After surviving a tumultuous year, we at Beyond appreciate all of our partners who’ve been working to elevate and improve our industry. It appears that LiveRez users, specifically, really appreciate Beyond in return!
We took a look at how, all things being equal, LiveRez users leveraging Beyond’s pricing tool outperformed their “PMS brother and sisters” over the past year.
Source: Beyond Data
July 2020 was a wild month. We saw most property managers in the major East Coast markets go from “open” to “occupied” almost overnight. While each market reacted slightly differently, property managers who could easily observe and adjust to the rapid changes in demand were able to cash in. Those who didn’t, however, increased rates too early and stayed empty, or increased rates too late and left money on the table.
Having the Beyond algorithm and team of revenue analysts added 73% more revenue in July 2020 for larger homes, which are typically harder to fill at the last minute. This was due to adapting to the changing demand, getting more days booked (44%) but also asking for higher rates when they were attainable (21%).
Source: Beyond Data
2021 has had a wildly different start than 2020. We wanted, therefore, to check that our users got off on the right foot and are on track for what everyone says will be a record year.
Looking at reservations that are checking in between January 1st, 2021 and April 15th, 2021, for example, we can see listings that are utilizing Beyond’s pricing have been able to reap in close to 48% more in added revenue.
We compared users from ski markets, where it's high season, as well as inland and coastal markets, where low season flows into Spring. This makes it challenging to price everywhere, especially if you can’t rely on year over year data for most of it.
We were able to discern, however, that Beyond users were able to get 50% more nights filled in this period, while only giving up a few dollars in ADRs to do it.
And there you have it, folks. LiveRez users who are leveraging Beyond’s powerful dynamic pricing tool are bringing in a significant amount of more revenue than LiveRez users who aren’t using our tool.
Aren't a Beyond dynamic pricing tool user? Come see what it can do for you!