This position will contribute significantly to the organization's success by actively developing and implementing pricing strategies to maximize revenue and occupancy rates across a portfolio of communities. Collaboration with our senior leaders, clients, and property management onsite employees will be necessary to assess price positioning based on supply, demand, leasing velocity, market comps, in alignment with business plans of each community. The role requires a blend of analytical expertis... more details
Director of Revenue Management
At Bozzuto, every member of our organization shares an unyielding desire to promote goodness for those around them. We do this every day as we design, build, manage, and maintain one-of-a-kind residences, as well as through an array of support and consulting services. Building community within our organization enables us to build better communities for all.
Everyone at Bozzuto is focused on delivering extraordinary experiences to all of our stakeholders, including our own associates. Our work inspires us to be our best in each of our roles, living out a spirit of community within a welcoming and inclusive workplace. Guided by our core values of creativity, concern, passion, and the pursuit of perfection, we’re inspired and empowered to reach higher, achieving our fullest professional and personal potential, and be truly extraordinary.
Primary Responsibilities:
This position will contribute significantly to the organization's success by actively developing and implementing pricing strategies to maximize revenue and occupancy rates across a portfolio of communities. Collaboration with our senior leaders, clients, and property management onsite employees will be necessary to assess price positioning based on supply, demand, leasing velocity, market comps, in alignment with business plans of each community. The role requires a blend of analytical expertise, market knowledge and strategic thinking to drive profitability and growth.
As a Director of Revenue Management, your primary responsibilities include:
Collaborating with operational leaders and on-site teams to implement pricing strategies that align with community-specific goals and market demands, demonstrating fiscal responsibility to maximize the revenue potential at each community.
- Establish and define pricing analyst process and procedures for the company including but not limited to reporting cadence and format, meeting schedule, and system procedures in order to implement initial portfolio.
- Coordinate all aspects of the setup of a new property and implementation of either a revenue management software or manual pricing including initial market rent schedule, system testing, training of team, and adoption.
- Lead weekly pricing call reviews with operational leaders and onsite team to review revenue strategy for the leasing week. Communities in lease up may require more frequent pricing reviews.
- Collaborate with the operational teams to understand all facets of the leasing week including demand, renewal curve, marketing efforts, reputation, staffing levels, floorplans issues, and market trends to seek consensus on a pricing recommendation.
- Leverage property management software and Business Intelligence tools to streamline analysis of recommendation and to provide support for decision-making.
- On a monthly basis, monitor lease expirations and renewal retention rates to minimize vacancy rates. Conduct monthly renewal pricing calls to make recommendations for renewal increases.
- Evaluate and test new revenue management software functionality, review configurations and adjust as needed.
- Complete pricing adjustments in the residential management system or revenue management software the same day.
Proactively analyzing market trends, opportunities, and financial performance to add value to our communities.
- Conduct thorough market analysis to inform and recommend pricing strategies, ensuring competitiveness and responsiveness to market trends.
- Generate weekly and monthly reporting and monitor key performance indicators, revenue metrics, and market trends.
- Identify revenue opportunities by conducting a bi-annual analysis of amenity base pricing and auxiliary income.
- Utilize historical data and market trends to create accurate revenue forecasts for individual communities during the budget process.
- Analyze property financial performance as it relates to rental income and auxiliary income.
- Provide market research and rent-setting recommendations for development and lease-up deals.
- Stay up to date on industry trends, best practices and emerging technologies in revenue management and property operations.
What You Bring to Us:
- BA/BS degree required.
- 5+ years of experience in a revenue manager or pricing analyst role in a multi-family property management company required.
- Institutional investor and/or third-party management experience preferred.
- Proficiency with property management software platforms, preferably Yardi and Yieldstar.
- Excellent customer service skills, positive attitude, and strong work ethic.
- Strong communication (written and verbal) and presentation skills.
- Strong financial aptitude and analytical skills.
- Business travel as needed for leadership meetings, client meetings or site visits.
