Raintree Partners selects the BI:Radix market survey platform to optimize portfolio performance through enhanced analytics
An Owner’s Perspective
A conversation with Raintree Partners and BI:Radix
“We care a great deal about historic and current real estate performance trends which help us understand both micro and macro market behaviors; BI:Radix is a tool which measures such, allowing us to be more predictive and proactive with our assets strategies.” Annette Thurman, Senior Director of Asset Management
Raintree Partners utilizes the cloud-based BI:Radix platform to provide competitive market data throughout its multifamily property holdings which include 32 assets totaling over 5,000 units.
“In all my years in multifamily, there has never been a comprehensive system to give us easy and reliable access to localized market information, much less layer in market trending information for a competitive set, and granular changes in performance over defined periods of time. BI:Radix has provided exactly that, allowing us and our management partners to be more effective and efficient with our efforts,” says Annette Thurman, Senior VP of Asset Management for Raintree Partners. “The platform is nothing short of terrific.”
Asset Manager Robynn Wheeler adds that, “The automation of the BI:Radix platform provides a continuity of data and information that vastly improves accuracy. We can better analyze opportunities for improvements or renovations. The ability to see the relationship between pricing and occupancy in specific markets over time allows us to highlight the bigger picture and better identify seasonality. This global view means we can hone into key performance or correction opportunities at the site level.”
Thurman emphasizes, “Not only does the automated reporting serve as a conversation starter with our management partners, BI:Radix has become an integral tool and a necessity in conjunction with the PMS and pricing platforms we utilize. It is an incredibly well-designed system.”
Blerim Zeqiri, CEO and Co-Founder of BI:Radix, is particularly excited about the Raintree partnership. “Annette touches on the very reason we developed the platform – frustration with the lack of available options for delivering data. It is gratifying to work with a company like Raintree Partners, which utilizes the platform so extensively and in exactly the way it was intended – as a tool to save time and provide deeper insights.”
Q & A deep dive . . .
Q: What are some specific examples of how the platform empowers you to make better-informed decisions?
Thurman: Let’s say that in a given market, occupancy is 95% today, but ATR has crept to 9% creating a potentially concerning occupancy trend. Rather than making a broad-brushed assumption to be more aggressive because the market’s availability has increased, we can drill down and discover that the availability primarily lies in two-bedroom units, and the one-bedrooms are limited across the market. We can now, in conjunction with our revenue management tools, ensure we are more thoughtful with our approach – solving for potential unit type softness, while also leveraging strengths in the market simultaneously. Carry this forward, and this type of data allows us better insight when budgeting for coming periods relative to rent growth assumptions based on unit type values, turn over trends, etc. In short, while the BI:Radix platform allows us to see what is happening today, it also allows us to consider past trends to make better decisions when focused on what we may see tomorrow.
Wheeler: The data allows us to ask important questions; questions that trigger actions which otherwise might not happen. I can tell you that the system allows us to be a great deal more proactive than reactive, and that’s usually more financially effective as well.
Q: What are some of your favorite features of the platform aside from the transparency and enhanced accuracy?
Thurman: The efficiency! Our PMS system has many valuable reports, all of which have to be manually run. With BI:Radix, reports are delivered right into your hands. No hunting for them – no excuses not to review. It’s advantageous for site operations as well – they create a network within their own competitive set and invite them to make their own updates inside the system. This allows the operators to be more efficient, spending time where value is truly created as opposed to “back office reporting” preparation. My favorite automated report is the weekly property status report, which provides a high-level glance at what’s happening in occupancy and rents. From there I can determine what needs additional review, and the BI:Radix trend analysis report then gives more granular information which helps identify specific issues for discussion.
Q: Would you say the platform has helped you in understanding top-line revenue and pushing rents?
Thurman: Yes. Yes! I can’t tell you how many times the market survey report has helped us understand that a property may or may not be realizing the same movement in the same time period as other properties in the market may be. We have the data to have the conversation and make prudent adjustments to capture, or protect, occupancy and rent performance. BI:Radix both compliments and optimizes our PMS and revenue-management systems.
Raintree Partners is a private commercial real estate investment company principally engaged is the acquisition, development and redevelopment of multifamily and mixed- use properties in California