Veritec Solutions

Veritec Solutions is a pricing analytics and revenue management firm whose self-storage product is the Veritec Revenue Management System, or VRMS. The company states that it provides pricing guidance to over 4,000 self-storage stores worldwide.

VRMS is a cloud-based pricing solution built around three modules, including a patented Value Pricing method that prices differentiated units dynamically based on availability rather than through static purchase fences and restrictions. The system treats pricing as an ongoing business process across the customer life cycle, from competitive pricing feeds used to attract and close move-ins through to rate management for existing tenants, and a VRMS dashboard presents the resulting revenue management information. The company says the system can produce top-line revenue increases of 9% to 14% depending on market conditions, with larger gains possible for stores in lease-up.

Outside software, the firm takes on strategic consulting, opportunity assessment, interim departmental management, and system design and development. Its pricing analytics work covers descriptive, predictive and prescriptive analytics and has been applied in self-storage, cruise lines, subscriptions, direct mail, automotive and vacation rentals, as well as transportation analytics and sales and operations planning.

VRMS is subscribed on a monthly basis with no long-term commitment, so there is no technology write-off if it is dropped, but the subscription rate itself is not published. Confirm how it integrates with your property management software before committing.