When we were trying to optimize rates on leasing and renewals before implementing Rainmaker LRO, we found it difficult to factor in all of the variables including competitor surveys, retention, exposure, leasing velocity, traffic and seasonality.
Atlanta, GA (PRWEB) November 19, 2012
The Rainmaker Group, the leading provider of revenue management and profit optimization solutions to the multifamily housing and gaming/hospitality industries, today announces impressive renewal and retention results for F & F Realty, Ltd, leaders in residential and commercial real estate management and development in the greater Chicago area. The company deployed Rainmaker LRO™ revenue management software across 2,300 units in March 2012, and to date has garnered a retention rate of 55 percent while increasing renewal rents by 5.1 percent.
With revenue management experience at F & F-owned hotels in Chicago, the executive team understood the importance of a multifamily revenue management pricing system and looked to maximize revenue, free up staff time by reducing the manual management of pricing, eliminate fear-based pricing and develop a solid pricing module to build credibility. F & F sought software that was easy to use and manage, fairly priced with excellent user references, and ultimately one that optimizes rents with mathematical and historical analytics to establish competitive rates.
“When we were trying to optimize rates on leasing and renewals before implementing Rainmaker LRO, we found it difficult to factor in all of the variables including competitor surveys, retention, exposure, leasing velocity, traffic and seasonality,” said Valerie Derouen, Regional Manager for F & F. “We wanted a software system that was fact-driven opposed to emotionally driven.”
“The rapid improvement F & F has realized in retention and renewals since deploying an optimized software-based revenue management platform is a prime example of what the system can really do,” said Andrew Rains, executive vice president of Rainmaker LRO. “We are thrilled they were able to achieve these significant results with our solution and are excited to witness what further impacts and applications they will see in the future.”
With predetermined rates and monthly lease-term options empowering leasing employees, F & F has seen a 4 percent lift on average for the portfolio, surpassing their competitive set. The firm’s Briarwood Terrace community has shown the best improvement in market rate rents with a 5.8 percent increase in new rentals. According to F & F, LRO software built the team confidence necessary for increasing rates, a confidence verified as apartments continued to lease-up at desired velocities.
Beyond the benefits realized on renewals and retention, the implementation process was streamlined, as well. “I feel that our implementation was flawless,” said Derouen. “We had our first kickoff call on February 3, 2012 with a go-live date of April 15, 2012. We were 38 days ahead of schedule and went live on March 8, 2012. We have rolled out several new software applications in the past 24 months and hands down this was the easiest implementation I have ever encountered.”
Rainmaker LRO™ is the leading multifamily lease rate optimization solution used to maximize revenue from apartment leases. The system calculates optimized pricing based on multiple factors that influence rate setting, including traffic and lease duration, move-in dates, competitive affects and other metrics. The system also produces enterprise-wide demand forecasts by measuring and analyzing historical and current market metrics and performing calculations necessary for occupancy predictions that are dynamically updated as market conditions change.
The Rainmaker Group is the market leader in profit optimization solutions for the Multifamily Housing and Gaming & Hospitality industries. Rainmaker software, coupled with professional business consulting services, enables multifamily housing operators to maximize revenue from apartment leases and helps operators of casino hotels and other hospitality enterprises secure the most valuable customers to increase their profitability. Rainmaker is a Microsoft Gold Certified Partner and leverages cutting-edge research in order to bring customers the most sophisticated solutions to their revenue management challenges. Adopted by industry leaders and niche players alike, Rainmaker solutions provide clients a strategic advantage in achieving the highest profitability from their assets. Multifamily housing clients include leaders such as Archstone, AvalonBay Communities, Equity Residential, Gables Residential, Post Properties, Mid-America Apartment Communities and more. Gaming/Hospitality clients include leading casino/hotel organizations such as Atlantis The Palm Dubai, Caesars Entertainment, MGM Resorts International, Omni Hotels & Resorts, Wynn Las Vegas and many others. Headquartered in northern Atlanta, GA, Rainmaker is an innovator and thought leader in the highly specialized revenue optimization field. For two consecutive years, Inc. magazine ranked Rainmaker among America’s top 5,000 fastest-growing, privately held companies. For more information, visit http://www.LetItRain.com.
About F & F Realty, Ltd.
Leaders in residential and commercial real estate management and development in the greater Chicago area, Skokie-based F & F Realty, Ltd., has been operating and managing residential and commercial real estate in the Chicago area since 1979. Founded by David M. Friedman, president and chief operating officer, the company has owned and managed thousands of apartment residences, executive office buildings and leading hotels. For more information, please visit http://www.fandfrealty.com.