If you want to increase your revenue, it’s key that you invest in a dynamic pricing tool. Considering how important it is, we’ve integrated with Beyond, another major dynamic pricing tool. Now, hosts and property management companies will be able to ensure that they don’t lose out on potential revenue as their rates will be based on accurate data.
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Beyond (formerly Beyond Pricing) was founded in 2013 and voted #1 Vacation Rental software by customers, Beyond is a revenue management platform for short-term rental managers and hosts to get, grow, and keep revenue. Beyond’s mission is to help the short-term industry succeed in a new era of data and insights. Specialized in dynamic pricing, customers partner with Beyond due to their best-in-class revenue management expertise, customer support, and easy-to-use tools that deliver premium return on investment.
Beyond is ideal for any short-term rental owner or manager, who is looking to save time and reduce administrative work around pricing, optimize revenue or partner with professional short-term revenue management experts. Beyond customers can have anywhere from one listing to hundreds of listings.
On average, results prove to have increased 12% higher occupancy rate, 21% more reservations, and 32% more revenue per available night.
Not only can automation help you to save time, but it will also make it easier to grow your short-term rental business. If you already use iGMS, you know how much time you can save on routine operations.
With our newest integration with Beyond, you can now also include dynamic pricing into your strategy to make sure that you don’t leave money on the table during the busy season or leave listings empty during the slow season. Here’s how Beyond can boost your revenue potential:
Your rates play a huge impact on your occupancy rate. Price it too high and you’ll only lose bookings to other listings that are more competitively priced. Beyond will help you to set the right rate for optimal occupancy by taking into consideration factors such as seasonality, day of the week, and local events. As demand changes on a daily basis, it will also push new pricing for you on daily basis.
Plus, as it can update your pricing across Airbnb, Booking.com and/or Vrbo, it gives you even more incentive to list on multiple platforms. This extra exposure will also help you to improve your occupancy rate and revenue further. As a matter of fact, according to Beyond, users typically see an increase of as much as 15% in revenue.
When demand is low, a common strategy among hosts is to drop the rate to capture more bookings and increase the occupancy rate. However, with Beyond, you can set a minimum price (in other words, the lowest price you’re willing to accept for a night), and rest assured knowing that Beyond will never suggest prices that are lower than this minimum price that you’ve specified.
To help you track the performance of your portfolio, Beyond offers the insights tab. It’s a free business intelligence dashboard included with dynamic pricing tools. You can see how nearby competitors are priced, how your listing is performing in the market, what your booking pace looks like compared to previous years, and more.
In addition to these different tabs, Beyond also includes a Health Score. In short, it’s a score that compares how your booking pace stacks up against the booking pace in your market. This is yet another useful feature that you can use to improve your occupancy rate.
As mentioned earlier, Beyond also offers dedicated revenue management experts who will be able to help you craft a revenue strategy for the different listings in your vacation rental portfolio and make the most of Beyond’s platform. They can, for example, help you to communicate the advantages offered by your listings and make suggestions for last-minute discounts, minimum stays, and changeover days.
To enable the connection between iGMS and Beyond, you need to log in to your Beyond account. After linking your iGMS account, you’ll be redirected to iGMS account authorization. After you’ve linked the account, your listings should sync automatically.
Then, in iGMS, the link between Beyond and iGMS must be established per listing too. To do this, you need to click on the Accounts and Listings tab and select the listing for which you would like to set prices. Next, you’ll need to click on the Pricing tab and select Beyond Pricing.
To take advantage of the integration within the iGMS system, you need to have a working account with Beyond. You can either connect an existing Beyond account to iGMS or create a new account. If you don’t have an active Beyond account yet, you can do it here.
As you will be putting both the unique capabilities offered by Beyond and iGMS to good use, you will need to pay for your subscriptions separately. The good news is that no extra charges will apply for utilizing the secure and stable connection between these two tools.
After you have established the connection between iGMS and Beyond, and the Beyond pricing suggestions have been shared with iGMS, you’ll find the rates on the iGMS Single Property Calendar and iGMS Multi-calendar.
To make any changes to your rates and current revenue management strategy, you will need to go to your Beyond account. Your rates are managed on the side of Beyond and synced every few hours to iGMS. In case you encounter any problems with synchronizing your rates, you should contact the Beyond support team by means of their Live Chat.
If you have ever wondered how you can improve the way you manage your properties, it is high time to explore vacation rental automation. Success might not happen overnight, but it’s much easier to make the right improvements by automating a substantial part of your workload that includes pricing. Try iGMS and its advanced features for yourself by signing up for a free 14-day trial.