Gene B. Glick Company Realizing Notable New Lease and Renewal Rates with Rainmaker LRO™ Revenue Management
Company Experiences Rapid Success with Optimized Pricing Strategies
ATLANTA, GA – December 13, 2012 - The Rainmaker Group, the leading provider of revenue management and profit optimization solutions to the multifamily housing and gaming/hospitality industries, today announces another successful revenue management implementation program with optimized new lease and retention rates for Gene B. Glick Company, an Indianapolis-based property management and development company with nearly 19,000 apartment units in 10 states. New to optimized software based pricing, Glick deployed Rainmaker LRO™ revenue management to new leases in July 2012 and to renewals in September, and the company is experiencing rapid success, with average rent on new leases up nearly seven percent (6.92%) and renewal rate increases of 7.95 percent.
“Revenue management really is a no brainer,” said Jason Whittington, director of management operations for the company. “When you examine other industries like airline or rental car, you see how successful optimized pricing can be. We wanted that success at Glick and needed a provider that matched our overall company goals. It was ultimately the Rainmaker LRO team and company that sold us. They understood where we wanted to be and knew how to get us there. The tremendous and rapid changes we have seen are proving we made the right decision.”
Glick executives engaged their entire team to effectively benefit from the LRO revenue management platform. Every department from IT to marketing to operations were involved in the due diligence process of reviewing the various revenue management systems available. Once the company determined Rainmaker’s optimized LRO system was the correct fit, Brooke Dunn, the company’s revenue manager, worked closely with the LRO team to conduct in-depth on-site training and educate leasing professionals about the software and the effectiveness of computer-generated pricing.
“We have realized $50 increases on our new leases and $90 growth to our renewals from both the system’s capabilities, as well as more confident and educated on-site teams. By helping them have an understanding of why the system makes recommendations and why those recommendations are correct based on data, we are going to be more successful,” explained Dunn. “Training is one of our foundations for success as well as maximizing the benefit of LRO.”
“Companies that embrace revenue management whole-heartedly typically see the greatest impact,” said Andrew Rains, executive vice president of Rainmaker LRO. “The strategic operational buy-in Glick implemented not only ensures greater efficiencies across the board but the continued success they have already realized with optimized pricing practices. The sky is the limit for Glick and The Rainmaker LRO team is excited to see even greater results in their future.”
To learn more about the Rainmaker LRO system implementation for the Gene B. Glick Company, please read the case study here.
Rainmaker LRO™ is the leading multifamily lease rate optimization solution used to maximize revenue from apartment leases. The system calculates optimized pricing based on multiple 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 Gene B. Glick Company
Founded in Indianapolis in 1947, the Gene B. Glick Company is a property management and development company with nearly 19,000 apartment units in 10 states. The company’s reputation was built on founder Gene Glick’s commitment to integrity, quality construction, excellent service and superbly maintained communities. For the Glick family, business success comes with the responsibility of investing in organizations that make the world a better place. Their generous philanthropy is an expression of gratitude and pride in the community. For more information, please visit www.genebglick.com.