At the 2021 NIC Fall Conference, Glennis was introduced as a Certified Actual Rates Software Partner. An important certification, but what exactly does it mean and what benefit does it provide to customers?
This industry initiative helps senior housing operators, developers and investors make better decisions by updating industry benchmarks for suggested versus actual pricing rates, occupancy, and leasing activity by collecting data through Glennis Solutions and other participating software partners. This actual rates data is comparable to data available in other real estate asset classes. Making this data available in senior housing help improve transparency and enables operators and capital to make more informed decisions, from pricing to development to investment strategies.
How does this benefit senior housing operators? As a NIC-certified software partner, Glennis can offer its customers an easier and more efficient means to regularly share their actual rates data. The software partner certification, and the reporting standardization it provides, makes Actual Rates reporting by operators turnkey and secure.
“This is an exciting opportunity for Glennis to deliver additional value to our customers by providing access to standardized data to benchmark their properties’ rates in a particular market and make adjustments for NOI improvement,” says Brad Frasher, EVP Glennis Solutions. “Some companies don’t have a lot of resources to provide rent rolls. Now it will be seamless.”
What's included in the actual rates data? Operators who choose to contribute data receive a complimentary report which allows them to compare their own data against national and reporting metropolitan area benchmarks. This includes:• In-place rates, move-in rates, and asking rates
• Leasing activity, as measured by monthly move-in and move-out velocities
This information can inform strategic planning with regards to discounting and improving NOI, potentially shorten the sales cycle by increasing the ability to adjust rates more quickly, and lower costs. Increased transparency decreases cost of capital and results in more appropriate investment levels in seniors housing and care. "Providing consistent, accurate data on the industry can transform its access to capital," says Frasher.
Glennis customers may elect to participate in confidential data sharing by using Glennis Sales to collect and pass rent roll data to NIC. If you are interested in participating by submitting property data to the quarterly data collection effort, you can find out more here.