The Best Rentals Boosts Revenue by +$71k with Search Powered Pricing
Looking for the best vacation rentals in South Carolina? Then look to The Best Rentals, which offers outstanding vacation rentals in Folly, Charleston, Edist, and Hilton Head. Known for their Southern hospitality and tech-savvy operations, they have carved out a niche in a highly competitive market.
However, as The Best Rentals grew, they found it increasingly difficult to manage their revenue management strategy manually, which led them to seek out Beyond's innovative solution.
The Problem
Initially, Melissa Carr, Vice President at The Best Rentals, was the sole person responsible for all financials and pricing at the company. She managed these tasks manually, which involved constantly monitoring Google Analytics to make real-time pricing adjustments. This labor-intensive process became unsustainable as the company grew:
- Time-Consuming: Monitoring web traffic and adjusting prices manually consumed a significant portion of Melissa's day.
- Inconsistent Data: The lack of sophisticated tools meant relying on basic analytics, leading to less informed pricing decisions.
- Market Adaptation: Traditional set-it-and-forget-it pricing models were obsolete, as competitors began adopting dynamic pricing strategies.
They needed a more robust system that could handle complex pricing decisions efficiently.
“When it comes to revenue management you can't settle. We were looking for a solution to catapult us to the next level, and Beyond has been that catapult. It’s like going for the Maserati of revenue management tools,” said Melissa.
The Solution
After realizing the inefficiencies of manual pricing adjustments, Melissa 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.
“When we started with Beyond, it was night and day. Our first year saw a huge boom because I was no longer manually watching Google Analytics to make adjustments. I realized that Beyond was really one of the best tools we could use to keep an eye on the ever-changing market,” said Melissa.
The implementation of Beyond's solution involved several key steps for Melissa and the team:
- Integration with Property Management Software:
- The team uses Track as their property management system that seamlessly integrates with Beyond.
- Dynamic Pricing:
- Beyond's dynamic pricing tool automatically adjusts rates based on real-time market data and search analytics, eliminating the need for constant manual monitoring.
- Enhanced Market Analysis:
- Utilizing Beyond's extensive vacation rental market data, Melissa could compare property performance against competitors and better understand specific markets, providing a clearer picture of market conditions. “A tool can only be as useful as the person using it. An algorithm can give you the data, but you have to mine it into what you need it to be," said Melissa.
- Automation and Efficiency:
- The automation of pricing adjustments freed up approximately 75% of Melissa's day, allowing her to focus on other critical business tasks.
- Search Data:
- Another key feature that Melissa values from Beyond is Search Powered Pricing, which uses guest search data to identify demand for different dates and listings. As an avid user of search data through Google Analytics, Melissa immediately recognized its potential. By leveraging this feature, she was able to drive additional revenue and deliver greater profits for owners.
“Search Powered Pricing was one of my most exciting additions because I know the power of it. For us, specifically, we've seen a very good return. I know that no money is left on the table for an owner,” said Melissa.
Results: +$71,000 Revenue Increase in Just Six Months!
Implementing Beyond's revenue management system yielded significant benefits for The Best Rentals:
Revenue Optimization:
Beyond's dynamic pricing tool ensured that no revenue was left on the table. The company's properties were rented at the best possible rates determined by market conditions.
With Search Powered Pricing specifically, The Best Rentals brought in an additional 2.3% in revenue, more than $71,000, in just six months.
Time Savings:
Melissa experienced a substantial reduction in time spent on revenue management: “The 75% of my day that would have been spent on revenue management and monitoring has been alleviated, allowing me to focus on more day-to-day business tasks,” said Melissa.
Improved Market Position:
The ability to make data-driven pricing decisions allowed the company to stay competitive in a rapidly evolving market.
“When it comes to revenue management you can't settle. We were looking for a solution to catapult us to the next level, and Beyond has been that catapult. It’s like going for the Maserati of revenue management tools,” said Melissa.
Looking forward, Melissa's company is poised to continue leveraging Beyond's innovative tools, ensuring they remain competitive and profitable in the dynamic vacation rental market.
Ready to elevate your revenue management strategy? Book a demo with Beyond!
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