New metrics introduce game-changing transparency to multifamily industry
(June 23, 2015) – RealPage, Inc. (NASDAQ: RP), a leading provider of on-demand software and software-enabled services to the rental housing industry, today announced the addition of benchmarking to its Performance Analytics product. This new capability leverages the industry’s largest database—fed by 430 billion transactions annually, across 10 million domestic rental units—enabling owners and operators to evaluate property performance using key performance indicators or Alpha Metrics. Alpha Metrics were created by RealPage to be highly predictive of the overall performance of a property and are presented in a compelling, easy-to-understand format.
“As a top performing REIT, we are continually evaluating new technologies and opportunities to drive results,” explained Kip Zacharias, vice president, business services, Camden. “The industry has used benchmarking for years, but has never before had access to true, lease-level transactions. RealPage possesses the quality and depth of data with Performance Analytics that no other company serving the industry can provide. Visibility into this data is a game changer for us.”
The addition of benchmarking allows owners and managers to compare their properties’ performance for each Alpha Metric to a market or sub-market. According to Keith Dunkin, president, YieldStar, “For the first time, owners and managers can start monitoring true performance against their peers, which changes everything. Alpha Metrics for revenue was a natural starting point for us, but the possibilities are endless. We expect to continually release data-driven Alpha Metrics for every aspect of managing multifamily rental housing properties. We will have the only lease transaction-based, multi-dimensional benchmarking solution for multifamily, marking a significant evolution in performance measurement for the industry.”
With access to tens of millions of online lease transaction-level details, Performance Analytics provides real-time benchmarking for any portfolio, regardless of the operating system used to manage the portfolio. Its powerful functionality provides cross-portfolio transparency into the primary drivers of portfolio performance, including revenue, rent roll, occupancy, rent trade-out, renewal conversion, vacant days between leases, rent-to-income ratios, and other key performance indicators. Other providers’ solutions reflect asking rents, which are not indicative of true performance and provide no visibility into actual revenue.
Dunkin added, “Our partners are able to quickly and accurately evaluate the performance of their portfolios relative to the applicable sub-market and identify opportunities to accelerate returns, all without having to separately mine for data using spreadsheets or cobbled-together reports. The data, instantly available via any desktop or mobile device, enables transparency into the opportunities that improve profitability. Leading REITs and investment advisors are already driving outperformance by focusing on these key Alpha Metrics.”
For more information on RealPage Performance Analytics, visit https://www.realpage.com/asset-optimization/business-intelligence/ or visit RealPage at booth #1623 at the NAA Education Expo held June 24-27 in Las Vegas, Nev.
About RealPage
RealPage, Inc. is a leading provider of comprehensive property management software solutions for the multifamily, commercial, single-family and vacation rental housing industries. These solutions help property owners increase efficiency, decrease expenses, enhance the resident experience and generate more revenue. Using its innovative SaaS platform, RealPage’s on-demand software enables easy system integration and streamlines online property management. Its product line covers the full spectrum of property management, leasing and marketing, asset optimization and resident services solutions. Founded in 1998 and headquartered in Carrollton, Texas, RealPage currently serves over 10,000 clients worldwide from offices in North America, Europe and Asia. For more information about the company, visit https://www.realpage.com.