Annual Awards Program Recognizes Innovation in the Global Real Estate Technology Industry
LOS ANGELES, Aug. 18, 2022 /PRNewswire-PRWeb/ -- PropTech Breakthrough, a leading independent market intelligence organization that evaluates and recognizes standout real estate technology companies, products and services around the globe, today announced that BH Management Services (BH) has been selected as winner of the "Property Management Innovation Award" in the 2022 annual PropTech Breakthrough Awards Program. In 2021, BH was awarded "Real Estate Analytics Platform of the Year" for its analytics and reporting platform, BH Fusion®.
This year, BH was selected for the Property Management Innovation Award because of its commitment to developing best-in-class tools and processes to find and capture demand. Demand trends in multifamily housing always seemed to follow a seasonal pattern. Then the pandemic hit, and the industry was forced to reckon with a trend model that was more anecdote than data. Additionally, advertising costs grew as more people searched online for their next apartment. Property managers were faced with a challenge: how can we maximize rent while minimizing marketing costs? BH answered this question with its in-house revenue management and advertising platforms.
BH Advantage is an in-house revenue management system that leverages data from across the entire BH portfolio to provide a clearer picture of demand within sub-markets. Beyond building pricing models, Advantage evaluates available unit supply, occupancy goals and property-specific demand trends – accurate down to the unit-level – and recommends unit-level pricing within the market to match performance goals.
Armed with real-time market predictions, BH can then capture relevant demand by automating advertising decisions with their in-house digital advertising platform, Aylist. Launched in spring 2021, Aylist integrates directly with BH's property management systems and uses community information to automate digital ad campaigns. Aylist automatically enables and disables ads based on availability, updates current pricing, factors in commute times, and ensures advertised specials start and end on time.
Both BH Advantage and Aylist create synergy between unit pricing and marketing. Aylist works alongside Advantage, so online advertisements are curated based on real-time data and can reach in-market renters with the right price at the right time. With Advantage, the ability to predict demand within a market is extremely useful to BH's performance strategists, who determine which revenue levers to pull to capture that demand. These two in-house systems allow BH to administer its own software updates or adjust API inputs, troubleshoot issues, and customize features based on community and client feedback. These adjustments allow for a proactive rather than reactive approach.
"We are honored to win another PropTech Breakthrough award. We set out to find out how we can drive the right demand at the right time for the right price. Our solution came together in two interconnected parts: identify opportunity, then capture demand," said Joanna Zabriskie, BH President and CEO. "For our clients, these in-house solutions improve cost savings while increasing NOI, and provide valuable data to adjust marketing campaigns and pricing strategies without having to rely on data from third-party partners. At BH, we're solution-focused and service-oriented. We are constantly aiming to be the smarter way to live, invest, manage, and grow."
"This year, we evaluated more than 1,500 nominations from 12 different countries throughout the world," said Bryan Vaughn, Managing Director of PropTech Breakthrough Awards. "Our mission is to conduct the industry's most comprehensive analysis and evaluation of the top technology companies, solutions, and products in the real estate technology industry today. BH has demonstrated its ongoing commitment to innovation, building their own in-house solutions to overcome modern challenges. Congratulations to BH for winning the 2022 PropTech Breakthrough Award for Property Management Innovation."
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About PropTech Breakthrough
Part of Tech Breakthrough, a leading independent market intelligence organization for global technology innovation and leadership, the PropTech Breakthrough Awards program is dedicated to honoring and recognizing the creativity, hard work and success of companies, technologies and products in the larger field of real estate technology. The PropTech Breakthrough Awards provide a platform for public recognition around the achievements of breakthrough Real Estate Technology companies and products in categories including Financing, Property Management, Short Term & Vacation Rental, Shared Space, Marketplaces, Investment & Crowdfunding, Agent Tools & Services, Property Closing, Insurance, Construction Tech and more. For more information, visit PropTechBreakthrough.com
About BH
BH is a people-first multifamily owner and operator that grew from a small startup into one of the nation's largest commercial real estate companies. Founded in 1993, BH is celebrated for its simple commitment to doing business the right way and investing in its team. Today, BH manages over 100,000 units, employs 2,600 people, owns its processes in-house, and is praised by Fortune Magazine as the "Best Workplace for Women," "Best Workplace for Millennials," and "Best Workplaces for Diversity." Powered by innovation and a can-do attitude, BH improves daily, striving to construct a smarter way to live, invest, manage, and grow. For more information, visit http://www.livebh.com.
Media Contact
Bryan Vaughn, PropTech Breakthrough, 949.529.4120, [email protected]
Kelly Kutach, BH, (515) 645-9186, [email protected]
SOURCE PropTech Breakthrough
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