This NMHC White Paper provides an overview of automated revenue management, or the use of data-driven pricing to find the optimal price for individual apartments based on current and forecasted market conditions.
It explains that revenue management is not just an off-the-shelf software purchase, but a new way of managing apartments that requires firms to re-think their business processes and organizational structure.
The paper describes the three major revenue management software products currently available and predicts likely near-term and long-term enhancements to future versions.
It spells out the steps firms need to take to implement such systems and identifies the critical elements required for success.
