Hey, everyone, and welcome to the second installment of my interview series with the thought leaders that shape the Guesty Marketplace Partners ecosystem.
On this occasion, I chatted with Ryan Saylor, Head of Partnerships, Americas, at Beyond, for a deep dive into revenue management best practices, misconceptions, and insights you really can’t get anywhere else.
Check out my interview with Ryan below and scroll down for some of the key takeaways from our conversation.
Key Takeaways
- Property managers should focus on three key metrics if they want to maximize their revenue: “ADR, Occupancy, and Revenue Totals are your core three to look at.” However, an even more important metric to look at is REVPAN (Revenue Per Available Night), which gives a more precise snapshot of your state of affairs as it does not include unavailable nights, such as owner stays, maintenance, cleaning, etc.
- Implementing a system like Beyond will garner property managers extra yield, but the amount will greatly depend upon the size of the property management company. 10-40% growth can be expected from using dynamic pricing alone, especially for companies that have not yet used a revenue management system. The scale of growth will also depend on the type of properties offered and the nature of the market. In other words, if their market is rife with competition, their extra yield will be limited.
- The importance of using the optimal number of channels: “If you’re adding anywhere between three and five channels… [then that will] max out your revenue potential from additional channels”. This will also increase a property manager’s booking audience and create more competition for their inventory.
- Property managers can improve revenue management by envisioning their guest experience: “go through and book one of your properties as a guest would try to find it on Google or go through that entire journey on your own, and I guarantee that you’re going to find something that you think is wrong.”
- Beyond is suitable for property managers with portfolios of all sizes. “If you’re renting out one room on Airbnb, and it’s barely a side hustle, we have the tools and the products” and “we’ve built completely different products for property managers with 100-plus properties”.