Customer type: Property Manager
Region: North America
Products: Dynamic Pricing, Market Dashboards
Number of listings: 20+
PMS: Guesty
Executive Summary
Somers Capital, a property management and investment firm based in the US, faced significant challenges in manually managing dynamic pricing for their properties. Implementing PriceLabs revolutionized their pricing strategy, increasing occupancy and revenue with minimal manual intervention. Sarah Tuley, Director of Asset Management, shares her insights on the benefits of PriceLabs and offers valuable advice to other property managers considering dynamic pricing solutions.
Company Background
Somers Capital was founded by Rich Somers, an active real estate investor and entrepreneur holding a portfolio of apartments and boutique hotels valued at over $75M. The company specializes in boutique hotel investment and short-term rental management. They started operations in 2023 and currently manage around 20 short-term rentals and 5 hotels.
Challenges Before PriceLabs
Before adopting PriceLabs, Somers Capital managed pricing manually, which was time-consuming and inefficient. Rates were not adjusted frequently enough, leading to missed opportunities for maximizing occupancy and revenue. The manual process was tedious, requiring constant attention and adjustments.
PriceLabs as a Solution
PriceLabs provided an automated, dynamic pricing solution that significantly reduced the manual workload for Somers Capital. Sarah had prior experience with PriceLabs, making the use of the solution smoother for Somers Capital as well. Sarah likes how PriceLabs takes care of the market demand automatically and adjusts the pricing. She notes that she visits the solution once or twice a week to make any tweaks if needed, the rest is taken care of by itself. Customizing the last-minute pricing discounts, day-of-week pricing adjustments, and minimum stay settings features helps Sarah optimize pricing strategies.
Implementation and Results
Implementing PriceLabs transformed Somers Capital’s approach to pricing. The automated system allowed for regular adjustments based on market demand, resulting in higher occupancy rates and increased revenue. The weekly check-ins with the team have helped Sarah get the most out of PriceLabs and have her doubts cleared instantly.
“PriceLabs has been absolutely great. It allows you to get more bookings by fluctuating prices more often and ensuring high prices during peak times, generating more income.”
– Sarah Tuley, Director of Asset Management, Somers Capital
Advice to Other Property Managers:
Sarah Tuley recommends other property managers thoroughly research and understand their market. She advises leveraging tools like PriceLabs to automate pricing and make data-driven decisions. Additionally, she emphasizes the importance of being involved in every aspect of property management, from understanding the property’s features to maintaining good relationships with staff and vendors.
