Sofia was renting her apartment before she decided to contact with Wehost. Her place was almost always 100% booked, sometimes even two or three months were booked in advance.
With such strategy, she had a stable income but the amount of money she got every month was much less than the actual potential of the apartment. Sofia didn’t have relevant experience in this business and didn’t know how to optimize prices so she decided to give her apartment management to Wehost and wait for increased income.
What we did
First of all, our team analyzed the market and took into account several factors such as competitor’s prices and seasonality. Our research helped us to assess real potential of Sofia’s apartment.
We used specially created algorithm to develop individual pricing strategy for this apartment
Changing prices dynamically helped us to get the best possible results
What was our goal
Our main goal was to determine the right strategy for pricing. We wanted to maximize income on each day and at the same time, maintain high occupancy rate. That’s why we needed dynamic pricing system.
Since we started managing Sofia’s apartment, income of this apartment doubled. Dynamic and correct pricing strategy helped us to significantly increase Sofia’s income.