Customer type: Property Manager
Region: Italy
Products: Dynamic Pricing
Number of listings: 25+
PMS: Krossbooking
PriceLabs supported Italian luxury vacation rental company, Domus Verona’s short and long term goals, helping them;
- Achieve unprecedented growth in revenues, ADR, and overall profitability
- Successfully navigate the uncertain post-Covid market
- Efficiently plan for market fluctuations and save valuable time and resources
- Make data-driven pricing decisions through reliable market data & metrics
- Plan and implement their portfolio expansion
Italian Luxury Vacation Rental – Domus Verona
Marco is the owner and general manager of Domus Verona, a successful vacation rental and property management company in Italy. Their primary focus is on providing exceptional comfort and experiences for their foreign guests. A key aspect of their business is the strategic location of their properties, all situated in the historical center of Verona, ensuring easy access to the city’s attractions, particularly the renowned “Arena di Verona”, a major venue for events.
BEFORE PRICELABS
A highly touristic market, Domus Verona experiences fluctuating demand on a daily basis due to local events held at the “Arena di Verona.” This constant variation in demand poses significant challenges for the company, requiring them to invest considerable time and effort in monitoring the local events calendar. By doing so, they aim to stay up-to-date with changes and effectively plan their marketing strategies to maximize revenue from each property. However, the COVID-19 pandemic has added an extra layer of uncertainty and volatility, making it even more challenging for Domus Verona to accurately assess the market situation and make well-informed decisions. These obstacles called for a more streamlined and efficient approach to market tracking and planning.
Challenge 1: Time-Consuming Market Tracking
In the past, Domus Verona faced a significant challenge in tracking its demand fluctuations, which heavily relied on local events. The manual process of constantly checking and updating the events calendar proved to be time-consuming and susceptible to human errors. The risk of missing important updates or program changes for local events added to the complexity of their market tracking efforts.
Challenge 2: Revenue Optimization
The lack of accurate market data made it challenging to set competitive prices and achieve the best possible financial results. As a result, the company struggled to maximize their revenue potential and may not have fully capitalized on favorable market conditions.
Challenge 3: Uncertainty and Volatility Post-Covid
The COVID-19 pandemic introduced unprecedented uncertainty and volatility to the market. Domus Verona found it challenging to grasp the actual market situation accurately, and this hindered their ability to make well-informed decisions and adapt swiftly to rapidly changing conditions. This situation left them vulnerable to potential risks and opportunities that may have arisen in the post-pandemic landscape.
AFTER PRICELABS
After implementing PriceLabs, Domus Verona’s vacation rental management underwent a remarkable transformation. The integration of PriceLabs resulted in streamlined market planning, leading to more efficient operations and decision-making processes. As a direct result, the company experienced substantial revenue growth, as they were able to set competitive prices more accurately and maximize their revenue potential.
Streamlined Market Planning
PriceLabs provided them with automated market data and insights, streamlining their market planning process. This not only saved valuable time but also allowed them to plan and be prepared for constant changes in events with ease.
With the help of PriceLabs demand factor, which considers how many bookings are made on any specific date in the area where your listing is located and relates it to the remaining supply, Marco has been able to detect constant changes in demand.
Revenue Growth and Optimization
With PriceLabs’ Dynamic Pricing recommendations, Domus Verona witnessed a remarkable surge in revenues, ADR, and overall profitability. The tool’s data-driven pricing approach helped them optimize their rates and stay competitive in the market.
Market Insights for Informed Decision-Making
PriceLabs played a significant role in providing valuable market insights, particularly during the uncertain post-Covid period. Armed with real-time data and competitor analysis, they were able to make informed decisions and adapt their strategies according to market trends.
PriceLabs Market dashboards helped Marco understand how hismarket was performing. By observing different metrics and KPIs, Domus Verona has been able to apply learnings and insights to make strategic decisions with regards pricing, and also make more informed choices when acquiring new properties.
Time and Resources Saved
The ability to configure at Group level, meaning creating a set of rules which can be assigned to listings in bulk, helped Marco in setting up listings in the fastest way, without having to work on every listing individually. This is a significant aspect when scaling, helping property managers to have all rules assigned in just a few clicks.
Support for Sustainable Growth
Embracing PriceLabs aligned with Domus Verona’s property management philosophy aimed at investment and expansion. The improved profitability and financial results allowed them to reinvest generated incomes and expand their property portfolio significantly.
