If you haven’t tried dynamic pricing yet, you’re missing out. It’s a must for property managers in today’s competitive market, and for good reason. Frequently adjusting your rates helps you generate more revenue and get the most out of your properties.
However, not all property management companies have the expertise required to build sophisticated revenue management strategies in-house. Luckily, there’s no shortage of startups who are willing to offer assistance and tools to help you out.
In this article, we’re introducing you to a revenue management company that’s making waves in the industry: Rented. Through a case study with the property management company BookStayHop, we’ll show you how Rented can help transform your business.
What is Rented?
Rented is a vacation rental revenue management company that offers property managers a range of tools, services, and support.
Full-service revenue management
Rented’s revenue management service provides vacation rental property managers with hands-on support for pricing optimisation.
Their dedicated revenue manager takes care of the entire process, from setting prices making custom adjustments to monitoring performance.
They build and implement custom pricing strategies so property managers can focus on other aspects of their business.
Automated Rate Tool: Art
Rented recently launched Art, a dynamic pricing solution built by industry experts. It helps property managers set the right price for their units every night.
While it’s not meant to completely replace a property manager’s expertise and knowledge of the local market, Art helps to save time, stay in control, and be confident in making frequent adjustments to your rates.
Art delivers dynamic pricing recommendations and automatically updates rates across the property manager’s PMS and major booking channels. Some features of Art include:
- Advanced pricing models. Every rate Art suggests is based on sophisticated pricing models based on historical data and current market trends.
- Simple yet powerful customisation tools. Art provides easy-to-understand visualisations of pricing recommendations so you can make informed decisions.
- Easy PMS integrations. Art integrates with a wide range of PMS providers to help you sync your rates across your software and your channels.
Who is Rented for, and how much is it?
Any property manager can benefit from Rented’s revenue management solutions. Both Art (Rented’s Automated Rate Tool) and full-service revenue management are available globally.
Property managers can get started for free with Art. Signup is easy, and your listings are imported to the tool so you can set pricing, min and max rules for stays and many other features.
To access the full integration to your PMS and channels, you need to sign up for a paid version that costs $19 per month for each integrated listing.
Property managers can select which properties to include; there are no requirements on how many are included in the subscription. There’s no contract, and managers can change, add, remove or cancel listings at any time.
For full-service revenue management, Rented’s team can provide you with a personalised quote based on your portfolio.
How BookStayHop increased their revenue thanks to Rented’s revenue management services
BookStayHop is a property management company representing more than 100 rentals in Southern Oregon and Loreto Bay, Baja, Mexico. They work with homeowners as well as owners of boutique inns and lodges. They use cutting-edge technology combined with old-fashioned concierge services and provide a wide range of online and offline marketing from SEO to print, radio and television.
When BookStayHop first started working with Rented as a full-service revenue management client, they were using static pricing.
“Properties were topping out, with set pricing. Our pricing consisted of weekdays, weekends, in season, and out of season pricing,” Daniel Perry, the Owner of BookStayHop told us.
Thanks to the implementation of dynamic pricing and custom revenue management strategies by the Rented team, BookStayHop’s properties immediately started to improve their performance.
“As an example, my lakeside cabin could only do a maximum of $2500 per month without Rented. With Rented, my 600sqft cabin… yes, just 600sqft… did almost $8000 last month in gross sales. We have properties that have done as much as $20,0000 in a single month… stunning!” Daniel said.
By the beginning of July, every single one of BookStayHop’s properties had surpassed its annual 2021 goal.
When asked about the biggest benefit that BookStayHop got from Rented, Daniel says: “Their team… hands down. The technology and the hands-on portion have met and exceeded our expectations. What we didn’t expect was the relationship… from the top, with Andrew, through Kristin and Jessica… and well, everyone at Rented, we consider them part of our team and part of our success. They are co-workers, mentors, and friends.”
Daniel would recommend BookStayHop to every property manager.
“If you are not using yield management tools, you are leaving money on the table. Using Rented means you not only have an automated tool – many companies offer this – but also a phenomenal team that is easily the most committed and responsive team we work with,” Daniel said.
“I think it is fair to say that we have doubled our gross sales since working with Rented. 2019, prior to Rented, $1.4m. 2020, with Rented, and even with COVID, $2.8m. 2021, $3.4m… and we still have five months to go. We expect to end the year between $6m and $7m in gross sales. It’s been an incredible ride with the Rented team!” he concludes.
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