Tips for Conducting a Price Review

Multifamily Insider has a nice “how-to” for conducting pricing reviews with your team. From the article:

Weekly or bi-weekly pricing review calls are a great forum to learn more information on why a property is or isn’t leasing. But sometimes when helping teams the answer isn’t as simple as just “the price”. You may be surprised what may arise as part of these regular communications. Here are three lessons learned from leading these pricing review calls: 

1. Managing the Fear is Very Important:

One of the main reasons for having a pricing call is to help the operations team understand your revenue management system’s pricing recommendations. Additionally, these calls assist in soliciting important feedback from the sites. …

2. Over-Amenitizing

Amenities are often initially established with a piecemeal approach. On the pricing calls, we look at pricing holistically. While all of those amenities may have made sense when determining the values one by one, stacking them together may out-price most of your demand…

3. Listen for Subtle Cues

Let’s add psychologist to the list of revenue manager qualities, because the phrase, “tell me more about that”, should be a common request as one sleuths out the implications of seemingly innocuous comments heard on pricing calls.