Daryl Smith, Pinnacle’s National Director of Marketing, spoke at the annual Yardi Marketing Forum on April 20 in Austin, Texas. Daryl and two other industry experts talked about ways their respective companies were identifying hidden revenue opportunities in a session titled “Revenue Found: How to Make Gains in Surprising Places.” The discussion was particularly important since rent increases are anticipated to slow this year.
One revenue opportunity presented by Daryl revolved around Pinnacle’s vendor partner, CORT. When CORT noticed consumers were bypassing the traditional on-site avenues for engagement and contacting them directly, the vendor reached out to both Pinnacle and Yardi for a discussion. Yardi presented a digital solution which resulted in a re-engagement with the consumer and created a new economy for both partners. Executed through the online Yardi application process, consumers are now asked if they need furniture rentals. For each rental conversion, Pinnacle receives a negotiated revenue share. This creates an ancillary income stream for Pinnacle’s owners.
Daryl also talked about being strategic when considering the value of convenience. He said that consumers are now willing to pay premium costs through digital channels to purchase their lifestyle services. When you consider the world in that context, he said, we have a blank canvass to consider in multifamily. He posed the question, “What door-to-door partnerships can we develop that could be revenue sharing opportunities, while benefiting our consumers value of convenience?”
Other speakers in the session included Erica Brennan, Training and Marketing Director at International Realty and Jennifer Stephens, Regional Marketing Manager at Monarch Management Group.