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Senior Manager, Pricing and Revenue Management

Salary
Competitive
Employment
Full Time
Real Estate Field
Location
Chicago
 IL
Postal Code
60606
Country
United States

This job is no longer active.

Description


Working for Equity Residential (EQR), a leading multi-family real estate investment trust (REIT), means being part of a community and striving to provide the best in apartment living, speaking boldly about new ideas for innovation, and inspiring creativity in the ways we work together. Our portfolio of high-quality properties in urban growth markets – New York City, Boston, Washington DC, Seattle, San Francisco and Los Angeles – provides homes where people most want to live, work and play. We've got the best people in the business, and our experience shows in our dedication to our residents and in how much we value each other as colleagues. That’s why our employees say they are proud to work at Equity, a company that gives our residents a place where they can Live Remarkably, and offers a culture where our employees have the opportunity to make their mark.


Reporting to the VP, Pricing and Revenue Management, The Senior Manager, Pricing is a subject matter expert in the multi-family pricing function. As a Senior Manager in our pricing group, you’ll be responsible for directing, executing, and managing both short-term and long-term strategies for maximizing revenue through effective New Lease, Renewal and other income stream pricing via the effective use of LRO, MRI or any other approved pricing or property management systems. You will provide leadership and direction to other members of the pricing team, build and foster relationships with Property Management, Investments, Marketing and Sales teams, and develop strategies, programs, and systems for revenue generation. In addition, you will serve as a key functional liaison to the IT project team on developing business requirements for system related enhancements, testing system changes and implementation of new enhancements. You will also manage relevant vendor relationships — including the testing and training of pricing software upgrades — and develop strategies, programs, and systems for revenue management. Beyond the technical functions of your role, your supervisory responsibilities will include providing direction to and managing the work product of the Pricing Coordinator, Pricing Analysts, and Revenue Managers.


WHO YOU ARE

  • An Effective Leader and Trusted Team Player. You are known for serving as a resource and trusted business partner for internal groups and participating in cross-functional projects is the type of work you love. You hold yourself accountable and take responsibility for your mistakes—but also expect others to do the same. You also have a tendency to make developing your employees a core part of the job.

  • Knowledgeable. Through your previous work experience, you’ve built a broad-based familiarity with a variety of pricing and property management systems, such as MRI and LRO.

  • Strategic and Decisive. You demonstrate an inherent sense of urgency to drive great results, while being precise with executing your work. You multitask well, re-prioritize accordingly, and meet deadlines consistently.

  • Results-Oriented. You are facile with creating and communicating a clear project plan, tracking progress, and keeping stakeholders in the loop along the way. You frequently ask "why", so that you can identify opportunities that represent unconventional solutions to the problems you or your team are trying to solve.

  • A Strong Communicator. Your writing and speaking skills are concise, articulate, and effective, providing an ability to interact with all levels/various teams across the organization, be understood, and develop trust and rapport within the organization.

  • Organized and Confident. You are flexible, composed, and confidently interact with a variety of individuals, across all levels of the organization. In other words, you handle pressure well and do so with confidence.


WHAT YOU’LL DO

  • Lead a team of Revenue Managers, and as such, perform duties normally associated with a managerial position — such as selecting, training, evaluating, coaching, and developing team members.

  • Manage pricing system upgrades and communicates changes to revenue team and property management teams as necessary.

  • Participate in pricing report design and lead the user acceptance testing (UAT) process associated with the development of new enhancements to the property management and pricing system.

  • Collaborate with AVP of Pricing and Business Intelligence and the IT project team regarding platform enhancements, bug fixes and business development requirements. This includes identifying needs, creating formal requirements documents, and managing projects through the testing and user implementation phase.

  • Develop both short-term and long-term pricing and revenue management strategies to maximize revenue opportunities.

  • Implement New Lease and Renewal pricing strategy by working with property management, Investments, and Marketing to explain methodologies and ways of implementing them for a group of properties in the assigned regions.

  • Provide leadership and technical and functional expertise on LRO or any other pricing application being used, as well as analyses and recommendations of pricing strategies; must possess an understanding of Revenue Management systems and related data structures

  • Assess revenue performance of properties and regions and develops strategies for enhancements. Present Revenue results and trends to VP of Pricing and to Senior Management.

  • Collaborate with Investments, Development, Marketing, Legal and other team members in support of renovation programs, amenity pricing, lease-up projects, rent control and rent stabilization programs.

  • Assist in the development of business policy and procedure recommendations as appropriate and provides high-level strategic pricing and pricing system analysis.

  • Provide analysis and recommendations on promotional strategies, rentable items, hold time policies, lease fees and deposit structures.

  • Analyze competitive conditions for pricing implications and present results to property, regional, and corporate management.

  • Review and report on pricing compliance and performance metrics.

  • Actively respond to property management inquiries and appeals concerning pricing actions and policies.

  • Validate competitive rate survey inputs.

  • Analyze pricing strategy and tactics, market segmentation, customer price sensitivities, and revenue management initiatives.

  • Prepare and present reports to share best practices with other Revenue Managers and Property Management teams on a regular basis.

  • Review integrity of property management system and pricing system data. Compare data from multiple sources to determine and reconcile discrepancies. Determine cause of errors, as well as procedures to correct them.

  • Travel to EQR markets as necessary to gain a comprehensive, hands-on understanding of pricing, to teach pricing at properties and regions, and to review competitive practices.


REQUIREMENTS

  • Bachelor’s degree in Finance, Accounting, Economics, Marketing, Hospitality Management or related field required; MBA preferred.

  • Five (5) years pricing, revenue management, analytical marketing or finance also required; supervisory experience preferred.  

  • Strong analytical skills with the ability to produce and analyze financial and property data.

  • Excellent communication skills, including written, verbal and presentation skills, as well as the ability to plan, organize, be responsive to inquiries, and work independently as well as in teams.

  • Proficiency with MS Excel and experience with LRO, Yieldstar or other revenue management software.


REWARDS

We recognize everyone has different needs outside of work. That’s why, in addition to a competitive benefits package (medical, dental, vision and paid time off), we offer many unique benefits options to employees, like pet insurance and paid time off for community service projects. To learn more, view our Total Wellbeing page .

 
 

Job Sector


 

Experience


5+ to 7 years


This job is no longer active.

Finance / Investment Residential Chicago Full Time IL Financial Analysis, Investment Management, Research/Market Analysis Senior Manager, Pricing and Revenue Management other