9 of the 13 Apartment Industry REITs Now Leveraging LRO Software for Pricing
ATLANTA, GA - January 17, 2012 - The Rainmaker Group, the leading provider of revenue management and profit optimization solutions to the multifamily and gaming/hospitality industries, today announces BRE Properties, a nationally recognized real estate investment trust and leading developer and manager of apartment communities in the major metropolitan markets of California and Seattle, Washington, has selected LRO for the portfolio's revenue management solution. BRE Properties has initiated the platform implementation process across a portfolio of approximately 85 communities representing 24,000 units.
BRE Properties" decision to partner with Rainmaker is an enormous win for our organization, said Andrew Rains, executive vice president for The Rainmaker Group. The adoption of revenue management strategies among the leading multifamily companies has grown substantially in the last year thanks to the measurable impact the software can deliver to the bottom line. With the addition of this portfolio to our client roster, LRO now represents 9 of the 13 apartment REITS in the marketplace.
BRE Properties conducted an extensive review process of the industry's revenue management solutions before selecting a partner for its pricing and optimization strategies. Rainmaker's unique corporate culture and business processes closely aligned with BRE Properties" vision for revenue management and ultimately influenced the company's decision.
We're excited to take this next step in the evolution of our revenue management practices; we believe the LRO product will integrate well with our core platform and supercharge our pricing discipline and strategies, said Scott Reinert, Executive Vice President, Operations for BRE. BRE's Vice President of Business Intelligence, Steve Snell, added, We are very pleased with the selection of Rainmaker LRO as our revenue management solution. We look forward to this partnership and the opportunity to further enhance our ability to maximize revenue growth.
Rainmaker LRO is the leading multifamily lease rate optimization solution used to maximize revenue from apartment leases. The system calculates optimized pricing based on hundreds of factors that influence rate setting, including traffic and lease duration, move-in dates, competitive affects and other metrics. The system also produces enterprise-wide demand forecasts by measuring and analyzing historical and current market metrics and performing calculations necessary for occupancy predictions that are dynamically updated as market conditions change.
About BRE Properties
BRE Properties, based in San Francisco, California, focuses on the development, acquisition and management of apartment communities located primarily in the major metropolitan markets of Southern and Northern California and Seattle. BRE directly owns 78 multifamily communities (totaling 21,971 units) and has joint venture interests in an additional 12 apartment communities (totaling 3,856 units). BRE Properties is a real estate investment trust (REIT) listed in the S&P MidCap 400 Index. For more information on BRE Properties, please visit our website at www.breproperties.com.