Director of Revenue

4 weeks ago

Philadelphia, United States 2020 Foresight Executive Talent Solutions Full time

Company

A nationally recognized leader in multifamily development, innovation, and sustainability, creating world-class mixed-use developments in top metropolitan areas in the U.S., driven by

Class-A multifamily rental housing. As one of the largest vertically integrated developer-builder-owner-operators in the U.S., our client is a leader in both ground-up and adaptive

reuse projects and has developed $5B+ of projects over the last 15 years, with an owned $2B pre-construction development pipeline of 2,500 units in the mid-Atlantic region.


Position

To further our client’s mission to create best-in-class marketing & leasing performance, we have been engaged to search for a Director of Revenue (Director) to oversee the management and execution of the revenue management strategy, including maximize rent pricing and return on marketing investment.


Reporting to the VP of Marketing and interacting regularly with the COO and CEO, the Director is responsible for updating rents and directing updates to marketing rental campaign spending across 5k+ best-in-class apartments at 15+ properties.


The Director will bring constant, intensive analysis to the position. The position will not use Yieldstar or other common revenue management software, as the algorithms do not account for our client’s diversity of unit types within properties, and demographic group demand patterns, the unique quality of the product, concession strategies for different markets, or the way apartment marketing lead generation works today.


The Director will manage an Analyst who is responsible for data collection and basic analysis.

Responsibilities

Overall, the Director is responsible for developing, defining and executing the rental pricing strategies and to serve as the subject matter expert for revenue management.

Pricing and Renewal

  • Update advertised rental rates and marketing spend for each property every two weeks at a minimum based on data points below.
  • Spotlight performance trends by unit type; maximize revenue opportunities.
  • Manage renewal rent recommendations, based on similar but different considerations to new lease rental rates.
  • Optimize ancillary revenue – including parking and storage rents, etc.
  • Monitor and flag turnover / renewal trends (good and bad) in real-time.
  • Maintain Master Pricing historical rent data.

Data to take into account

  • Current Availability by unit subtype – vacancy and notice
  • Current Leased, Occupancy, and Trend percents
  • Upcoming expirations
  • Current retention rates
  • Current traffic and lead-to-lease conversion
  • Historical rents, by time of year
  • Historical seasonal traffic trends, by demographic group / unit type target renter
  • Budgeted Gross Market Rent (GMR) growth
  • Competition today
  • Competitive outlook
  • Trends in Reasons for Notices – price, life circumstance, service experience
  • Relevant macroeconomic trends.

Strategy to take into account

  • Property development phase strategy – lease-up, positioning for capital event, or maximum cash flow.
  • Appropriate use of concessions vs. rent adjustments
  • Context of pricing recommendation with other unit types
  • Performance status of all prerequisite leasing cylinders – marketing, agents, showability, backdoor (renewals), etc.

Decision Marking

  • Use analytical skills to make complex pricing decisions and facilitate testing for favorable outcomes.
  • As the analog to and in context with rental rate decisions, direct updates to spending on demographic and unit type focused marketing campaigns.
  • Maintain multiple online marketing campaigns which target different likely demographic groups for unit type users, working within the constraints of Fair Housing policies.
  • Direct spending by campaign in lockstep with rental pricing decisions.
  • Use Google marketing tools, and while preexisting knowledge of Google marketing tools is not required, the candidate therefore must be comfortable with technical software.
  • Recommend campaign strategy updates that maximize marketing ROI, and work with marketing team to ensure optimal campaigns by unit type.

Additional Responsibilities:

  • Conduct A/B testing on pricing strategies, hold premiums, expiration season premiums, and term premiums, enabling better decision making to maximize cash flow.
  • Qualifications
  • Bachelor’s degree in finance, data analytics, information systems, business management or real estate.
  • 7+ years of experience in data intensive work.
  • Pricing/inventory management experience required.
  • Industry background is flexible as long as it involves inventory management.
  • Extremely skilled in excel, Essbase, SQL or related databases; comfortable analyzing large data sets.
  • Proficiency in Microsoft office required.
  • Expertise in identifying trends required.
  • Proficiency in learning real estate related software systems, like Yardi or similar, a plus.
  • Experience from relevant financial, capital markets or asset management areas within the commercial real estate business a plus.
  • Experience with multifamily rental pricing and market studies a plus.
  • Knowledge of marketing tactics a plus.
  • Personal Skills & Attributes
  • Highly analytical mind.
  • High level of comfort communicating across departments and at Executive level.
  • Detailed and thoughtful approach (at all times).

Critical performance traits for this role include:

  • Ambitious, driven to succeed and passionate about his/her craft.
  • Entrepreneurial self-starter with ability to thoughtfully self-direct.
  • Strong ability to listen and metabolize feedback.
  • Demonstrated history of exercising good judgement.

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