How does Beyond Pricing work? (VIDEO)
Beyond Pricing utilizes real-time, hyper-local market data to help you maximize your overall revenue by getting you booked at the best price at the best time.
Airlines and hotels have been doing this for decades, and we are here to help you apply the same concept to your vacation rental!
Each day, we automatically push suggested nightly rates to Airbnb, Booking.com and/or VRBO, or your Property Management Software based on factors that change demand in your market, like Seasonality, Day of the Week, and Local Events.
Check out this video for an overview of Dynamic Pricing:
We get you booked at the best price, at the best time. And the ROI lift is proven -- our customers generally see a 10% to 40% increase in revenue.
This also means that your booking pace might become slightly different from what you are used to. Generally, customers see a shift to receiving bookings slightly closer to the date of stay than before using Beyond Pricing.
Factors that affect demand
Our data tells the story that we all know and understand -- that each neighborhood within each market is different, and in turn should be priced differently.
Our dedicated team of Revenue Managers launch each market individually, identifying nuances in factors that influence demand so we can be sure your pricing is accurate.
Seasonality refers to if a point in time has traditionally been a period of high or low demand in your market.
Day of Week
The Day of Week factor refers to if a certain day has higher demand relative to another day of the week in your market.
For example, Nashville is a popular weekend destination, while San Francisco is a popular business destination. Our suggested Day of Week pricing reflects this for each unique market.
You don't need to adjust the weekend pricing -- we account for how sensitive the market is to the day of the week.
Local Events refer to increased spikes in demand in your market relative to the norm.
Some events are unnamed in our system, and simply show an increase for an "Event" when you hover over that date in your Beyond Pricing Calendar.
This just means that we are picking up an increase in demand in your area for certain nights relative to the norm. It’s okay if events go unnamed. However, if you are aware of the event name, please feel free to share it and the corresponding dates with our team at firstname.lastname@example.org!
Some events don’t increase demand in the area enough to trigger any increase in pricing. Check to see if a specific event should affect pricing by checking out our article on the Market Data Tab - "Identify Upcoming Events".
Make the algorithm work for you
Set yourself up for success by setting your Base Price, and listening to your Health Score metrics and making adjustments from the start.
Here are our top resources to help you make that happen: