Proptech firm Real Estate Business Analytics, which provides software for multifamily companies to better use data, announced a new software package called REBA Rent. The pricing and revenue management system is supposed to help companies manage revenue and profitability through its features and a focus on total cost of ownership.
“The system is purpose-built to support the intricate demands of the multifamily sector that leads not only to a more efficient and more effective PRM strategy, but also one that more naturally and intuitively builds trust with operators and asset managers,” the company claims.
REBA says that pricing and revenue management procedures that “are still using the same basic design & technology from 20+ years ago” no longer “support multifamily’s current real-world business scenarios & offer limited service and support.”
The firm points to five different areas it argues are current problems that older approaches don’t address: • Opaque pricing models don’t allow property managers to “understand how prices are determined and adjust pricing strategies effectively.” • There are no comprehensive rent control modules that let managers “accommodate user-defined rules based on rent or process-related restrictions can result in compliance issues and suboptimal revenue generation.” • Inflexible reporting and configuration makes it difficult to obtain insights necessary to tailor strategies. • Clumsy concession management leads to “errors, delays, and inconsistencies.” • “Revenue managers spend a lot of time looking for recommendations that need to be adjusted which limits the number of communities that they can manage thus increasing the manpower cost for using the system.”
The company says that the software provides a comprehensive rent model, intelligent alerts, a flexible user interface, intuitive reports and dashboards, a rent control module, streamlined concession management, and transparent pricing without data aggregation concerns.
The system joins two others the company already has. REBA BI provides business intelligence with data modeling, an extensible back end, and power user data warehouse access for analysis. REBA Budget “uses meaningful drivers and historicals to create accurate business forecasts,” allows flexible data input, and improves collaboration.
REBA RENT is in beta testing with some clients and is supposed to be generally available at the November OpTech Conference.