It’s dramatically limited the amount of time and energy that our teams at the site level have to take to call other properties. It gives them time back to handle all of the other responsibilities they have,” Cribbins says.
Furthermore, the idea of sharing data between competitive communities elicits the ‘get something in return’ notion, Rife remarks.
Not only does the SurveySwap make things easy for property team members, it offers a way for them to benefit as well. As they share data, they receive data back and that improves their pricing opportunities as well.”
Radix also offers another layer of validation to the data collected and shared. If there seems to be an extreme variation in pricing at one of the properties in the competitor set, the Radix team flags it and reaches out directly to that property to gather the correct information.
The cloud-based product also provides a centralized database for team members to view data. Its analytical tools illuminate pricing trends over time, something Excel can’t do.
It allows the data to be in a living environment to start going through trends,” Cribbins says. “You can start looking at analysis as it relates to different unit types, different submarket dynamics. There’s a whole range of things that you can look at and that might have an influence on how you change your pricing.”
Rife agrees, “the way the Radix platform is designed – with its sharing capabilities, second-level of validation, and real-time data – we believe we are now getting closer to truly clean data that is as close to 100% accurate as possible,” he says. “Pricing in the industry can change on a daily basis and the data from Radix will allow us to get to the next level of pricing to be more accurate and more proactive.”
In the end, Cribbins and Rife believe there’s no doubt that Radix enabled Alliance communities to more quickly identify pricing trends in their submarkets and adjust rents accordingly. It’s empowered the company to have more confidence that its rents are where they need to be.
If you would like to know about Radix and our products, request a demo today.