Pricing and Revenue Management (PRM) has been in mass-adoption in multifamily for more than a decade. During that time, an industry talent pool has developed around the core technologies that companies use to manage pricing. The systems are sophisticated, enabling better decision-making and returns at companies that have been successful in incorporating them into their business processes.
Yet our experience tells us that some companies integrate PRM systems and processes into their businesses more effectively than others. While companies may use the same PRM software, many don't get the same returns as other companies that use it. Much depends on the human skills that companies deploy to ensure that the system is configured and operating in the way that it should be.
Given our depth of talent and experience in PRM, clients frequently ask us what they should look for in a good pricing and revenue manager. Our industry often places a heavy emphasis on multifamily experience when recruiting new associates, often for reasons. However, there are compelling reasons to apply different rules to PRM recruits (the discipline of PRM came from different industries, like hospitality and airlines, after all). While awareness of multifamily operations can undoubtedly be helpful, it honestly is not the most important qualification for a successful revenue manager.Read More