Customer type: Property Manager
Property type: Short-Term Rental
Region: North America
Products: Dynamic Pricing, Market Dashboards, Revenue Estimator Pro
Number of listings: 250+
PMS: Hospitable
Executive Summary
This customer story showcases how Revenue Estimator Pro, provided by PriceLabs, revolutionized revenue estimation processes for Vello Property Management, resulting in an 80% reduction in time spent on income projections. Overcoming manual time-consuming processes prone to errors, getting accurate estimates, and being able to select the competitive set, made the whole process of revenue projection much easier for Vello.
With PriceLabs, Vello:
- Was able to create income projections with minutes
- Got concise, downloadable PDF reports
- Make informed decisions and provide valuable insights to their clients
Company Background
Vello Property Management started as a mom-and-pop business with about 10 listings in New Orleans. Like almost everyone else in the vacation rental business, the company faced significant challenges during the COVID-19 pandemic but emerged with a new vision and a change of leadership. Today, Vello boasts 250+ listings across six metropolitan areas in the US.
Journey with PriceLabs so far
Before PriceLabs, Vello manually priced their listings, a method, which according to William Myers (Director of Operations, Vello) is difficult even for 1 listing, and became untenable as they grew. The need for a more advanced, data-focused pricing system became apparent as they expanded. They sought a solution that could integrate seamlessly with their Property Management System (PMS) and support their growth by efficiently managing an increasing number of listings with varied client demands.
Vello has 2 types of clients, those who own a property that is a true vacation home for them and they are only renting it out to get a little spare income, and they don’t necessarily want super low rates, they’re okay with low occupancy. Then the other clients are peer investors, who want to see a return. They want super high occupancy and the absolute best rate they can get for any given day. According to William, those two are entirely different pricing strategies.
PriceLabs emerged as the solution to Vello’s challenges, offering a feature-rich, data-focused pricing system compatible with their PMS. PriceLabs’ listing segmentation allowed Vello to serve both of their customer types seamlessly.
The platform’s ability to segment listings and provide detailed, market-specific pricing strategies allowed Vello to manage its diverse portfolio efficiently. PriceLabs’ reliable integration and intuitive user interface made it accessible for Vello’s team, which prioritizes hospitality experience over software expertise.
Vello has been using PriceLabs’ Dynamic Pricing, Portfolio Analytic, and Market Dashboard tools for more than 2 years now. Vello has seen great business growth in terms of listing expansion and PriceLabs’ features have been very helpful to Vello’s team. William is confident that PriceLabs will continue to be their revenue management solution as they grow even further.
Challenges with Estimates
Before using Revenue Estimator Pro, Vello Property Management relied on manual processes to generate revenue estimates for clients and prospects. These processes were time-consuming, prone to errors, and lacked the granularity needed to provide accurate insights into the revenue potential for each property. As the company expanded, the inefficiencies of manual revenue estimation became increasingly apparent, highlighting the need for a more sophisticated solution.
William mentioned that while generating estimates may sound like a straightforward thing to do, most tools provide inaccurate estimates and are very difficult to use. He also spoke about how important the comparative data set is relative to what’s going on in the market. For example, there are listings that people put up and they do not run well and they don’t get a single booking for an entire year. And so that goes into the data set as a zero-dollar revenue. Then on the other end of the spectrum, some listings have existed for a decade, and their entire calendar is booked with people that have stayed there many times before and they’re paying super-premium rates. So it’s important to filter out these outliers.
Solution with Revenue Estimator Pro
PriceLabs introduced Vello Property Management to Revenue Estimator Pro, a cutting-edge tool designed to revolutionize revenue estimation for vacation rental property managers and investors. Revenue Estimator Pro offered Vello Property Management a streamlined approach to generating revenue reports, with features such as instant data analysis, customizable reporting formats, and hyper-local market insights. The intuitive interface and seamless integration with their existing workflow made Revenue Estimator Pro an indispensable tool for Vello Property Management’s operations.
The ability to filter out and choose comparative data sets according to your preference and exact need is very crucial to the Vello team.
Implementation and Results
The transition to Revenue Estimator Pro proved to be a game-changer for Vello Property Management. The tool’s user-friendly interface and robust functionality enabled the team to generate revenue estimates with unprecedented speed and accuracy. Tasks that previously took up to 30 minutes per estimate were now completed in a matter of minutes, representing an 80% reduction in time spent on revenue estimation. Moreover, Revenue Estimator Pro delivered concise, actionable reports that empowered Vello Property Management to make informed decisions and provide valuable insights to their clients.
The ease of downloading a PDF of the report that is very concise and only contains important information is super helpful to the team for sharing with their clients and prospects.
Business Impact
The adoption of Revenue Estimator Pro had a significant impact on Vello Property Management’s business operations. The time saved on revenue estimation allowed the team to focus on delivering exceptional customer service and enhancing guest experiences. With clearer insights into revenue potential, Vello Property Management was able to optimize pricing strategies and maximize returns for property owners. The tool became a mainstay in their standard operations, reflecting its value as a key driver of efficiency and profitability.
Feedback and Future Outlook
Vello Property Management expressed immense satisfaction with Revenue Estimator Pro, citing its ease of use, affordability, and ability to deliver actionable results. The tool surpassed their expectations, becoming an integral part of their revenue management strategy. Looking ahead, Vello Property Management anticipates leveraging additional features from PriceLabs to enhance its revenue optimization efforts further and drive continued growth in its vacation rental portfolio.
Testimonial
“We love PriceLab’s new estimator tool. It’s so easy to use, reasonably priced, and delivers a concise report with exactly the data our team and our clients want to see.
– William Myers, Director of Operations, Vello Property Management
Compared to how we’ve generated estimates for our clients in the past, the new system takes about 80% less time and produces much clearer and more actionable results.
Our team is using it significantly more than I initially expected, and it’s become a mainstay in our standard operations”.
