Building Value for Residents & Shareholders
Residents want to move into a home they value
The decision to move into a senior living facility is an emotional process. And the sales process is a vital first step to creating a positive customer experience. Yet too often, it feels more like buying a used car versus choosing the home you are about to live in for the remainder of your life.
Investors and operators expect to see improving financials
Operators are pressured on many fronts to increase both occupancy and rent. Many operators also face automatic rent escalators. Ever changing competitive supply and rate offerings make it even more difficult to decide on the right price that sells, but is also profitable.
Prorize’s Senior Living Rent Optimizer®
Prorize’s Senior Living Rent Optimizer (SLRO) enables a consistent and proactive pricing process across your organization. We provide optimal pricing recommendations for each unit in every one of your communities on any frequency.
SLRO leverages your historical inventory, rental, transactional and market data, and applies sophisticated customer response and demand forecasting models to recommend granular prices that achieve sustainable growth. As a result, you regain control of your corporate pricing process, eliminate devaluing your inventory and maximize revenue.
Prorize’s SLRO is also a cultural difference maker. Not only does it raise your entire organization’s pricing IQ, but it gives your salespeople the confidence that the listed price is the “right” price. This removes the distraction of discounting and price negotiation and enables them to shift the conversation with potential residents from price to value.
And SLRO is now an award-winning pricing platform having received the Franz Edelman Award for excellence in analytics and operations research. Think of it as the Nobel Prize for data scientists. SLRO was recognized for the significant revenue lift achieved at Holiday Retirement, the largest private owner and operator of independent senior living communities in the United States.
YOUR ENTIRE COMPANY BENEFITS
CEO / CFO
Optimize revenue by improving efficiencies and driving consistent adherence to corporate pricing strategy across the entire company.
Align prices to corporate business strategy and make intelligent, fact-based decisions on tradeoffs between rent and occupancy.
Make pricing decisions based on facts and market conditions, eliminate pricing exceptions and establish credibility across organization with factual based insight.
Sales & Marketing
Improve the team’s selling confidence knowing the prices you provide customers are credible and indisputable, allowing you to sell quality and value.
By implementing Prorize’s software at Holiday Retirement, we achieved double-digit revenue growth, refined our selling processes to target value and care, and improved our company’s culture.
Since 2011, Holiday Retirement has partnered with Prorize to set the standard for dynamic pricing in the senior living industry. Prorize’s solution gives our team confidence that we are offering the right price for the right unit at the right time. It ensures we are balancing rate and occupancy in order to maximize revenue and offer a fair price.
The Features You Need to Master Pricing
Data & Amenity Discovery
Dynamic pricing can be described as both an art and a science.
An important part of the art is defining how your historical data is used as part of pricing process and algorithms. The data is individual and unique to each unit in each community. It’s also the foundation for Prorize’s SLRO dynamic pricing. However, to debunk a myth – you do not need perfect data or a massive amount to start. And it does not matter how far back it goes. A year will suffice.
In fact, cleansing and organizing your data is an integral component of the SLRO engagement. Our sophisticated technology organizes data across multiple variables and identifies errors, outliers and exceptions. We then review the results to determine what needs to be fixed and establish a benchmark going forward. From there, your data will only get better and better as we continue to collect it.
Demand Forecasting & Optimized Prices
If your historical data is a key part of the art, then the advanced algorithms built into Prorize’s SLRO is the science.
Prorize employs sophisticated segmentation and customer response modeling to estimate customer behavior and demand. We then incorporate customer sensitivity, the demand forecasting, and related business conditions to recommend optimized prices at any time frequency – daily, weekly, bi-weekly, monthly. The optimized prices are presented on a single, user-friendly interface that offers you the flexibility to customize your view. From there you have robust sorting, search and look-up capabilities to review the prices on the community, unit or amenity level. You can also set parameters to automatically approve price changes or manually override. And each time Prorize receives data, a new set of price recommendations is created.
By getting the right prices out to your communities, you can be confident that you are balancing rates and occupancy in order to create a foundation for sustained revenue growth.
Actionable Insight & Recommendations
When you combine art and science, it produces recommendations that make a difference to your bottom line. Recommendations based on empirical evidence and fact that helps you drive change and influence decisions.
Prorize’s SLRO automatically provides recommendations and decisions into every data point that improves or depletes your bottom line. How you act on those is entirely up to you. You can deploy and start getting immediate benefits. If there is a specific pricing issue you want to pursue, then you can dig deeper into the data and obtain insights. Our pricing recommendations are actionable and granular, allowing you to get as specific as you need to see into your asset base and understand where problems might creep up.
More than software. An expansion of your pricing team.
When you work with Prorize, you’ve done more than investment in the industry’s leading price optimization and revenue management solution. You’ve just expanded your pricing team.
We partner with our customers from day one and include direct support hours as you implement new pricing recommendations. We also value your feedback and work closely with you in the enhancement of our product roadmap. As a customer, you can expect an ongoing relationship characterized by regular over the phone and in-person meetings to provide status updates and gather feedback.
And when change happens, Prorize is with you providing an expansive array of value-added services including system configuration, in-depth data analysis, model tuning and re-calibration, data cleansing, addition or removal of properties or products.
We are a numbers company and our number one metric is your success.