Keep up with the Comps with MRI Market Comps

Anyone in the multifamily industry knows that you are always going to have competition. Whether the property down the street is offering a first month free concession, or another complex added a brand new pool, there are always going to be new factors to keep in mind when choosing your current rent price.LoftsAtNewMain

For example, Lofts at New Main is a new property in Cleveland that needs to achieve occupancy and revenue targets while staying competitive to the market. The upcoming busy season seems like the perfect time use some new tactics. The options seem endless… provide one free month of parking? Offer prospects a discounted rate? Well, instead of reducing rents or offering concessions in order to maximize occupancy in the building, the manager of Lofts at New Main, Lisa, has keenly tracked the market and held firm on pricing. Lisa decides to take the road less traveled and differentiate the community on service rather than rents. They are able to maintain a higher monthly potential revenue than the direct competition, Villas at Cleveland Park.

MarketCompsIn order to keenly track the market, Lisa used to rely on old methods such as making phone calls to competitive properties, scraping Internet Listing Services, or depending on staff members to accurately conduct these market studies on a monthly basis. These methods were not always reliable, accurate, or compiled in a cadence that would allow for timely decisions to be made about pricing. More importantly, the time it took to conduct market studies detracted from the level of service the community wanted to differentiate themselves on. To better free up herself and her staff, Lisa now employs the use of MRI Market Comps.

MRI Market Comps ensures that rental rates are on-par with the competition and provides the most current market data available. This gives Lisa visibility into the current competitive landscape to help her validate a solid pricing strategy within the local market. It even alerts her and the leasing team when local market conditions deviate, beyond a previously defined threshold, keeping them aware of the latest market fluctuations. The best part is that all this information is automated, giving Lisa and her staff more time to provide high level customer service, instead of calling other properties to rate update and researching online prices.

MRI Market Comps contributes to a holistic vision of property management and is currently helping property managers across the country increase their NOI.

About MRI Market Comps:
MRI Market Comps boasts the industry’s most current competitive apartment rental rate data, providing property management staff the ability to always be one step ahead of their competitors with automated delivery of current comparable apartment market rental data for their self-defined competitive landscape. Available as an add-on to MRI Market Connect, powered by VaultWare, or as a standalone solution, MRI Market Comp’s twice weekly nationwide updates of comparable rental rate data will help you validate your pricing strategy by ensuring that the rates you are asking for align with your local competitive market. You can also use the market survey tool to feed source data to your apartment Revenue Management system.

Looking for a one-time Market Comps report for due diligence research on a potential acquisition or land development? MRI offers a Market Comps Reporting Service exclusively to MRI Software customers. Contact your MRI Software Account Executive to order a report tailored to an address or GPS Coordinates today!

 

This post features the combined authorship of Ben Berk, Sarah Carver, and Marcy Helms.

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