My name is David Ohlrich I’m a senior vice president of portfolio and asset management for Bonaventure located in the Washington DC area.
Why does Bonaventure use Radix?
I’ve used Radix in a couple places in the past and I think the reason we felt it was the right choice was that the data that you get from many of the sources is not great if I’m going to one of the management platforms as my source, it’s not really target in the way we would like to target that rent data. If you do it manually, I mean it’s dependent upon the property manager is dependent upon the form that you’re using and I’ve seen forms that are super complicated and very hard to follow and this makes it very simple and this makes it the date is there it’s up to date doesn’t require a lot of effort from the property management team so that’s great. Having market survey level data is so important for the property for all of us I made from asset-management to property management to the site level team. It’s critical that they know what the competitors are achieving in any given time, you need to know you know how you’re competing against the property market and whether not you have the right competitors as well and there’s a lot of times of people to pick up a property because they like the way it looks, but maybe the rents aren’t the same and this really helps you identify what the comps are.
Why do you recommend Radix Benchmark?
Radix benchmark as it is a great tool something we use, I personally would use on a regular basis. It really pinpoint where we are in a given point in time and and helps us identify where trends are going and how we’re going to proceed in the market. I know from prior experience that almost every property manager I worked with said this is a great tool, it saves me a boatload of time I love using it it’s easy to do. The only thing they really have to do is make a few phone calls if they don’t have the direct data, so it’s a pretty simple process and it’s not like filling out a seven tab Excel spreadsheet which a lot of people end up having to do.
Why are you a proponent of Radix?
Why I would be a proponent of Radix and why I would say we should use it at any given location is really probably tied back to my initially meeting Blerim. I was in a panel with him number of years ago we talked about probably really the genesis of the product at that point when he was only starting it, and to me it was fascinating, it was really the way it should be done pulling live data from places that you have actual data on. I’ve been in too many places where the property managers don’t update their surveys. And look, this isn’t because they’re not good at what they do, it’s because they run out of time and I’ve seen property management market surveys put together that are so complicated that it’s almost impossible for the average person to fill it out or you’ve had to turn to a regional manager some and say hey can you help me fill this out. In the case of Radix this is data that’s coming in, I don’t have to put the effort to get it in, I trust the date of it’s coming in, it’s put in a format that I can use and it provides a great opportunity for a quick review of the market or more in depth through and obviously it’s developed significantly from when I first met Blerim. It’s developed into a tool that exceptionally valuable from my perspective in knowing how you are sitting in the market and what you need to do so that’s my view on it.
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