In this Ask Me Anything (AMA), we sit down with Chad Blankenship, a seasoned revenue manager with 15 years of experience in the vacation rental industry. Chad shares his experience using various revenue management systems, including Beyond, and provides valuable insights into why Beyond stood out for his operations.
Q: What was your experience with Beyond?
Chad Blankenship:
I started using Beyond back in 2013–2014 when I was managing revenue for vacation rentals in Florida's Panhandle. At the time, we oversaw around 1,200 properties. Beyond was a game-changer for us because dynamic pricing was still a new concept. Before that, we relied heavily on manual data entry, which was both time-consuming and prone to errors.
Beyond's algorithms were incredibly accurate for our market. It provided tools for last-minute discounts, future rate increases, and managing restrictions like gap fills. These features made our pricing strategies far more efficient and scalable. When our inventory grew or shifted to a new parent holding company in 2022, we fully transitioned to Beyond because its automation and reliability were unmatched.
Q: Did you explore other revenue management software?
Chad Blankenship:
We did explore other options, including Wheelhouse, in mid-2023 because of its promise for highly customizable algorithms. Initially, it seemed promising because we could tweak it to fit our unique needs.
However, that customization came at a cost—both financially and operationally.
Q: It seems like endless customizations would pay off — why didn’t they?
Chad Blankenship:
Wheelhouse offered a lot of customization, but it came with significant trade-offs. While it allowed us to adjust algorithms in detail, it required extensive manual intervention. For example, what took us about 10 hours per week to manage in Beyond ballooned to 40 hours per week with Wheelhouse. This was because we couldn’t rely on the algorithms as much and had to constantly override and manipulate the data.
The real challenge was maintaining these customizations over time. If a revenue manager left, untangling their custom settings became a months-long project. In contrast, Beyond’s straightforward algorithms and minimal need for manual overrides made it far more manageable and scalable.
For example, while we saw a 100% increase in time spent on customizations with Wheelhouse, Beyond allowed us to focus on strategy rather than fixing algorithms. That’s a message that resonates with property managers who might not have an enterprise-level revenue manager on staff.
Q: What advice would you give to property managers choosing between different revenue management tools?
Chad Blankenship:
It really depends on your business model and the expertise of your revenue manager. However, for the majority of property management companies, Beyond is the better choice.
Here’s why:
- Ease of Use: Beyond requires far fewer manual adjustments.
- Scalability: Its algorithms are dialed in, even for complex markets, meaning less time spent tweaking settings.
- Cost Efficiency: While Beyond may have higher upfront costs, customization needs and associated man-hours for other solutions make them more expensive in the long run.
Q: Any final thoughts?
Chad Blankenship:
Beyond is like having a high-performing autopilot—it lets you focus on broader revenue strategies rather than micromanaging.
Choosing the right RM tool boils down to balancing cost, expertise, and operational needs. For most property managers, Beyond offers the ideal mix of automation and reliability, making it a standout choice in the competitive landscape of revenue management solutions.
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