Lodgify is excited to announce our integration with Beyond, a leading revenue management platform for short-term rental managers and owners! Beyond makes it easy to generate more revenue and boost occupancy with their easy-to-use dynamic pricing tool.
Let us explain how dynamic pricing works and why this is great news for you.
What is dynamic pricing?
Dynamic pricing uses algorithms to calculate and adjust prices in real-time. It helps you manage your revenue by automating flexible prices for your rental based on real industry data. Find out why your vacation rental needs dynamic pricing in this post.
What are the benefits of dynamic pricing?
Take the guesswork out of pricing
Price is a big deciding factor for guests looking for accommodation and setting a competitive price within your market is vital. If your rates are too high, you risk losing out on bookings but if your prices are too low, you’ll minimize profits in the long run.
Working out the best prices at the right times can be a major headache for vacation rental owners. It is also time-consuming. Lodgify’s integration with Beyond takes the guesswork out of pricing with their dynamic pricing algorithm. The tool will do the pricing for you, saving you time and letting you get on with more important tasks.
Increase revenue
If your prices are static, there will be times when you leave money on the table. Beyond’s dynamic pricing tool automatically adjusts your listings in real-time, reacting to the price guidelines you’ve provided, but also to daily changes in supply and demand. This ensures your rental is always listed at exactly the right price – charging more when there is greater demand and less when demand is low.
It means you can respond quickly to changes, but you can also use it to fill ‘orphan’ nights in between stays with lower prices. Those additional bookings result in higher occupancy – on average 12% more – and translate into higher revenue in the long run!
Maximize occupancy and lengths of stay
Dynamic pricing allows you to better fill the gaps between reservations, as well as achieve longer stays by using dynamic minimum stay techniques.
What is Beyond?
Beyond is a powerful, dynamic pricing and revenue management software solution for short-term rental property managers and owners. Their data-driven tool automatically adjusts prices to maximize revenue and occupancy.
How does the integration between Lodgify and Beyond work?
Their dynamic pricing software connects directly to our property management system. After synchronizing your accounts, the tool will review your prices and issue the necessary adjustment recommendations. Once you approve them (or modify them), they will be reflected in your calendar on your Lodgify account.
How does Beyond calculate dynamic rates?
Beyond analyzes over a billion data points per day to calculate your daily rates, looking at factors that drive demand in your area such as seasonality, day of the week, and local demand.
All rates are based on the Base Price you set in Beyond for your rental/listing.
The tool will take your average base rate as a starting point. If your average nightly rate in high season is $300 and $100 in low season, then your base price will be $200. The tool takes into account different factors, such as seasonality, days of the week, lead-time, vacation days and important events.
The final choice is yours
Ultimately, as the owner or manager of your own property, you have the final say over the minimum and maximum price range and can choose to override the tool, when you need to.
Start using Beyond from your Lodgify account today
We’re excited to give you the opportunity to join thousands of other short-term rental managers and owners who are already using dynamic pricing to get, grow, and keep revenue!
If you have any questions, check out our integration article here or reach out to the Beyond team here.
