Island Escapes Increases Occupancy Rates by 40% and Increases Revenue with Beyond
Island Escapes is a multi-award-winning holiday letting agency based in the Isle of Man. The company manages over 120 self-catering holiday properties across the Island, which makes Island Escapes the single biggest accommodation provider on the Island. Island Escapes has over 50 staff in a variety of roles. Their dedicated time has been since 2018 to ensure the guest experiences are second to none.
Isle of Man is an island destination that offers a "miniature best of the British Isles” as Jamie and John, from Island Escapes, describe, with the UK's diverse elements packed into a small space. It boasts a wide range of activities, unique heritage, and culture, attracting many visitors.
Their unique market position significantly benefits from the nature of their guests' preferences and planning behaviors. Given that, the Isle of Man destination is not just a short trip away, visitors tend to book their travels well in advance. This extended lead time between booking and arrival allows for thorough planning on both ends—Island Escapes and their guests. Such foresight is not merely a convenience; it's an advantage that plays well into their business planning strategies. It enables Island Escapes to anticipate demand, tailor experiences to meet guest expectations and ensure everything is perfectly arranged for their visit. This aspect of this market type, where advanced bookings are the norm, ultimately works in their favor, enhancing Island Scapes’ ability to deliver exceptional service and memorable experiences.
"Beyond significantly simplifies the process of determining our property's market position. Integrating property details through our PMS, Beyond automates much of the work. While there's room for minor adjustments, the time saved is monumental," John Keggin
Overcoming Obstacles
- Previously, pricing properties was largely guesswork without a scientific or data-driven basis.
- Time-consuming efforts to compare with competition manually.
- Lack of an efficient system to automate pricing and market comparison.
- Difficulty in accurately determining property values and guest willingness to pay.
- Previous inability to maximize revenue during peak months.
- Challenges in filling vacancies during quieter periods by adjusting prices.
"The Beyond’s interface is exceptionally user-friendly. Logging in to see a dashboard with all the necessary details, allowing for month-to-month or year-to-year comparisons, is incredibly convenient. It's a valuable tool, presenting information in an easily digestible format, which is a significant improvement over sifting through records." Jamie Stott
Unlocking higher occupancy and revenue accross the market trends
In June 2022, Island Escapes decided to implement Beyond as a revenue management solution to optimize the occupancy rates and price properties with accuracy according to the seasonalities and market trends.
Utilizing the insights dashboard daily is a critical practice for Island Escapes, as it allows to track the performances and compare them with the year-over-year ones. What's particularly valuable for the company is the ability to identify properties that are underperforming.
“Just recently, we pinpointed a few properties lagging behind their previous year's performance. This prompted us to take immediate action, considering adjustments in pricing or initiating marketing campaigns tailored to those properties. The power of data in this context cannot be overstated; it's transformative” John.
Island Escapes shares a glowing review of their collaboration with the Beyond team, describing it as an enjoyable partnership. From the initial interactions and setup to the regular meetings, Island Scapes values the Beyond team's approach, emphasizing its significance to their positive experience.
“Unlike other software experiences where you might feel somewhat abandoned post-signup, Beyond maintains regular check-ins and meetings that I've found incredibly beneficial. Often, these catch-ups are brief, merely to affirm that everything is running smoothly or to offer a few minor suggestions, requiring little to no adjustments on our part. However, the availability of constant support is reassuring and invaluable” Jamie Stott
Island Escapes keeps its property owners informed and engaged by sharing performance reports and marketing materials from Beyond. This approach ensures owners are always aware of how their properties are performing, provides them with insights into the market, and delivers a level of professional service that keeps them in the loop and confident about their investments.
A deep dive into enhanced performances
- Significant growth of occupancy: +40% occupancy pacing vs the last year
- In March 2024, they are at 85% of their total revenue in the last year
“From our beginnings in 2018 with just a PMS, to now harnessing a suite of technologies including revenue management, housekeeping management, digital guidebooks, and AI-driven content creation tools—our journey mirrors the indispensable role of technology in the STR industry. If property managers haven't embraced this digital revolution yet, they risk obsolescence. The trajectory is clear: the future is not just about staying afloat but thriving through technological integration. We've witnessed the growth; we're part of the evolution. And for those on the sidelines, it's time to dive into the digital era or risk being left behind," reflects the speaker on the transformative power of technology in their industry.” John Keggin.
The future challenges for short-term rental managers
- Regulations: Isle of Man has been a regulated market for years but regulation pressures on second homes and taxation could be an issue of the industry in the future.
- Sustainability for companies and guests is becoming an important subject. The industry is becoming more sustainable in its outlook. Isle of Man is proving popular as people are holidaying close to home in Britain. And so, the UK vacation market is still strong.
- The local market appears resilient to economic factors currently affecting broader sectors.
- The visitors in the area, primarily affluent individuals, families, and retirees capable of taking multiple holidays a year, seem less impacted by the cost of living crisis. While their niche market is stable, other sectors focusing on single-family holidays or budget package deals abroad might face more significant challenges.
- Uncertainty exists regarding whether these observations hold true for other short-term rental businesses across the UK or Europe.
- The technology sector in the industry is growing, and property managers need to be tech-savvy.
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