Fairfield will Implement Rainmaker’s LRO Price Optimization System to Meet Investor Needs in The Changing Multifamily Market
ATLANTA, GA – March 22, 2011 – The Rainmaker Group, the leading provider of automated revenue management software and services to the multifamily housing industry, announced that Fairfield Residential Company LLC will implement Rainmaker’s LRO lease rate optimization solution and will make it available to a majority of its 150 multifamily properties comprising approximately 50,000 units. Many investors and fee clients have already elected to adopt the application. Fairfield is a major privately-held property management company and advisor to dozens of investment partners and third-party clients.
Rainmaker chosen after system comparison analysis
We chose the Rainmaker LRO price optimization solution based on a thorough comparative system analysis by our property management and IT teams, explained Brent Ball, Fairfield Residential’s senior vice president. We evaluated the leading multifamily revenue management systems and carefully checked user references. Rainmaker has a solid reputation for good customer service and their solution pricing structure fit our objectives. Ball also noted their need for a plug-and-play solution that’s quick to implement and tightly integrated with the Yardi property management system used by Fairfield Residential. We found that LRO meets all our requirements.
LRO is the leading multifamily lease rate optimization solution used to maximize revenue from apartment leases. Rainmaker’s LRO system produces optimized pricing recommendations for a large variety of unit types based on hundreds of factors that influence rate setting, including traffic and lease duration, move-in dates, competitive influences 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.
LRO to increase revenue and asset value
Fairfield used to turn properties quickly, but because of market changes we are holding them for a longer term, Ball said. We will leverage LRO to manage the bottom line, allowing us to increase revenue and asset value in advance of sales. This strategy puts us in line with the top REITs that are using automated lease rate setting to optimize rents. Overall, LRO will make us more competitive and better able to meet our investors” needs.
Ball stated that while LRO is not yet up and running, Fairfield anticipates that most of its investors and clients will elect to use the application and will be live on LRO within 6 months. I give Rainmaker’s team an A+ on service and implementation so far, said Ball. Our property management and IT teams report that the LRO installation group has professional hands-on knowledge of our industry and is doing a great job.
About Fairfield Residential Company LLC
Fairfield Residential Company LLC is among the most experienced multifamily real estate operating companies in the United States. The Company was built around providing complementary services throughout the life cycle of a project to real estate investors. Fairfield provides acquisitions, entitlement, development, construction, redevelopment, property and asset management, and disposition services to its joint venture affiliates and third party entities.
Fairfield Residential is privately held and offers a diversified product line including new construction of luxury apartment homes, university student housing, tax credit affordable housing properties, and redeveloped apartment homes in urban and suburban infill neighborhoods. Fairfield Residential Company LLC’s formation was supported by new equity from Brookfield Asset Management and long-standing partner, California State Teachers” Retirement System (CalSTRS). The company is active in 40 geographically diverse markets nationwide. As a responsible corporate citizen, Fairfield is committed to implementing cost effective green building programs wherever feasible.
The Rainmaker Group – a Microsoft Silver Partner software and services company – is an industry-leading provider of revenue management and profit optimization solutions to owners/operators in the multifamily housing and gaming/hospitality industries. Rainmaker software, coupled with professional business consulting services, enables multifamily housing operators to maximize revenue from apartment leases and helps operators of casino hotels and other hospitality enterprises secure the most valuable customers to increase their profitability. Rainmaker software delivers real results for operators such as Archstone, AvalonBay Communities, Equity Residential, Post Properties, Simpson Housing, Mid-America Apartment Communities and a number of other leading companies. Gaming/Hospitality clients include leading casino/hotel organizations such as Atlantis The Palm Dubai, Caesars Entertainment, IP Casino Resort Biloxi, Isle of Capri Casinos, MGM Resorts, Omni Hotels & Resorts, Wynn Las Vegas, and many others. Headquartered in northern Atlanta, GA, Rainmaker is a solid, profitable, rapidly growing, privately held company.