Using data-driven, intuitive tools to inform pricing decisions are paramount to driving bookings, but did you know that they keep your owners happy too? And with the current state of the vacation rental industry, ramping up your owner retention and acquisition strategy is especially important to prop up your business during these times of lower demand.
We recently talked to a few property managers about how dynamic pricing improves their business, and we noticed one main theme: dynamic pricing also helped improve relationships with their owners - and actually led to new owner acquisitions. These successful property managers know that dynamic pricing helps them stand out from the competition when it comes to owners, and they know that it can even help them find new ones to add to their portfolios.
✅ Dynamic Pricing Grows Vacation Rental Revenue
Perhaps the biggest benefit that vacation rental owners will appreciate about dynamic pricing is the increase in their revenue. A good dynamic pricing tool automatically positions properties to be booked at the best price, at the right time, increasing your owners’ bottom line. And with automations, like Last Minute Discounts, that set up properties to get the most bookings, you can ensure that each property is effectively driving maximized revenue.
Ross Anfuso from Las Palmas Beachfront Resort explains how utilizing dynamic pricing from Beyond helped increase their owners’ take-home by 15%.
“The first year we used Beyond our revenue was up 15% year over year. Our owners were super happy with the results ... Beyond has helped us be more competitive as we can look at what is happening with demand in the market and know how to price our listings.”
✅ Dynamic Pricing Drives More Revenue with Powerful Customizations
Beyond’s advanced dynamic pricing tool analyzes a billion data points and includes flexible controls and customizations to grow your bookings. Property managers have the power to set custom guardrails and modifications for each property when necessary to maximize revenue. By pairing this powerful tech with their expert knowledge, their properties will be set up to capture the best rate.
John Custer from Four Seasons Property Management Company realized by combining his own expertise with Beyond’s dynamic pricing technology, he could have the best of both worlds and grow his business. John feels more in control of his properties’ pricing with the ability to add customizations and guardrails, and he knows that he can deliver more value to his owners.
“You can’t argue with the numbers. My owners are ecstatic about the rates I’m able to get (by using beyond). I can easily say we are getting double-digit higher percentages than before. You guys make me look like a freakin’ rock star!” John said.
Since incorporating Beyond in his pricing strategy, Four Seasons Property Management Company’s revenue is up 35%.
✅Dynamic Pricing Puts Your STR Business Ahead of the Curve
Dynamic pricing can reassure owners that your business utilizes the latest technology to stay competitive. For Mark Bastin from Yonder, leveraging Beyond to make data-driven decisions has been incredibly important in conversations with Yonder’s owners.
“Having Beyond has helped us a lot in home acquisition for our portfolio. It gives new owners a sense that Yonder is ahead of the curve with our revenue management strategies. We can show owners that by using Beyond, we’re able to generate 17-18% more in revenue for them.”
✅ Dynamic Pricing Even Attracts New Owners
The right dynamic pricing tool makes it simple for property managers to keep an eye on each listing’s performance in any market; with seemingly unlimited vacation rental market insights at their disposal, it’s easy to see how neighboring units are performing. Once they spot a property making less than they think the market demands, all they have to do is approach them and let their results speak for themselves.
Take it from Patrick Tice from Vacay AZ who relies on Beyond to attract & retain owners.
“I’m very particular about who I take on as an owner. We want owners who are business-minded and trust us to manage their homes so that they can go enjoy their life,” Patrick said.
To help his business-savvy owners understand their properties’ potential, he turns to Insights. Insights, Beyond’s solution for property managers to get ahead of growing demand and competition with insights into their portfolio’s performance, is key to helping Patrick retain and attract new owners to his business.
“We use Insights as an owner acquisition tool because of the results we are producing. I can send them screenshots of the data and show them how we’re performing year over year, with our products, and compared to the market. Once I show them that, it’s game over. People like seeing the data,” Patrick said.
Dynamic pricing’s many benefits clearly win with owners, and it enables property managers to easily step up their revenue management game. Property managers that use dynamic pricing to maximize revenue and bookings with effective customizations, stay ahead of the competition with insights into their market, and find underperforming properties for acquisition marketing will win over their owners and effectively grow their business. Ready to get started with dynamic pricing? Sign up today!