Amid price-fixing lawsuits and FBI investigations, rent pricing is a concern on every owner and operator’s mind.
Offices have been raided, two multifamily companies have admitted to artificially inflating rental prices using revenue management software, and some institutional investors are ceasing all electronic pricing solutions. The focus on HOW we are making pricing decisions has become incredibly important.
Fortress OS’s Smart Price feature prioritizes the HOW by creating transparency at every level. In our guide to Fortress Smart Price, you’ll discover how it helps you attract residents and maximize revenue… while keeping you free of legal trouble!
What is Fortress’ Smart Price?
Let’s start with what it isn’t. Most “revenue management” solutions were built with outdated technology. Smart Price is not. Smart Price uses the same algorithms used by Google Ads to predict performance and by medical researchers to sequence DNA… AKA not some tech that was around before iPhones.
This means we can use direct supply and demand data to recommend the price that will maximize rent prices for available units while achieving occupancy goals and remaining fair and attractive to residents. Our custom models are built on a per-property basis which means you can test different price points and see the impact on applicant volume by floor plan.
Genuinely intelligent price suggestions
Fortress’s Smart Price provides daily price recommendations in Fortress OS with extreme transparency.
The model allows you to set property-specific objectives, e.g., 95% occupancy in 60 days, resulting in daily pricing recommendations for each available unit to drive you to that goal.
New data is received daily to continually train the machine learning model to make better recommendations than the day before.
Explaining the WHY
We explain the “why” behind every single price recommendation, allowing you to make decisions based on real, understandable data.
Our daily email notifications contain granular, detailed information to support every price recommendation. And when the suggested price differs from the current price, the status will revert to “Waiting for Approval” to prompt you to check it out, review the recommendations and make a quick, informed decision.
Want to price your units smartly? Find out more about Fortress Smart Price in our whitepaper.
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