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With the tool, you can get even more granular with floor types, units and several other factors. If I can price homes with a mountain view $100 more but have to price the building facing the street $50 less, it’s a valuable insight that leads to an extra $50 we never would have had.
We needed the insight to quickly adjust rents as we see absorption pick up on certain unit types. It enables us to make better decisions on what types of units and sizes we’re putting into our new developments.
As we’re looking at which unit types are going to lease the best, square footages and potential demographic needs, the ability to retrieve the Asset Intelligence reporting for previous communities in the area really helps.
Asset Intelligence easily allows us to speak to absorption by unit type, view or floor preference. I use it when discussing new pricing strategies with our management companies and when I have internal conversations with our developers. They are often curious about what floor plans lease well or those that might not move quite as fast so we can use the information on future sites.
We wanted to make sure we weren’t just blanketing specials across the board and leaving money on the table. We needed the insight to quickly adjust rents as we see absorption pick up on certain unit types. The SightMap AI tool was the first thing that provided us with these capabilities and really started to help with that conversation.
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