One of the challenges with pricing and revenue management (PRM) being more than 18 years old is that most of the pioneers in designing and developing the software are no longer involved. In some cases, companies are on their 3rd or even 4th generation of associate (this holds for both software vendors’ and operators’ teams).
The result is that we often no longer have a healthy skepticism that drives deep knowledge of both the software’s capability and the ways various parts of the demand management ecosystem (all the policies, procedures and other activities that affect demand) affect how we should use the software.
After a decade of growth in the multifamily sector - when it's been relatively easy to deliver upside - senior operators might ask how much of their growth comes from proficiency in PRM, and how much from riding the market. As Warren Buffett famously said, “Only when the tide goes out do you discover who's been swimming naked.”Read More