Revenue Management
LPG Residential oversees the revenue management of over 2,100 market rate units. LPGR’s revenue strategies combine market knowledge, operational insight, and marketing techniques with insightful forecasting. LPGR’s goal is to give each property actionable strategies to deliver unmatched revenue performance, support on-site team members, and ensure resident satisfaction.
LPGR has developed and currently utilizes a proven revenue management system for over 2,100 market rate units.
LPG Residental
LPG's Pricing Model
LPG’s Pricing Model is a comprehensive pricing tool generated weekly, showing unit pricing comparisons, recommended renewal pricing, and property expiration schedules with maximum expiration counts. This report is used daily by property managers to make informed pricing decisions.
Weekly Pricing Check-ins
LPG Residential operates weekly calls or check-ins with each property and regional manager to review current pricing, market conditions, occupancy trends, competitor rates, and leasing performance. These check-ins help ensure pricing remains competitive, aligned with property goals, and adjusted as needed based on real-time market data and community performance.
Revenue
Goals
Real Time
Data
Onsite
Collaboration
Revenue
Goals
Case Study | EAGLEWOOD LOFTS
Eaglewood Lofts, a 410 unit community in North Salt Lake City, UT, faced occupancy struggles during the summer of 2022. The property had began using a 3rd party revenue management software, and the LPG team realized it was doing more harm than good for the property. The property had historically seen an average occupancy of 95.1% which dropped in August 2022 to 87.3% due to pricing issues with the 3rd party software. LPG knew something needed to change. In addition, on-site and asset managers were spending unprecedented amounts of time managing 3rd party algorithm generated rents without seeing results.
LPG implemented its own proprietary in-house revenue management tool that created noticeable results within the first two weeks. Within a month, the property’s ATR was under 10% and team members were spending less time tracking online rents. The weekly 30 minute pricing calls and check-ins also provide a time for community managers to share insights from daily operations that may not be captured in the numbers, which has significantly improved onsite collaboration.
LPG has implemented the system on 2,100+ market rate units. There has been overwhelming positive feedback on LPGR’s revenue management system and it’s utilized on all LPGR managed projects.
$1,626 EFF Rents
August 2022
$1,727 EFF Rents
December 2022
12.03% ATR
August 28, 2022
6.59% ATR
January 23, 2023
LPG Revenue Management
At a glance breakdowns for:
- In-Place Rents
- Current Leasing Rents
- Current Asking Rents
- Percent Leased, vacant, and on notice by floorplan and demand stream
- 30, 60, and 90 day availabilities
Transparent projected occupancy based on 4 week trailing actual leasing activity
at maximum
<4 until maximum
