In Colorado, RealPage CEO Steve Winn shows clients new tools for reaching higher levels of performance.
The greatest athletes in the world all strive for one thing: peak performance. To accomplish this, they employ the best coaches, training techniques, and equipment. RealPage is doing the same for its clients, providing them with on-demand software applications that help them achieve gold-medal winning performances.
At the recent RealPage 2004 User Conference in Keystone, Colorado, CEO Steve Winn delivered his company’s vision for the future during his keynote presentation, emphasizing its commitment to bring greater ease of use, interoperability, and capabilities through its suite of on-demand property management, marketing, and asset management systems. He stated that, like the athletic ideals that will be sworn to in the games in Athens, RealPage is committed to helping clients be swifter to adapt to market conditions, generate higher revenue through improving operational efficiencies, and create stronger relationships with residents and prospects.
Winn unveiled the three primary product lines that were developed and based on the focus and core competencies of clients: OneSite® property management systems, which address the needs of the operating side of the business; CrossFireTM property marketing systems, which address the needs of marketing professionals in an organization; and YieldStarTM asset optimization systems, which help asset managers optimize property yields.
These on-demand systems allow site personnel, regional managers, and home office managers to access information from a single central repository of secure data over the Internet in real time. While the term “on demand” sounds new, this model _ commonly known as “software as a service” or application service provider (ASP) _ is in fact becoming widely adopted as a new way of licensing software. Users access the software through the Internet using only a browser.
“We assigned a brand name to each major system, or product family, that was representative of the benefit that our clients would derive from the system,” said Steve Winn, CEO of RealPage.
“OneSite was first introduced in 2000. It is an on-demand property management system that automates important property management functions while providing real-time access to important data, allowing clients to manage all of their properties as if they were one site.”
“CrossFire is our on-demand marketing software,” added Winn. “It is designed to supplement the activities of on-site leasing associates with a second line of response for leads coming in from multiple sources. This understanding of the value of the system led to the name Crossfire.”
“And YieldStar is our new on-demand asset optimization software. Since the challenge for asset managers is to increase yields by trying to get all of their properties performing as well as the top 10 percent of their properties ‘the stars of the portfolio’ we decided to adopt the name of YieldStar.”
By the conclusion of the keynote presentation, all three product families were fully explained and demonstrated. To further emphasize RealPage’s commitment to its clients, the newly formed RealPage User Group was introduced. It is through the user group input that RealPage will direct its energies to maximize the benefit that it delivers to its clients and determine its direction in future years.
THE EVOLUTION OF REALPAGE
In many ways, the multifamily software industry mirrors the competition and high level stakes of professional sports. Among a relatively small number of players, leading companies such as RealPage, MRI, AMSIGEAC, Yardi Systems and Realeum battle for dominant share of the market. Each company has its definitive niche and cadre of loyal followers, while all are moving toward the goal of offering broad-based multi-functional interactive applications that will make them one-stop shops for property and asset management.
RealPage is considered one of the pioneers in the field, developing comprehensive property management systems for the multifamily market. Its foundation rests on the widely-used program Rent Roll, which was one of the earliest programs available. In 1995, Rent Roll was acquired by Computer Language Research and then in 1998, Rent Roll acquired RealPage Communications and the two merged their respective businesses into the company now known as RealPage.
Over the next decade there have been numerous acquisitions that added capabilities and resources further driving innovation in program development. These acquisitions include M/PF Research (apartment market research), YieldStar (multifamily revenue management system), Re-Opt (revenue optimization systems), and RealHound (portfolio analysis system).
Additionally, RealPage has built interfaces to several third-party software providers such as accounting applications, Internet listing services, and screening applications, further extending the clients ability to use and manipulate data.
RealPage is now organized into three distinct product families: Property Management _ OneSite®; Property Marketing _ CrossfireTM; and Asset Optimization _ YieldstarTM.
OneSite®
OneSite is an on-demand property management system that automates important property management functions while providing real-time access to important data. It provides a set of tools that increases occupancy, reduces operating expenses through streamlined operations, such as screening, leasing, and rent management, and automates back-office functions. It’s the perfect system for owners and managers looking for technologies that improve operating efficiencies and increase profitability and allows them to manage a portfolio of distributed apartment communities as if they were one site.
OneSite product centers include:
– OneSite Leasing & Rents (includes conventional and affordable properties, as well as student living and tax credits)
– OneSite Screening
– OneSite Facilities
– OneSite Purchasing
– OneSite Accounting
– OneSite Portfolio
CrossFireTM
CrossFire is a set of tools that extends the client’s ability to communicate with prospects and residents to 24-hours a day, seven days a week. It’s an on-demand property marketing system that automates and enhances the process of capturing and closing leads, provides tools for managing and retaining residents, and provides a convenient means for residents to sign up for utilities and other services. CrossFire is designed to interface with most property management systems.
CrossFire product centers include:
– CrossFire Prospects
– CrossFire Residents
YieldStarTM
YieldStar provides expert level research, decision support, and executive information systems to the multifamily housing industry. It’s an on-demand system providing statistical support for site development, market position analysis, micro and macro supply and demand forecasting, and revenue optimization to the multifamily industry. YieldStar will continue to offer market publications and educational conferences under the M/PF brand, and the Multi-Housing Outlook, an interactive forecast of market fundamentals produced in conjunction with Torto Wheaton Research. YieldStar is also designed to interface to other property management systems.
YieldStar product centers include:
– YieldStar Site Analyzer
– YieldStar Price Analyzer
– YieldStar Price Optimizer
End-users have responded positively to RealPage’s offerings as well as the development of the dedicated user group.
