Yield management is the system's ability to adjust a unit’s standard rate up or down based on criteria you provide. This adjusted rate is called a managed rate. Your managed rates are maintained in the Yield Mgmt Tab.
To begin, you will first need to create a rate plan. To access your yield management plans:
Click on the Yield Mgmt Tab, denoted by a line graph icon, on the left side of your screen.
The Yield Management screen will appear. By default, the Unoccupied Units section will already be open.
Unoccupied Unit Plans
Unoccupied Unit Plans are created for units in specific unit groups. Your unit groups are automatically organized by size, standard rate, and amenities in the table on the Unoccupied Units section. To create a plan, you will need to first identify the unit group you wish to apply a plan to:
At the far right of the table, click the Create button next to the grouping of units to which you'd like to apply a plan.
The Manage Unit Group Rate - (Unit Size) screen will appear. This screen allows you to set the criteria for managing the rent rate.
On the left side of this screen, you will see the selected unit group’s standard rate. Below the standard rate, you will see options for rate adjustment criteria, by amount or percentage. On the right side of the screen, you will see a graph showing the rate adjustment as a function of occupancy percentage.
Choose to adjust the unit rate by dollar amount or percentage by clicking on the Amount or Percent buttons beside Adjust by:
Next, click in the desired occupancy field (i.e., 91-100% Occupied) and type a positive or negative number.
Click on another occupancy field (i.e. 0-10% Occupied) and enter a positive or negative number.
As you adjust the occupancy fields, the line graph will adjust in real time to reflect the changes. For this unit group, we have increased the rate to +$20.00 at 81-90% occupancy and to +$25.00 at 91-100% occupancy. This means that when this group of units has an occupancy of 81%-90%, Storable Edge will list the unit's standard rate as $75 and the managed rate as $95. When this group of units has an occupancy of 91%-100%, Edge will list the unit's standard rate as $75 and the managed rate as $100. When moving a new tenant into a unit in this group, the managed rate will be the default rate charged at move-in. Depending on user permissions, the managed rate may be overwritten at move-in. Additionally, if you have an integrated Storable marketing website, the managed rate will be the rate displayed in your units table on your website.
When you’ve completed your adjustments, click the blue Save at the bottom of the screen. A confirmation window will appear. Click Continue to create the plan.
You will be returned to the list of unit groups in the unoccupied units section of the Yield Management Tab. A green confirmation bar will appear at the top of the screen when the managed rate has been successfully saved.
Here you can confirm that your rate plan is turned on by checking that 'On' is selected in green on the left side of the line item.
You can always make changes to the plan by clicking Edit to the right side of the line item, or turn it off completely by clicking Off.
Sample Unoccupied Unit Plans
Shown here are examples of two Unoccupied Unit Plans.
In the first example, the Yield Management settings are being adjusted by dollar amount. The unit's standard rate is $120.00. Note the following:
At 81-90% occupancy, the unit rate will increase by $10, bringing the managed rate to $130.
At 91-100% occupancy, the unit rate will increase by $15, bringing the managed rate to $135.
In the second example, the Yield Management settings are being adjusted by percentage. The unit's standard rate is $45. Note the following:
At 0-10% and 11-20% occupancy, the managed rate will be $33.75, 25% lower than the standard rate.
At 21-30% and 31-40% occupancy, the managed rate will be $36, 20% lower than the standard rate.
At 41-50% and 51-60% occupancy, the managed rate will be $40.50, 10% lower than the standard rate.
At 61-70% and 71-80% occupancy, the managed rate will be $45, the same as the standard rate.
At 81-90% occupancy, the managed rate will be $49.50, 10% higher than the standard rate.
At 91-100% occupancy, the managed rate will be $56.25, 25% higher than the standard rate.
Occupied Unit Plans
With the Yield Mgmt Tab open, switch to the Occupied Units section by clicking on the tab labeled Occupied Units in the upper right corner.
Like Unoccupied Unit Plans, Occupied Unit Plans are based on specific unit groups. To create a plan:
Click Create next to the unit grouping you wish to add a plan to.
You will be taken to the Manage Rent Rates - (Unit Size) screen. This screen is divided into three sections: the scatter chart at the top, the Scheduled Increase Plan section in the middle, and a list of tenants affected by the rate plan at the bottom.
To schedule a rental rate increase, use the Schedule Increase Plan section in the middle of the screen.
Use the dropdown menu to select one of two plan types: Non-Recurring or Recurring.
Some commercial tenants may not be included in the plan due to your facility's yield management settings.
Non-Recurring
A Non-Recurring plan is best for when you’d like a single or set number of multiple increases over a period of time. To create this type of plan:
Choose Non-Recurring as the plan type from the dropdown menu. A new section will appear below, allowing you to set criteria for the plan.
Note: Rate limits enforced on non-recurring plans cannot exceed the Maximum Rate.
Type the number of months that should pass before the increase occurs in the first field.
Next, choose whether the rate will increase by a dollar amount ($) or a percentage (%) using the dropdown menu in the second field.
Type the dollar or percentage amount in the last field and click Save.
You will be back on the main Yield Management page. To verify that the tenant increases have been updated as you intend, click Edit next to the unit group to view the list of impacted tenants. Confirm that the Planned Rate column amount is greater than the Current Rate column amount for each tenant. Planned Rates may be rounded to the nearest dollar depending on your yield management settings in the Settings Tab.
⚠ You can add an additional month to a Non-Recurring plan by clicking the Add another month button, denoted by a green +.
Recurring
A recurring plan is best when you want the rate to automatically increase at regular intervals indefinitely. To create this plan:
Choose Recurring as the plan type from the dropdown menu. Like the Non-Recurring plan, a new section will appear allowing you to enter criteria.
Note: Rate limits enforced on recurring plans cannot exceed the Maximum Rate.
Enter the plan criteria.
Note that, unlike the Non-Recurring plan, the recurring plan will continue indefinitely.
Once you have made your plan adjustments, click Save.
You will be taken back to the list of unit groups in the occupied units section of the Yield Management Tab. A green confirmation bar will appear at the top of the screen when the managed rate has been successfully saved.
You can always make changes to the plan by clicking Edit to the right side of the line item, or turn it off completely by clicking Off.
Any tenant who moves into a unit with a yield management plan under Occupied Units will automatically be added to the plan on the day after move-in.