Novation Realty Outpaces its Market’s Occupancy Levels with Beyond
Nicole Bleidistel Gross and Terry Gross started Novation Realty in 2018 with just a handful of properties. Located in Honolulu, Hawaii, they started Novation Realty on the belief that property management could be rooted in kindness, common sense, and care for their island community. In just a few short years, Nicole and Terry impressively grew their business and are now managing more than 60 short-term rental properties!
As a result of their explosive growth, Nicole and Terry needed a revenue management partner that could help them scale pricing and keep up with their growing business.
"We did a lot of research before we talked to Beyond, and Beyond kept coming up as the best in online host forums and property management forums."
“Growing so quickly was an absolutely insane road,” said Terry. “It’s a lot better now because of Beyond, and we know that Beyond has our back. We feel comfortable moving forward with different revenue management strategies because we have the support of Beyond’s data and analysis.”
One thing about Beyond that attracted Nicole and Terry was the company’s pricing model. After some research, Beyond stood out as the number one choice. “We did a lot of research before we talked to Beyond, and Beyond kept coming up as the best in online host forums and property management forums. Then we found out that the pricing was just a tiny percentage of our booking revenue, we were sold. That’s not even a risk for us,” said Nicole
Incorporating Search Data From Beyond Was A Game Changer
"In 2023, our business went through tremendous growth, so incorporating search data from Beyond was a no-brainer. We've been able to take our strategy from reactive to proactive, which is leading to better results for us and our owners," said Nicole. "It's been a game-changer to have visibility into what consumers are searching for online and to know that Beyond is automatically adjusting pricing based on consumer searches – rather than having to wait to see trends based on previous bookings.
With search data powering their revenue strategy, Novation Realty has automatically adjusted rates based on real-time search data. Beyond works in the background to ensure that pricing always matches up with future demand. So if a new concert gets announced and people start heading to their website, Beyond increases the pricing right away.
"Using these new features from Beyond has been big for luring in new owners and retaining our current ones since we are offering updated tech all the time to them."
Novation Realty Outpaced its Market with Dynamic Pricing from Beyond
During the past year, occupancy levels across the island of Oahu were lower than expected across all types of stays, including hotels. This was due to a mix of factors, but mainly due to COVID-19 restrictions on the island and on potential travelers’ countries.
However, the Novation Realty team was able to combat these effects with Beyond’s dynamic pricing algorithm that automatically positions their properties to be booked at the best price, at the right time. After implementing Beyond, the team at Novation Realty was able to outpace and beat their market in occupancy for the majority of 2022, leading to broader business growth.
"With Beyond, it’s easy to pull graphs and charts that put together the analysis for us."
Nicole and Terry also appreciate the support that they receive through Beyond. “It’s so helpful, knowing that we can call our account manager at any time, and have her jump in to help, whether it’s help with the platform or even helping us drill down into a specific property,” said Nicole.
Novation Realty Wins Over Owners with Insights
Insights from Beyond provides actionable vacation rental insights including comprehensive data about your local markets and competitors, designed to help property managers act on always-changing market trends.The Novation Realty team also uses Insights to improve their relationships with their owners.
“Our owners want to see data. With Beyond, it’s easy to pull graphs and charts that put together the analysis for us. We do not have to spend days on end analyzing data and putting together charts and stuff like that. So we really think Beyond is a really good asset to have to help us improve and maintain our owner relations,” said Terry.
“We’re able to show our owners in black and white numbers, what to expect and what the market is showing. It’s not subjective or our opinion, it’s fact from a third-party source which makes us more credible,” said Nicole. “We also use data Beyond’s Price Predictor to make a potential income chart that shows potential investors how much money they can make.”
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Novation Realty’s New Powerful Direct Booking Website Optimized for Search Engines
The team at Novation Realty turned to Beyond to stand up their new website with a direct booking engine. With Signal from Beyond, the process was painless. The Signal team at Beyond took care of designing brand style updates, migrating their existing content, ensuring their website was built with SEO in mind, and even helped with their property management system (PMS) transition.
As a vacation rental expert, Terry was invited to be on the local news where he spoke about short-term rentals in the Honolulu area. Terry was able to leverage Novation Realty’s new website to support his media coverage.
“We did a segment about vacation rentals and they showed our Signal website as the headline. It looked awesome,” said Terry. “After that, we’ve been getting a bunch of phone calls and emails from people that are interested in our services and properties.”
“We’re getting investors now contacting us too. They love seeing data, they love seeing graphs – it’s very appealing to them. So everything’s coming together one step at a time,” said Terry.
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