Koloa Kai is a family-run vacation rental property management business located in beautiful Kauai. Inspired by their love for the island, the team brings extensive backgrounds in law, engineering, and rental property management to their work, providing exceptional services for their property owners. This dedicated and hard-working team operates under their motto: "Live your aloha. Live your passion."
The Challenge: Optimizing Pricing and Revenue
The team at Koloa Kai faced challenges in optimizing their pricing and revenue. Linda Sylvester, Business Development & Senior Strategic Advisor, spent hours sifting through data and updating pricing. She described the intensive manual labor required: "It just took away probably 20 hours a week of work going on Vrbo, going on Airbnb, trying to see the demand and supply."
The company's approach needed a change to keep up with fluctuating market demands and maximize revenue efficiently.
Solution: Beyond’s Revenue Management System
The Koloa Kai team turned to Beyond for a comprehensive pricing and revenue management solution. Jed Stevens, General Manager and Co-Founder, had heard of Beyond and decided to give it a try in 2021. Faced with the ups and downs posed by the COVID-19 pandemic shutdowns, he sought an effective tool to help his business. After test-driving a few solutions, he ultimately chose Beyond.
"I realized that manual methods for pricing and revenue management were no longer effective due to the pandemic's disruption. I needed a tried-and-true solution with better data access than I could obtain. After evaluating various options and costs, I chose Beyond for its superior reputation for having the best features available at the time,” said Jed.
Beyond provided Koloa Kai with a robust, data-driven approach to pricing. Plus, their onboarding experience was seamless, including integrating Beyond with their property management system, LiveRez.
“With access to Beyond’s pricing and market data tools, we can fully customize and maximize the value for each individual property, not just make minor adjustments. It allows us to tailor our revenue strategies for each property, and for me, that's huge," said Jed.
The Results: 30% Increase in Revenue & Countless Hours Saved
Beyond had an immediate impact on Koloa Kai's operations. "Right out of the gates, we started with probably 30% revenue increases within the first couple of months of Beyond," said Jed.
Jed and Linda explain that Beyond's customizable features allow them to tailor their pricing strategies precisely, adjusting for specific days, slow seasons, and high seasons. Linda even noted the significant reduction in workload and how Beyond enables her and the team to become more efficient: "My 20 hours a week spent on optimizing pricing dropped down to just a couple. Beyond does the heavy-lifting, allowing me to spend my time on specific, impactful customizations and even spotting trends in our business to take action on.”
For instance, Jed and Linda identified a unique trend in their data and leveraged Beyond to boost bookings and revenue. They noticed that 3-bedroom homes were hard to rent during slow seasons when guests preferred cheaper condos. By pricing these homes similarly to condos during off-peak times, they successfully adapted to changing consumer preferences and maintained competitive rates year-round. Beyond's dynamic pricing adjustments fine-tuned this strategy by automatically setting prices based on current demand and supply conditions.
Beyond's user-friendly interface was another significant advantage. Linda found it extremely accessible: "It's probably the easiest software that I use. I feel the most comfortable with Beyond." The support from Beyond's team was also a key factor in their success, as Linda mentioned, "Each meeting I learn something, even though we take Beyond to another level."
For Koloa Kai, Beyond wasn't just a tool but a strategic partner that positioned them as industry experts in the eyes of property owners. Jed concluded, "It removes any doubt that they might know as much as we do about this stuff... it helps to convince our owners that we really are experts in what we're talking about and what we're doing."
Koloa Kai's partnership with Beyond revolutionized its approach to revenue management. The significant time savings, coupled with substantial revenue increases and strategic pricing flexibility, demonstrated Beyond's value. As Jed aptly put it, Beyond has become "a massive and integral part of the success of the company."
For property management companies looking to optimize their operations and maximize revenue like Koloa Kai, check out Beyond!
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