May 25, 2021 | Amelia Melching
Setting prices for your properties is hands down one of the most important activities impacting your bottom line.
It also happens to be one of the most complicated and sometimes least efficient processes you’re responsible for.
Establishing the “right price” at the “right time” can be the difference between leading your market in revenue and scrambling against an empty calendar or selling out while your competitors take advantage of rising rates during high demand dates.
We want to help.
Wheelhouse helps you establish competitive daily rates to capture the best bookings and maximize your property’s earnings.
There is quite a bit of trust involved when handing over such an important aspect of your business to us, that’s why we would like to show you why Wheelhouse’s algorithm is the best.
There is no Scrape and Paste solution here.
First, we determine a Base Price by assessing you and your competitor’s listing details such as Booking Performance, Listing Features, Guests, Location, Amenities & Fees, Actual Booking Trends, and more.
Then we adjust your base price throughout the year by reacting to changing market conditions such as Local Demand Trends (including local events), Seasonality, Day of the Week Demand, and more.
Read in-depth about our Base Price Model and Predictive Demand Model
2. We Actively Respond to the Marketplace EVERY DAY!
Every day we collect millions of data points on real bookings and supply changes within your market.
We then compare your listing(s) to other listings similar in location, qualities, and booking patterns to determine spikes in demand which also impact your property.
Finally, we blend these insights with your calculated Base Price to recommend a perfectly timed price that maximizes revenue per booking.
Read in-depth about our Reactive Demand Model and Blending and Pacing Models.
3. We Give YOU the tools to customize your Recommended Rates
We at Wheelhouse understand that you know your property best!
We trust our advanced data science while knowing our platform excels when combined with the personal experience of our users.
This is why we have built the best tool in the marketplace for users to customize settings while continuing to take advantage of our advanced, data-science-backed algorithm.
Read our published research about the Wheelhouse Model.
What makes us different from other Pricing Tools?
In short, Wheelhouse prices with a blend of both historical data and real demand data in your market.
Other tools oftentimes adjust prices a dollar or two here and there to simply signal a rate change, rather than a strategic increase/decrease in price to maximize RevPar (Revenue per Available Room).
Our Reactive Demand Model is the only truly dynamic, demand-based pricing model available to STR property managers in the marketplace today.
Overall, we are the only solution offering a full suite of tools for property managers including Portfolio management tools (Pro Tools), Market reports, and Competitive Sets.
Allow us to help you with the foundational 80% so you can focus on the 20% optimization to get your properties into the top performance percentile in your market!
Don’t see your question answered here? Check out our extensive help center or reach out to us at firstname.lastname@example.org to request an update to this post or ask your question directly.
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