IRVINE, Calif.--(Bluestone Property Management announced it is making its rent pricing program available to the rest of the apartment industry. Marketed under the name EagleEye PLS™ (performance leasing system), the software measures local economic and other factors and generates daily rental rates apartment teams use to fill vacancies. The program is intended to offer a more structured alternative to manual, intuition-based pricing methods.)--
“Although significant technology exists in the multi-family sector, the majority of apartment operators still rely on periodic data collection, intuition, and impression to set prices”
“Although significant technology exists in the multi-family sector, the majority of apartment operators still rely on periodic data collection, intuition, and impression to set prices,” says Anthony Contino, creator of the program. “We wanted to create a program that contemplates the same variables industry veterans do, but in a very precise, systematic way.”
The program takes market information from carefully chosen competing properties, and through its algorithm, creates a comparable “value-neutral” amount for each of the subject’s available units. Then it adjusts this value based on daily “urgency factors” such as vacancy and availability. Before any of these calculations are made, however, the program assesses if optimum leasing conditions exist at the property.
“One of the key aspects of the program is the way it integrates the on-site team’s performance into its calculations,” says Contino. “Seasoned apartment executives understand how important daily on-site marketing efforts and the property’s condition affect demand. “In fact,” Contino continues, “changing prices is really the last step in solving leasing issues. The marketing effectiveness, appeal of the property, and the sales process should be carefully considered before thinking about lease rates.”
The other aspect of the program is its simplicity. “We spend about a day configuring the program for each property,” says Contino. “After that, the program becomes highly efficient to operate. In fact, we’ve found it produces efficiencies within the corporate office, which extends into managing field personnel more efficiently and effectively. The program is intuitive, so executives feel comfortable with its methodology, and field personnel are given a pricing system that is easy to follow and assists with closing efforts.”
EagleEye PLS™ is provided at no cost to its fee managed clients, and is available at a low cost to the rest of the industry. Per Contino, “We’ve noted significant, measurable increases in revenue with this program’s use, and we have it priced to become cost-beneficial very quickly.”
About Bluestone Property Management
Headquartered in Irvine, Bluestone Property Management offers state-of-the-art property management, pre-acquisition due diligence, and other apartment services. Led by industry veterans Michael Kerr and Anthony Contino, the company is designed to bring a level of attention, programming and results currently unavailable to many apartment owners in the area. Visit the company’s website at www.bscpm.net for more information.