Ma’alaea Surf Resort has stunning vacation rentals on the shores of Sugar Beach, Maui. Their well-appointed Hawaiian resort offers top 1 and 2-bedroom beachfront condo rentals, and they are truly one of the best-kept secrets on Maui! This hidden gem is located on a prime beachfront real estate steps from the ocean and minutes down the road from Kihei.
Located in a competitive market, the timing and accuracy of pricing play a crucial role in Ma’alaea Surf Resort’s success. Despite its prime location and quality offerings, the team at Ma’alaea Surf struggled with optimized pricing strategies, which led them to lag behind competitors and miss potential revenue opportunities. So, they sought out a better way.
The Challenge
Before implementing Beyond, the Ma’alaea Surf team faced several challenges:
- Inconsistent Pricing: They were either too conservative or overly aggressive in their pricing, leading to lost potential revenue.
- Delayed Market Response: Manual pricing adjustments lagged behind the real-time market conditions.
- Complexity: With various units needing different pricing strategies, managing this manually was nearly impossible.
- Limited Data Insights: They lacked the comprehensive data needed for informed decision-making, relying instead on sporadic market research.
Ma’alaea Surf plans to leverage Beyond to further outpace competitors and continually optimize its rental strategies.
The Solution
Ma’alaea Surf turned to Beyond, a complete revenue management system designed to optimize short-term rental revenue. Beyond offers an integrated suite of solutions that work together to improve portfolio performance from top to bottom. Beyond’s advanced solutions build on dynamic pricing to create predictive revenue streams via insights into market and consumer search trends, real-time demand data, high-converting booking engines, as well as cost-efficient and mobile-friendly payment processing.
The team experienced the benefits of using Beyond right away, including:
Customized Pricing: Each rental could be priced separately, allowing for strategic adjustments based on performance. “Being able to price each unit separately is a real advantage. Some units perform better than their identical neighbors, allowing us to price them higher while lowering prices for the less popular ones. We can now adjust prices daily, weekly, or monthly, which is fantastic. Plus, modifying base and minimum prices, and adjusting them by any percentage we choose, gives us great flexibility,” said Jim Austin from Ma'alaea Surf Resort Rental Association.
Dynamic Adjustments: The ability to modify base and minimum prices on a daily, weekly, or monthly basis allows them to respond swiftly to market changes and demand fluctuations. This flexibility helps maximize revenue and maintain competitiveness in an ever-changing market.
Comprehensive Data Insights: Access to detailed analytics and market trends, helping Ma’alaea Surf make data-driven decisions. "The data is mind-blowing to me. It's not just spreadsheets; it's the program that keeps track of all the different changes that raise the stats all around us,” said Cathy Bakamus, Chair of Ma'alaea Surf Resort Rental Association. “And Jim was able to capture a few significant insights and share them at our annual members' meeting. It was very eye-opening for our members to know that we actually can see what's going on and we're working hard to manage that.”
Ease of Use: A user-friendly interface that streamlined the pricing process and reduced the time spent on manual adjustments.
Ma’alaea Surf Resort
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Automated price adjustments based on real-time market trends, eliminating the need for manual corrections.
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Data-backed reports that help Arrived communicate with current and potential owners.
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Automated price adjustments based on real-time market trends, eliminating the need for manual corrections.
