Southern Vacation Rentals Revolutionizes Their Pricing Strategy with Beyond, Earning 15% More Revenue
Chad Blankenship knew he had a problem. Every November, the Southern Vacation Rentals Chief Technology Officer 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.
“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, Chief Technology Officer
Southern Vacation Rentals
“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 Southern Vacation Rentals 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.”
"Rental property owners care about one thing—revenue."
The Beyond tool 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 the Beyond tool, 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.”
"Bringing on Beyond is one of the best investments we have made as a company to help generate more revenue."
Chad doesn’t have to worry about revenue anymore. He can now concentrate his time and energy on things that he likes to do and that drive business growth, like new technologies and customer service. “I can work on things like improving the customer experience,” he said. “For example, we created a Review Response Team that sends a text to a new customer as soon as they check into the property. We ask for a thumbs up or a thumbs down. If we get a thumbs down response, we immediately respond to fix whatever the issue may be. There’s no way we would’ve had the time or resources to focus on something like that if we didn’t have the Beyond Pricing Tool.”