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.
Results
The impact of Beyond on Ma’alaea Surf's business was profound. "The Beyond experience has been really life-changing for our organization. I would have never expected it to do what it's doing, even though that's what was promised at the outset. I don't know what I would do without it," said Jim.
Ma’alaea Surf Resort’s results included:
- Increased Revenue: Halfway through their first year with Beyond, they saw an 8% increase over the previous year's record levels, with expectations to reach a 15% increase by the end of the year.
- Revenue Recovery: After a devastating flood that caused a $100,000 loss in bookings, Beyond’s optimized pricing strategy helped them recover quickly. Ma’alaea Surf even ended the year with record-breaking sales.
- Member Satisfaction: For the first time since 2018, Ma’alaea Surf distributed surplus revenue back to its property owners, significantly boosting member satisfaction and engagement.
- Strategic Advantage: They now utilize data insights to stay ahead of competitors, enhancing their market position and attracting more bookings.
The team at Ma’alaea Surf even plans to use their success from Beyond in to help bring on new owners. “In the future, we plan to use this information to compete more effectively. We used to have just a few competitors, but now we face five on the property. This tool will help us demonstrate our competitiveness,” said Cathy.
The partnership between Ma’alaea Surf and Beyond showcases the power of dynamic pricing and comprehensive data insights in transforming business strategies. By addressing key challenges, Beyond enabled Ma’alaea Surf to achieve unprecedented financial success and member satisfaction.
Looking ahead, Ma’alaea Surf plans to leverage Beyond to further outpace competitors and continually optimize its rental strategies. If you're facing similar challenges or looking to enhance your pricing strategy, book a demo with Beyond today and discover how their solutions can revolutionize your business.
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