Embracing Change: How to Adopt a Revenue Management System
Getting a handle on change is key to working with new technology
Panelists at March’s Crittenden Multifamily Conference in Fort Worth agreed that wrapping your arms around change is a key factor to making complex technology like revenue management systems work. Simply, if you expect a different result, then plan on doing things differently.
But above all, revenue managers need to understand what onsite managers and other revenue management support personnel may fear in being absorbed into something new.
“I would tell you that it’s most people’s fear that’s their own worst enemy,” said Karen Mette, Regional Property Manager, ARM, CAM, CAPS, at Scully Co. “If you can identify those fears and work through them, your staffs will work more efficiently.
Ongoing training and constant evaluation helps make the new process feel more and more like home. And at that point, staff from the bottom up should start to buy-in to the system.
“The training piece is absolutely huge,” Dunn said. “It’s making sure that everyone on our team really understands how the system works and they understand the goals of our company. And if they understand, they are more likely to be able to talk about it and sell it.”
Revenue management systems open doors for other opportunities
In addition to securing increases through a revenue management system, Gene B. Glick Co. has been able to spend more time on other parts of its business, like identifying and adding operational efficiencies and evaluating amenities
“During our weekly calls we’re not only looking at pricing but looking at our amenities. I’m listening to feedback from the PMs and intuitively thinking about what else we can do to improve our operations,” Dunn said. “We’ve been able to increase revenue outside of just rental rates. We’ve been able to identify additional ways we can improve the way we operate.”
Revenue management technology has taken the guesswork and manual calculations of all the variables that go into determining a rate, even in the good times.
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