BRAVE for RealPage Users (Multifamily)

RealPage in the Multifamily BRAVE Pipeline

RealPage is the dominant property management and revenue management platform in U.S. multifamily. Most institutional multifamily owners and operators run RealPage OneSite, RealPage Accounting, or RealPage AI Revenue Management — and that data is essential input to any BRAVE appraisal of a RealPage-managed property.

This guide is multifamily-specific. For non-multifamily property types, see our BRAVE for Yardi Users guide, which covers the broader CRE picture.

RealPage Reports That Feed BRAVE

RealPage Output	BRAVE Field
Box Score (current month rent roll)	Income.PotentialGrossIncome, Income.VacancyLoss
Operating statement / income statement	Income.EffectiveGrossIncome, Income.OperatingExpenses
Other Income detail (parking, pet, RUBS, laundry)	Income.OtherIncome
Replacement reserve schedule (if tracked)	Income.Reserves
Property setup — unit mix, sq ft	Property.UnitsCount, Property.NetRentableArea
AI Revenue Management forecast	Cross-check for Income.PotentialGrossIncome (forward)

Multifamily-Specific Data RealPage Provides Well

Multifamily BRAVE appraisals depend on data that RealPage tracks better than most platforms:

• Loss to lease: gap between in-place rent and current market rent
• Concessions: free rent, lookback offers, signing bonuses
• Bad debt / non-collected revenue
• Physical vs economic occupancy distinction
• Renewal rate and trade-out (new vs renewing lease rate change)
• Ancillary income mix: parking, pet, laundry, RUBS reimbursements

The appraiser doesn't always populate each of those as a separate BRAVE field (the spec collapses most to Income.EffectiveGrossIncome and Income.OtherIncome), but the supporting commentary in the PDF appraisal will reference them — and lenders will check that the underlying RealPage numbers tie to the appraisal narrative.

Other Income Is Often Underrepresented

The single most common BRAVE error for multifamily is a missing or understated Income.OtherIncome. Multifamily properties typically generate 5–10% of total revenue from ancillary sources:

• Parking (covered, garage, surface)
• Pet rent + pet fees
• Late fees and admin fees
• Laundry / vending
• Storage units
• RUBS (Ratio Utility Billing) reimbursements
• Application fees, lease termination fees

RealPage tracks each of these as separate income categories. Make sure the appraiser receives them — and that Income.OtherIncome reflects the full sum, not just parking.

For property-type guidance, see BRAVE Fields for Multifamily.

Vacancy Methodology

RealPage reports both physical vacancy (units physically vacant) and economic vacancy (lost revenue from vacant or non-paying units). The BRAVE Income.VacancyLoss field reflects economic vacancy + collection loss — which is the appraiser's stabilized assumption, not just current physical vacancy.

If the property is at 5% physical vacancy but the appraiser is underwriting 8% economic vacancy + collection loss based on MSA benchmarks, Income.VacancyLoss should reflect 8%. The PDF narrative explains the why.

Operating Expense Ratios

Multifamily expense ratios from RealPage typically land 35–55% of EGI depending on property age, class, and amenities. Stay inside that range or include narrative support. Lenders will flag ratios outside the band.

After RealPage → BRAVE

The income data is one of five categories. The appraiser still populates Job (3 fields), Property (52 fields), Value (24 fields), and Appraiser (4 fields), then exports the file — usually from Valcre, which created BRAVE and offers native export. For step-by-step delivery checks, see the BRAVE Compliance Checklist.