January Marketplace Integrations Spotlight: Revenue Management

February 01, 2021 |
dynamic pricing for short-term rental properties

Welcome to our new monthly Guestyversity segment, highlighting the time-saving, efficiency-increasing, experience-enhancing solutions that make up Guesty’s ever-expanding Marketplace. In this segment we will dig into the integrations themselves and answer common questions from our users. 

Up first is revenue management, a top-priority operation for property management companies looking to amp up occupancy rates and pocket more profit per reservation. Let’s dive in.

 

Why are revenue management tools valuable?

This one’s pretty straightforward. Revenue management tools are designed to help short-term property management companies both maximize occupancy year-round and earn more income per reservation. 

How do they do this? By monitoring demand and adjusting your prices accordingly in real-time, increasing your average nightly rate when there’s a lot of demand, and decreasing them when you need more attractive prices in order to earn bookings. What’s more, the technology will identify occupancy gaps in your calendar and adjust your minimum night settings to encourage reservations during those dates. 

Of course, these are all operations you can do manually, but with a sophisticated revenue management software with access to real-time market data in your tech stack, you’ll save yourself hours of time and prevent human limitations from tampering with a critical business strategy.

Which revenue management tools have integrations with Guesty?

The revenue management tools currently integrated with Guesty are Wheelhouse, Pricelabs Buoy and RoomPriceGenie

How to decide which revenue management solution is right for you?

Every potential partner undergoes rigorous vetting before joining Guesty’s Marketplace, so we can confidently say that all our revenue management integrations are sophisticated and professional solutions. It really depends on your inventory as well as your preferred approach toward revenue management. 

Pricelabs offers users more control over their rates by utilizing their chosen base rates as anchors and then shifting those rates according to market conditions. 

Wheelhouse also allows users to set base rates, but externally validates them to ensure they’re aligned with market standards.

Buoy, on the other hand, relies entirely on market conditions and competitive analysis to determine ideal price points, making pricing a lot more flexible during sharp spikes or drops in demand (like those brought about by COVID-19).

And while all 4 tools can support portfolios with multi-unit properties, RoomPriceGenie is a dedicated tool for such inventory, with an emphasis on hotels.

How does the integration work?

When you integrate Guesty with any of the revenue management solutions available in our Marketplace, the software will draw data from your Guesty dashboard pertaining to your properties, occupancy, nightly rates and minimum stay rules. It will then use this information to calculate optimal pricing and minimum stay rules and automatically make the relevant adjustments to your listings. The sync will happen once a day, though you can always initiate a manual sync to ensure the revenue management system accounts for new changes you’ve made. 

The integration does not sync additional fees, taxes, rate plans and your settings in Guesty’s Revenue Management feature. As the tools override rates set in Guesty, check with your Guesty rep before enabling both our revenue management feature and one of our partner solutions.

Can you test the integration?

Absolutely. All of our revenue management partners allow users to utilize their software for as little as one property, so you can test its efficacy before onboarding your entire portfolio. 

Less effort. More Reward.

Integrating any one of our pricing partners with your Guesty dashboard means you can not only stop allocating valuable time and resources toward a critical task, but also enjoy increased accuracy in identifying the ultimate price points to yield maximum occupancy and maximum revenue. 

Still have questions? Don’t hesitate to reach out to our support team or contact any of the revenue management providers you’re considering.

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