Chad Blankenship knew he had a problem. Every November, he would lock himself in a conference room with a stack of papers, each one of the more than 900 properties they managed, and manually set the price for each property for the coming year. “I would just take a look at the previous year’s projection for each of the properties and see how we did,” Chad explains.
The Challenge
“Then I would take a best guess as to how it would do for the coming year, adjust for each season, and post it.” This process would take him a couple of weeks to complete. “I knew this wasn’t the best way to do it, but I didn’t know how else to do it. I needed to figure out a way to work smarter, not harder.”
Enter Beyond. The dynamic pricing tool gave Chad and his team at VTrips the automation and flexibility to do exactly that—work smarter. They are now able to manage a portfolio of over 1200 properties with a fifth of the resources they used to deploy for revenue management. “The way we used to do it, the price we’d set, that was it. If we wanted to change a listing, we couldn’t do it for one day or week, we had to do it for the entire season,” Chad said. “With the Beyond tool, we have the ability to adjust at the daily level in real-time. That flexibility is huge for us.”
“Before Beyond, we were always reactive with our rates. They’ve allowed us to become proactive…we’ve seen a 10-15% average increase in revenue.”
Chad Blankenship, VP of Revenue Management and Innovation
The Solution
Beyond has also allowed Chad to show the owners of the properties he manages new and innovative ways to get a higher return on investment. “Rental property owners care about one thing—revenue. With Beyond, I was able to convince my owners that they could increase their revenue by switching from a 7-night minimum stay during peak season to a 3-night minimum,” Chad said. “We were able to turn a standard operating procedure that had always been done in this industry on its head. Now our owners have seen an average of 10-15% increase in revenue.”
"Rental property owners care about one thing—revenue."
VTrips
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Automated price adjustments based on real-time market trends, eliminating the need for manual corrections.
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Data-backed reports that help Arrived communicate with current and potential owners.
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Automated price adjustments based on real-time market trends, eliminating the need for manual corrections.
"Bringing on Beyond is one of the best investments we have made as a company to help generate more revenue."
