the workload entailed in reading those books in equal measure! You reach for recommendations and reviews and other data points to decide which text gets to the top of the pile.

Every now and then a business book comes along that everyone in your field seems to talk about and recommend. One such book from a few years ago was The Challenger Sale - a text that was so revolutionary when first published in 2011 that it has become a framework for sales strategy, talent management, and training in sales-driven companies ever since. While the book centers on research carried out in B2B sales organizations, its findings are highly relevant to multifamily leasing. Here I will explain why that is.

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Topics: multifamily sales, Sales Coaching