VacayAZ Boosts Revenue by 25% with Dynamic Pricing & Actionable Insights from Beyond
From beautiful, expansive properties with brilliant views of the redrocks to ultra-relaxing homes filled with everything you need to vacation in style, Vacay AZ ensures that each property caters to the luxury traveler.
"Beyond has increased our gross revenue by 100% over the years. Early on, we did pricing based on competitors and properties near us but knew there was a better way."
“Our goal was to professionalize to this industry. That’s what we accomplished and how we started. We standardized our offerings and amenities, like towels and concierge services, private chefs, Tesla rentals, etc. Everything we offer is catered to the luxury traveler,” said Patrick Tice, founder and managing partner. When Vacay AZ, located in Scottsdale and Phoenix, Arizona, needed to ensure that its revenue management strategy was the most successful it could be, Patrick turned to Beyond.
Pricing for the Luxury Traveler
Patrick knows that his travelers and his properties need to be treated differently when it comes to pricing. “Luxury travel is different. With our type of traveler, price is not usually the most important factor when it comes to deciding to book. It’s the options, what the home offers, service level, etc.” Patrick said.
"We found Beyond based on advice from other vacation rental managers. It’s been fantastic so far. We’ve really enjoyed it."
With Beyond, he is able to take these different factors into consideration when pricing Vacay AZ’s rentals. By combining his expertise with Beyond’s sophisticated pricing algorithms, Patrick can arrive at the best nightly price for each home and ensure that he is driving maximum revenue and occupancy levels. “I am on Beyond multiple times a day. Updating base pricing, minimum prices, etc. I’ll go higher on price by 20% and those help us get some incremental bookings. It’s so intriguing to follow the numbers. I’m addicted to it,” Patrick said. “The reason we decided to go with Beyond was not only because of the technology, but the people. We see the team there as true partners to our business. They’ve learned how we work and how we think, and they aren’t afraid to be transparent and help us course-correct when needed."
"And on top of the amazing customer service, I can say with confidence that we’ve been able to directly grow our revenue by about 15%, thanks to our partnership with Beyond.”
Vacay AZ Relies on Beyond Insights 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.
Patrick also likes to use Insights to drill down into his portfolio to check overall performance and see how individual properties are performing.
“Insights helps let me know how to get priced properly at the right time. Nightly rates and occupancy data compared to the market from Beyond is great to have. If I see that it ever drops, I know that I have to up my game. And since the first of the year, we’ve done more than $2 million in bookings in 40 days,” Patrick said.
To drill down even further, Patrick used Beyond to run a few reports to figure out what days during the week Vacay AZ gets the most bookings. “Now that I know Fridays and Saturdays are the most popular days for people to book their vacation home with Vacay AZ, by Thursday I can have all my prices updated and ready.”
As one of the only vacation rental management companies in the area to focus on professionalizing the industry, the future for Vacay AZ is as sunny and bright as its location. “On the luxury end, it’s exciting. Our homes are unique and one-of-a-kind, usually 6,000-9,000 square feet with great design and architecture. When looking for a vacation home rental, we know that people don’t want to go from their home to another home. They want to go to their home to something unique, and that is our goal,” said Patrick.