I can easily see pricing changes and assess or make inquiries and ensure we are pricing our units right where they need to be. It has been great and I would love to have BI:Radix on all my properties; if all my clients would agree to it, I would do it in a minute.”
SCOTTSDALE, Ariz. (PRWEB) December 13, 2018
"We rolled out BI:Radix at Tatum Place and almost immediately our Shelton-Cook management team was able to visually see, using the trend graphs, the ability to increase rents $40 per month across the board. The way we look at that was a $40 increase on 164 units at a 5.5% cap added over $1.4MM in value. As owners and investors we were ecstatic about this insight and the value BI:Radix helped us uncover," says Allen Glidewell, Asset Manager with Clear Sky Capital.
BI:Radix recently had the opportunity to sit down with two of Shelton-Cook’s platform users -- Sharon Kuhlman, Regional Portfolio Director, and Lavina Spivey, Property Manager – to talk about how the BI:Radix market survey platform has helped them improve the market survey process.
Prior to using BI:Radix, the methodology was typical of how most of the industry tackles market surveys. “Well, I was using Morse code,” joked Lavina. “Seriously, it was pretty tedious. I would call my first comp, hopefully get an answer, ask multiple questions about prices by floorplan, specials and occupancy, try to keep good notes, thank them graciously, and repeat the cycle with the next call.” Of course, comps aren’t always available, so Lavina usually had to keep trying over several days or even weeks. “Once I had all my competitive information, I would enter it into our Excel-based pricing summary, which was several steps, making sure everything was entered correctly, save it, and then finally have my market study report.” This would take at least 1-2 hours just in call time, according to Lavina. “And as you know, Excel leaves a lot of room for human error,” added Sharon, “And so this is a conservative estimate."
After using the platform, both Lavina and Sharon became big fans of how BI:Radix has streamlined the process. “Now, the Property Status Update report just pops up in my email each week,” said Sharon, “I can easily see pricing changes and assess or make inquiries and ensure we are pricing our units right where they need to be. It has been great and I would love to have BI:Radix on all my properties; if all my clients would agree to it, I would do it in a minute.”
The platform hasn’t just saved time, but it has enabled data driven decision making. “I can have better conversations with owners about how we are performing against the market or why we are moving a rate up or down with good information that can be quickly disseminated to the owner or top management." says Lavina. “Another key aspect of BI:Radix that has proven to be beneficial to us is the ability to compare and analyze pricing for renovated versus non-renovated units in the submarket. This tool can be tremendously helpful when making decisions regarding capital improvements.” Added Sharon. Nick Sykora, VP with BI:Radix, agrees. “Shelton-Cook has been using our platform textbook style and is taking advantage of all the tools and features, such as Exclude Floorplan feature. It was built for several purposes, from giving users the ability to isolate renovated units, to determining premium deltas, to removing specific floor plans from comp properties not present at the subject property."
The full case study can be read here - Shelton-Cook Case Study
Shelton-Cook is premier provider of institutional quality property management and leasing services in the country, with a diversified portfolio including conventional, tax credit, condominium and HOA. Shelton-Cook manages 23,000 units.
BI:Radix is a market survey platform designed specifically for the multifamily housing industry to provide actionable data and analytical tools that allow owners and operators to accurately assess and strengthen their position in the competitive marketplace. Since inception in 2015, the BI:Radix platform focuses on streamlining the market survey process to save time and money, while creating greater data consistency and broader collaboration within the organization. BI:Radix provides unique, intuitive insight on complex and ambiguous data, empowering users to improve performance through more informed decisions.
To Contact BI:Radix please email: info(at)biradix.com or call: 602-892-4788