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.
