We started in 2012 with 4 apartments that were just newly renovated. It all started as a hobby but we soon saw that there is a lot of potential and then started doing it as our main jobs in 2015 with 6 apartments. Now the plan is to further grow and by mid-2020 we are looking at managing 49 units.
Until 2018 we had seasonal pricing only. This did work fairly well in peak season, but during off-season, we were never performing the way we would hope. We then switched our PMS provider and this led us to learn much more about channels and the importance of pricing. I then started to look at prices very regularly, often daily.
Incredibly important – the continuous updating of pricing helps us on all the channels we are present on. Once they see that you are actively working with your prices, they reward you. We get displayed higher up in the search results and the customer often sees that they are getting a better price due to the strike-through prices.
We were real newbies when we started with RoomPriceGenie and had no real experience with smart pricing systems. We started our test phase in March, our low season. Even during this difficult time, RoomPriceGenie helped us to increase our performance. And now looking forward to the peak season in summer, we see an increase in ADR as RoomPriceGenie is very quick at picking up on days that are busy. We usually achieve occupancy of around 85% and will see a similar performance in this year’s peak season, just with a much higher ADR. On average, we achieve prices that are around 20-25% higher.
What I like the most is that I do not have to worry about prices anymore. The system just works. I really enjoy looking at the prices every now and then and sometimes control the rates on selected dates individually. Overall, it makes my life much easier as I get to spend time taking care of other things like our business expansion and customer care. On a weekly basis, I would say that I spend around 15 minutes on pricing now. Another thing I really enjoy is to be working with a growing company. RoomPriceGenie is always very attentive to our needs and they cope very well with suggestions that come from customers like me. Their whole approach is very customer-driven and this is something I really enjoy.