Thinking about a Revenue Management career in Multi-family Industry? Prepare here.

Multi-family revenue management and asset optimization software hold a strong presence in the future of apartment management and financial stabilization. There are many career opportunities in this area of property management for your consideration.  Take a look at what some companies outline as duties and qualifications for entering this field below. 

Senior Revenue Manager
The Senior Revenue Manager’s main priority is to assist in establishing and implementing pricing, revenue optimization, marketing, and leasing strategies based on market conditions and revenue targets for a portfolio of apartment communities. This is accomplished by establishing a strong understanding of local markets, monitoring competitive conditions, and analyzing apartment supply and demand. In addition, this position is responsible for liaising with operational leadership and providing necessary data analysis on current market conditions as well as revenue performance. This position also requires a strong knowledge of relational databases and querying SQL skills, MS Excel and Access, and an understanding of yield/revenue management software. 
Directive:
•    Optimizes revenue generation through full utilization of company systems and business processes for a portfolio of multi-family apartment communities. Assists in establishing and implementing pricing, revenue optimization, marketing, and leasing strategies based on market conditions and revenue targets.
•    Leads pricing and revenue management review calls for regional portfolios and provides analytical support to Operations Managers, Directors, and Vice Presidents.
•    Analyzes occupancy, exposure, expirations, leads, visits, net leases, and seasonal market trends.
•    Determines methods for maximizing revenue from existing resident renewal rent changes.
•    Monitors competitor pricing and strategies, maintains an understanding of local markets and demand conditions, and conducts ongoing rent and product analyses to ensure appropriate positioning relative to competition.
•    Assists with ongoing quality assurance activities, which include auditing configuration for parameters, rental rates, and amenities. 
•    Assists with implementing new revenue management programs at existing and new communities.
Qualifications
•    Bachelor’s degree in Business Administration, Hospitality Management, Finance, Accounting, or Operations Management, or a related field required.
•    MBA preferred or equivalent years of experience.
•    5 to 7+ years of experience in one or a combination of the following industries: Multi-family, Self-Storage, Hotel, Car Rental, or Airlines 
•    Minimum 2 years of experience in revenue management or pricing
•    Yield/Revenue management software experience required
•    Multi-family property management software experience required

 


Revenue Analyst
Duties and Responsibilities:
•    Supports the execution of the company’s revenue management application by assisting with daily/weekly rate changes, responding to team member questions and requests for help and communicating with supervisor specific activities, issues and concerns.
•    Analyzes rent recommendations, settings and decisions on a daily basis, communicates with the Revenue and on-site managers to assist in determining rental rates that result in maximum and optimum revenue. 
•    Reviews market analytics, market surveys and validates data. 
•    Assists in conducting 100 level training for site teams and provides ongoing help and support by communicating frequently about system functionality and configuration. 
•    Performs basic software tasks such as user setup, configuring and generating renewal offer reporting and generating performance reporting as requested and answering functional questions. 
•    Supports Help Desk with ticket resolution and identifying and directing tickets to the appropriate department. 
•    Conducts shops and site visits as assigned to support on-site team member engagement and performance with revenue management systems. 
Qualifications
•    Proficiency in project management skills to create project plans, track and monitor progress, meet production and delivery deadlines, and oversee project implementation across multiple platforms and geographic areas. 
•    Identify creative solutions to anticipated and unanticipated issues associated with systems. 
•    Must be able to organize, motivate and empower others to reach goals and objectives through the project management process. 
•    Demonstrated proficiency in property management software and other computer applications and software and understand the company’s needs. 
•    Knowledge and experience in apartment community operation applicable to understanding the processes, procedures, and daily workflow relative to the use of computer applications and revenue management systems. 


Director of Revenue Management  
Design sustainable policy and procedures for your pricing analyst in-house team so they have guidelines to use in their day-to-day activity, plus set some benchmarks to consistently maintain with their assigned clients.
Constantly update “best practice” policies for pricing managers in-house and orchestrate training webinars for clients’ pricing managers and their asset team. 
Listen to every problem presented to our pricing analyst team members and find ways to solve these issues proactively versus reactively and lessen the problems being reported into the future. 
Take active involvement in the integrations with property management software companies as well as integrations with 3rd party programs.
Maintain and monitor a certification program whereby junior analysts can be professionally certified. 
Run, verify, analyze, process, and deliver pricing-related analysis
•    Assist the on-site team with the execution of upcoming renewal leasing 
•    Implement effective pricing strategies 
•    Assist the accounting department with reconciliation issues
•    Consult with property management partners on revenue optimization
•    Train effective use of all areas of revenue management software
•    Provide strategic analysis of pricing, inventory, demand.
•    Proactively suggest the best practices for leasing agents, members, or related groups to improve overall operational process.  
•    Maintain expertise in building both quantitative and analytical approaches
•    Share enthusiasm for resolving customer or client inquiries 
•    Exemplify strong interpersonal communication and problem-solving skills.
•    Must be a Self-starter/self-motivated, capable of staying on track and pursuing solutions without supervision.
•    Ability to work under pressure and meet deadlines while handling several projects simultaneously.
•    Monitor and analyze weekly/monthly/yearly forecasts and convey relevant information in plain language to clients from a broad spectrum of educational backgrounds
•    Perform ad hoc analysis to give guidance to leasing teams, management teams and pricing forecasters. 
•    Advanced Microsoft Excel skills as well as solid knowledge of relational database management systems, including Microsoft Access & SQL Server.

 


If you’d like to receive more learning materials or even a mentor from the multifamily industry to talk with about Revenue Manager positions, then please email us at sales@spherexx.com.