RealShare Apartments 2011 Conference Gives Insight into the Multifamily Industry
This year’s RealShare Apartments 2011 Conference in Los Angeles was extremely well attended, with more than 1,000 people on hand to hear about a number of key issues impacting the multifamily industry.
One of the conference highlights was the Industry Leaders Panel where top executives from the multifamily industry shared their thoughts and expertise about the overall state of the industry, where rents are headed, the outlook for development and transactions, how multifamily could be impacted by the world economy and the election, and revenue management.
Aisner said he’s been a big supporter of revenue management for years and has just begun implementing YieldStar at Behringer.
Shall explained the benefits of revenue management, having used YieldStar for several years, and offered some best practice advice, including the importance of balancing the science of the system with the art of operations.
Smith shared that Riverstone is achieving 2 to 3 percent more revenue at his YieldStar properties on a consistent basis. Riverstone has been working with YieldStar since 2008, and is using the product at over 100 properties they manage for various clients. (Read additional coverage of this session at GlobeSt.com)
Janine Steiner Jovanovic, president of YieldStar, participated on the panel “Managing for Success: Proper Property Management.” In addition to sharing her expertise on revenue management, she provided some interesting insight into the makeup of Gen Y and how that generation might impact where operators choose to build, the type of product they make available, and what they can expect in terms of renter longevity.
Jovanovic suggested that operators should not think in stereotypes. She explained that 40 percent of Echo-Boomers are estimated to be predominately Latino and Asian, who “don’t necessarily have the same buying habits or (consumer) behavior as the other 60 percent of this prospective renter base.”
Jovanovic also commented that managers need to respond quickly to Gen Y renter needs. She said that Echo-Boomers are nimble and that if technology support does not work and they don’t get an immediate response to their needs, they will be off to the next property. (Read additional coverage of this session from GlobeSt.com)
Did you attend RealShare Apartments 2011? What sessions did you attend and what information caught your attention the most?