Customer type: Property Manager
Region: Europe – France
Products: Dynamic Pricing,
Number of listings: 120+
PMS: Smily (formerly BookingSync)
Loïc Fournier of Amarym Vacation Rentals in France talks about his journey in the short-term vacation rental space, and the impact that PriceLabs has had on his business. PriceLabs helped his business become more profitable and efficient, solving multiple business challenges, resulting in a 35% increase of average booking value.
- Helping him provide quantifiable profits and projections as compared to other competitors
- Manage bookings and revenue of multiple listings without needing to significantly spend on hiring a large team
- Adapt to ongoing market changes seamlessly
Background: Amarym Agency
AMARYM is a prominent player in the world of vacation homes located along the picturesque beaches of Normandy. Renowned for its commitment to providing a comprehensive service tailored to the desires of its clientele, Amarym offers an exceptional blend of high-quality amenities and personalized care.
At the heart of their offerings is a high-performance concierge service, dedicated to ensuring the ultimate satisfaction of their customers. This exceptional level of service extends to their impeccable quality of service, acting as a trustee, investor, and management partner, delivering a well-rounded experience for property owners and seekers alike. AMARYM is celebrated for its profound understanding of the distinctive requirements of its diverse customer base.
In a remarkable journey spanning just five years, AMARYM has achieved significant milestones. They have successfully surpassed the one million turnover threshold, demonstrating their substantial presence in the real estate market. Furthermore, they have sustained an impressive average growth rate of 30% per year, a testament to their unwavering dedication and competence in serving the dynamic needs of their clients.
Loïc Fournier the co-founder of Amarym, has been managing the business operations since it was founded in 2016.
Amarym faced several key challenges in their journey to profitability. From competition from other service providers in their industry, to recruiting for revenue management roles and other key roles, management of multiple listings and most importantly unpredictable expenses.
Challenge 1: Competition
In their early years, Amarym grappled with fierce competition from other service providers in their industry, hampering their ability to differentiate and deliver unique value to their customers.
Challenge 2: Recruiting the right team
The need for recruiting talent in specialized roles like revenue management and market research introduced complexity and increased operational costs, adding to Amarym’s challenges.
Challenge 3: Unpredictable income, lower profits
Amarym contended with fluctuating income and volatile expenses, making consistent financial planning and stability an ongoing struggle. Improved revenue management was crucial to enhance profitability.
Challenge 4: Management of multiple listings
The management of multiple listings, as well as the complex logistics associated with booking numerous departures and arrivals, presented a significant operational headache, that was prone to errors.
The Journey with PriceLabs
Following the integration of PriceLabs through the Booking Sync marketplace in 2019, Amarym saw significant improvements across various aspects of their business. This was achieved through a multifaceted approach, with specific benefits and strategies contributing to their success.
Benefit 1: 35% Increase of Average Booking Value
Amarym initially enticed travelers with attractive prices and received positive feedback and comments. The increased transparency and guarantees offered to property owners played a crucial role in building trust and attracting more listings. PriceLabs’ tools, including Minimum Price, Base Price, and Maximum Price, were instrumental in optimizing pricing strategies. Dynamic Pricing further ensured that rates were tailored to demand, maximizing revenue potential.
Benefit 2: Enhanced Business Growth
The growth Amarym experienced was driven by a well-structured segmentation of their accommodations into three distinct ranges:
- Prestige Accommodation: This high-end category, though limited in number, received a host of luxurious amenities. Services included goodies, a personalized welcome with a property presentation, and comprehensive cleaning and linen provisions.
- Premium Accommodation: The middle tier, offering accommodations with cleaning and linen included, appealed to a broad range of travelers.
- Standard Accommodation: These accommodations were designed to be simple and functional, with cleaning included, and the option for travelers to choose whether they wanted linen.
The segmentation of accommodations allowed Amarym to apply different pricing and marketing strategies, depending on the type of property and the preferences of the travelers.
Benefit 3: Attracting More Discerning Customers
Through PriceLabs’ support and tools, Amarym successfully attracted a more discerning customer base. The improved pricing strategies ensured that they catered to a higher-end clientele who appreciated the transparency, guarantees, and the diverse accommodation options available. The ability to offer a tailored experience depending on the travelers’ needs made Amarym an even more attractive choice for their target audience. This, in turn, contributed to enhanced financial performance and overall business growth.
PriceLabs as a Revenue Management Solution Partner
I firmly believe that, even in today’s tech-driven world, human touch is irreplaceable. It’s the synergy between the PriceLabs team and Amarym agency team that truly makes a difference. When it comes to utilizing data and tools, you have to strike the right balance; setting too many rules can lead to a fragmented approach. That’s why the support and guidance from the PriceLabs teams have been invaluable for us.” – Loïc Fournier– Loïc Fournier, Co-founder and Managing Partner of Amarym Propertech Management, France