RealPage, Inc. (NASDAQ:RP), a leading global provider of software and data analytics to the real estate industry, today announced the launch of AI Revenue Management, a multi-dimensional revenue optimization solution that executes across price, demand, credit and workforce to increase revenues. Early adopters in our beta program are generating 100-200 bps of incremental yield.
Keith Dunkin, SVP Asset Optimization
“Multidimensional optimization of revenue is the most significant breakthrough in revenue management since the introduction of YieldStar and LRO 15 years ago. Until now we’ve optimized price, however maximum asset performance requires aligning all four pillars of revenue management: Demand, Credit, Workforce and Pricing. The timing is perfect, as markets begin to soften our clients are looking for innovative capabilities to extend their run, and unlocking revenue across the four pillars is the answer.”
AI Revenue Management is designed to drive incremental yield through:
- Demand Optimization – sending demand triggers to stimulate more leads just when they are needed by bedroom type
- Credit Optimization – modulating credit acceptance criteria based on the imbalance of an asset’s supply and demand
- Amenity Optimization – for the first time, using statistical analysis of internal and external benchmarks of amenity pricing and unit level days on markets to improve revenue through reduced average vacant days and maximized pricing opportunities
- Workforce Optimization – leverages a bedroom type level exposure signal that prioritizes leads where there is overexposure, identifying the leads with the highest impact to revenue
- Rent Control – maximizing new lease pricing is more critical then ever in a rent controlled environment. Through a service compatible with both YieldStar and LRO, RealPage provides optimized pricing in adherence with current legislation
- Performance Advisors who execute across all four pillars of revenue
With additional capabilities expected to be released throughout 2020, AI Revenue Management capitalizes on the foundation of industry leaders YieldStar and LRO and leverages RealPage’s data platform to provide an AI engine that sends optimized signals to execute dynamic marketing spend, modulate credit criteria, and optimize leasing agent focus.
Onboarding is highly automated, so clients can leverage Rent Control and AI Revenue Management on a few properties to see the results themselves, before deploying their entire portfolio.
RealPage provides a technology platform that enables real estate owners and managers to change how people experience and use rental space. Clients use the platform to gain transparency in asset performance, leverage data insights and monetize space to create incremental yields. Founded in 1998 and headquartered in Richardson, Texas, RealPage currently serves over 18 million units worldwide from offices in North America, Europe and Asia. For more information about RealPage, please visit https://www.RealPage.com.