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REVENUE MANAGEMENT
Property Manager Willy Chang shares his experience with PriceLabs’ Hyper Local Pulse algorithm
Willy is committed to protecting homeowners’ returns.
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.