Cayman Vacation Maximizes Vacation Rental Profits and Boosts Occupancy Rates with Beyond
In the busy world of vacation rental management, Don Martin of Cayman Vacation faced two common challenges: How to differentiate themselves in their competitive short-term rental market and how to improve relationships with owners. Luckily, Don connected with Beyond and the rest was history.
Below, Don Martin, CEO of Cayman Vacation, shares his experience how transforming his pricing strategy with Beyond enhanced relationships with property owners and set them apart in the competitive Cayman market.
Cayman Vacation is a trusted partner and expert for those looking to craft memorable Grand Cayman Island luxury vacations. With over three decades of expertise and a commitment to serving over 100,000 delighted vacation rental clients, they pride themselves on providing warm, professional, and personalized boutique service.
Previously adhering to fixed seasonal rates, Don was looking for a way to set prices based on the local market, eliminating any guesswork associated with fixed rates. From the beginning of his partnership with Beyond, Don found just that.
“We have been pleased with Beyond from our initial contact through the 4-week test trial we conducted, and then on with successfully moving 90% of our inventory to dynamic pricing,” Don said.
They began their journey with Beyond with a trial with 20 properties. The amazing results achieved during this trial solidified their decision to opt for Beyond.
“Beyond’s ability to accurately set pricing based on the local market takes away the guessing of hitting fixed seasonal rates, said Don. “We appreciate the data analytics and recommended pricing for our specific market and individual units. The 4-week test trial with 20 properties really helped us test the system and prove the results we anticipated.”
The team at Cayman Vacations is thrilled with the results so far. In December of 2023, they increased their revenue per available night (RevPAN) but 9% year-over-year, and their RevPAN for January 2024 is pacing 15% ahead of last year!
Another perk of Beyond was the easy integration of Beyond with their Property Management System (PMS). It was seamless, enabling quick implementation of dynamic pricing across multiple online travel agency (OTA) channels.
Don highlights that Beyond's data analytics and tailored pricing recommendations for their market and individual units stood out the most. Don notes the advantageous Pro features, especially Comp Sets, aiding in competitive pricing analysis and rate establishment. “We review and adjust rates every 2 weeks to stay on top of the local market. We use Comp Sets to demonstrate to potential new property owners how the competition is priced and as a result helps make their pricing decisions,” said Don.
Don defines Beyond as an indispensable tool for maximizing rental income across properties and seasonal periods. Initially skeptical, property owners now acknowledge the efficacy of Beyond's data-driven pricing approach, fostering trust and confidence in the strategy.
“Beyond gives us a competitive advantage in the Cayman market, and differentiates us by bringing additional value to our owners,” said Don.
Don Martin's experience illuminates the transformative power of Beyond in optimizing pricing strategies, fostering owner relationships, and ensuring a competitive edge in the dynamic vacation rental market of the Cayman Islands.
Ready to see how Beyond can transform your vacation rental business? Let’s chat!