Property Manager Willy Chang shares his experience with PriceLabs’ Hyper Local Pulse algorithm

REVENUE MANAGEMENT

Property Manager Willy Chang shares his experience with PriceLabs’ Hyper Local Pulse algorithm

Marbella Lane focuses on managing properties located in highly constrained environments (markets with stringent controls and restrictions on the availability of permits for short-term rentals).

Why it matters: Willy Chang, the co-owner of Marbella Lane, is committed to protecting homeowners’ returns. They manage over 200+ vacation rental homes in San Francisco, Hawaii, and Los Angeles.

Willy is committed to protecting homeowners’ returns.

Top 3 Core Objectives: Willy wanted to provide value to property owners in difficult markets by leveraging booking and occupancy data. This would give him the edge over the competition!

Excel in competitive markets: Unlike hotels, where each unit or room group is more or less identical or similar, each Vacation Rental Home is unique. Hence, when planning pricing and revenue strategies, each one needs to be treated differently. Willy needed a platform or solution that would help him accurately price his portfolio of properties at scale according to each of their unique attributes.
Maximize income and bookings: As mentioned earlier, for Willy, pacing is a very important piece of the puzzle that helps him determine his revenue projections. However, it is impossible to optimize revenue without identifying and then capturing occupancy for key dates.
Analyze market data: It’s easy to book or pace and optimize revenue on far-out rates, as you have time to get it booked. However, pricing right to capture last-minute bookings in an oversaturated market is key, yet extremely hard. You have a very short window to capture last-minute bookings.

Innovators Mentioned

Marbella Lane Vacation Rentals

PriceLabs

Willy Chang

Co-owner, Marbella Lane Vacation Rentals

Marbella Lane Vacation Rentals

"We have properties in over-supplied markets, and the Hyper Local algorithm is getting so accurate to address these over-supply situation. A day is already here whereby you could go empty at-least 50-60% of the calendar, and only 3 days you get booked. So you have to be that good to get those 3 days. PriceLabs truly, truly addressed this for me."

Willy Chang

Co-owner, Marbella Lane Vacation Rentals

👍 Co-owner, Marbella Lane Vacation Rentals Willy Chang said that The Hyper Local Pulse algorithm is extremely accurate and adjusts rate recommendations as per market data.:

"We have properties in over-supplied markets, and the Hyper Local algorithm is getting so accurate to address these over-supply situation. A day is already here whereby you could go empty at-least 50-60% of the calendar, and only 3 days you get booked. So you have to be that good to get those 3 days. PriceLabs truly, truly addressed this for me."

⚖️ The selection process: During their research process, Willy Chang evaluated PriceLabs's product differentiators, customer support, and holistic value as a strategic partner and ultimately decided that PriceLabs was the best fit solution:

Co-owner, Marbella Lane Vacation Rentals Willy Chang said, about their decision: "If you get your pacing right – you have your revenue on your plate. But, if you don’t capture the key dates, you don’t optimize your revenue, and that’s why I needed a solution like PriceLabs."

📈 The results: Willy Chang credits much of his company’s success to PriceLabs. He emphasizes the collaboration of PriceLabs’ co-founders with users, continuously listening, understanding, addressing needs, and improving features. This consistent partnership is the reason he confidently chooses PriceLabs year after year.

Optimized revenue by capturing last-minute dates in oversaturated, low-occupancy markets. The PriceLabs Hyper Local Pulse algorithm is getting more accurate in recommending prices in oversaturated markets where one usually experiences low occupancy.
Clarity and visualization of data, especially for large Property Managers saving time and maximizing revenue. Many companies produce similar data and reports; however, PriceLabs presents this data with clarity and is visually easy to consume, making it stand out.
24-7 customer support and a solid Knowledge Base. Willy talked about how the plethora of options and features within PriceLabs does get overwhelming. He appreciated PriceLabs’ well-curated Knowledge Base with explainer videos and guides to better understand almost any feature or functionality. That and their prompt email support are sufficient for smaller hosts to operate their accounts.