What is RevMax?
At the close of 2020 PROACTIVE upgraded our management and booking platform with Streamline. For those that don’t know, Streamline is the premier management system for vacation property rentals. With the upgrade, we included a pricing tool called RevMax. We started experimenting with this on a few of our properties in January this year and then added a few more in February. We are still learning, but believe that this tool will allow us to increase revenue to our owners by approximately 15 – 20% annually. RevMax allows us to integrate “Dynamic Pricing”, a strategy used by many businesses in the hospitality and travel industry. Dynamic Pricing is a pricing strategy that allows for flexible pricing based on surges in demand, low supply, or time based pricing. In short, it allows us to potentially capture higher rental rates during periods of high demand.
PROACTIVE Vacations will be hosting a Zoom Meeting on Monday evening April 26 at 7:00 p.m. to explain more about this tool and the benefits it could mean for you. To reserve your seat in this forum and learn more, continue reading below.
Dynamic Pricing
Dynamic Pricing, in short, allows us to set a “floor” rental rate for which the property will not be rented below that price point. It also allows us to adjust for a higher rate for Friday and Saturday nights, or any night and combination of nights. It allows us to adjust pricing, minimum stays, acceptable check-in and check-out days and more without changing a whole season. Dynamic Pricing does not require us to change minimum stay periods if you want only 7 night minimums. Minimum stays are flexible based on the parameters we set just as we do now. In summary, Dynamic Pricing is the same strategy used by many in the lodging industry. Traditional strategies/practice in the vacation home rentals has been that if a property has a cancellation or an open week three weeks from now, then discount the price and get it rented. This is not true with Dynamic Pricing. If demand is high and supply is low, then why not raise the price and capture what the market allows.
Additional Features
In addition to having this tool to adjust pricing in multiple ways and for multiple reasons, RevMax also allows us to integrate real time market data feeds to allows us to alert us to supply and demand. These data feeds are pulled from third party booking vendors that we already work with. With this information and the integration of the pricing strategies it enables PROACTIVE Vacations to be on the cutting edge in working to maximize your revenue. To read more about 2021 market trends, check out our blog post HERE.
RevMax Live Demo
Owner’s are not required to participate in this new strategy. We have the option of continuing as we have done traditionally. We do believe that when you the benefits for you, you will want to be in. There is nothing to lose!
To join in on the Zoom Meeting on April 26, 2021 at 7:00 p.m., please register by clicking HERE. You must be pre-registered to join this meeting.
