Is Your Pricing Strategy Appropriate?

Market surveys are a task that every property has to perform, because without current and consistently accurate data, how can you be sure your pricing strategy is appropriate for the local rental market?  When on-site leasing professionals have to call five to ten properties weekly to check on the competition, or spend valuable time searching competitive online ads, the time that could be spent leasing instead becomes costly.

Our VaultWare clients have had the luxury of using the Market Comps tool that provides weekly automatic updates of up to ten competitive properties within a ten mile radius. Property managers are even able to identify the properties that Market Comps should consider competitive for reporting purposes in order to exclude any outliers or non-comparable properties from their analyses.  This means no more calls or internet searches looking for current comp pricing – current and accurate cost information is at their fingertips, filterable by features as specific as bed count, and displaying pricing per square foot or average rent. Market Comps has the capability to create both at-a-glance reports for quick market checks and detailed reports by property, or you can drill down into even more detail by unit type.

Additionally, if the property staff gets busy and forget to check the reports, Market Comps can remind them with an automated weekly email that will be triggered if the aggregated pricing by bed count has changed more than a certain percentage or dollar amount, depending on the user’s preference. The staff will always be aware when the market’s conditions deviate beyond the specific thresholds they’ve defined. With over 31,000 properties on our nationwide database, Market Comps helps to automate a once cumbersome process and gives you a trusted source to validate your pricing strategy.

Perhaps the best part of this solution, however, is that VaultWare Market Comps is no longer limited to VaultWare Reservation System clients.  Any apartment community across the nation can take advantage of the most current and accurate competitive rental rate data available, VaultWare user or not!

Learn more about VaultWare Market Comps or schedule a demo on our website.