Decision follows substantial improvements in rent and occupancy during trial
(June 21, 2011)—RealPage, Inc. (NASDAQ: RP), today announced that Wilkinson Real Estate Advisors, an Atlanta-based privately held property management company, has selected YieldStar® revenue management to deploy across its entire portfolio of more than 7,000 units. The decision comes after Wilkinson experienced an 8 percent improvement in executed new lease rents and 2.7 percent improvement in occupancy with YieldStar Price Optimizer during a successful six month evaluation period.
“We wanted to capitalize on improving apartment market conditions with revenue management,” said Debra Millwood, president of Wilkinson Real Estate Advisors. “YieldStar offers a more objective approach to pricing that helps mitigate the emotional component of setting rents, especially when coming out of depressed economic times.”
Wilkinson evaluated YieldStar alongside a competing revenue management provider. “The net revenue impact of utilizing YieldStar was greater than we anticipated, and it outperformed the other revenue management provider during the evaluation period,” said Millwood.
Millwood credits YieldStar with being aggressive in pursuing rent growth opportunities, and with offering greater flexibility in the leasing process, which creates the opportunity to move away from concessions while better accommodating prospective renters.
“YieldStar also forces us to take a more objective look at other areas of performance within our operations. Price is only one of the drivers,” explained Millwood. “With YieldStar, we can quickly get comfortable with pricing, and then turn our attention to product readiness, marketing and our on-site sales process.”
YieldStar worked closely with Wilkinson during the engagement to provide substantial training and support. “Revenue management success involves much more than just having the best product,” said Janine Steiner Jovanovic, president of YieldStar. “YieldStar prioritizes client satisfaction and success above all. Our service philosophy distinguishes us dramatically and enables us to consistently produce superior results, such as those experienced by Wilkinson.”
Wilkinson plans to complete the implementation of YieldStar revenue management across its 35 communities in the Southeast by the end of August. “We’re very excited about moving forward with YieldStar,” said Millwood.
To learn more about YieldStar Price Optimizer, please visit www.yieldstar.com. To schedule an interview with a YieldStar executive, please contact Michael Cunningham at michael.cunningham@realpage.com or 972.820.3409.
About RealPage
Located in Carrollton, Texas, a suburb of Dallas, RealPage provides on-demand (also referred to as “Software-as-a-Service” or “SaaS”) products and services to apartment communities and single family rentals across the United States. Its six on-demand product lines include OneSite® property management systems that automate the leasing, renting, management, and accounting of conventional, affordable, tax credit, student living, and military housing properties; Level One® and CrossFire® that enable owners to originate, syndicate, manage and capture leads more effectively and at less overall cost; YieldStar® asset optimization systems that enable owners and managers to optimize rents to achieve the overall highest yield, or combination of rent and occupancy, at each property; Velocity™ billing and utility management services that increase collections and reduce delinquencies; LeasingDesk® risk mitigation systems that are designed to reduce a community’s exposure to risk and liability; and OpsTechnology® spend management systems that help owners manage and control operating expenses. Supporting this family of SaaS products is a suite of shared cloud services including electronic payments, document management, decision support and learning. Through its Propertyware subsidiary, RealPage also provides software and services to single-family rentals and low density, centrally-managed multifamily housing. For more information, call 1-87-REALPAGE or visit www.realpage.com.
About Wilkinson Real Estate Advisors
Founded in 1985, Wilkinson Real Estate Advisors is a privately held property management company based in Atlanta, Georgia. Wilkinson Real Estate Advisors currently owns and manages over 7,000 units in the Southeast. WREA provides best-in-class service to its residents, employees and investors. For more information, visit www.wilkinson-companies.com.