Updated : May 3, 2024
Customer type: Property Manager
Property Type: Short-Term Rental
Region: Australia
Products: Dynamic Pricing,Market Dashboards, Portfolio Analytics
Number of listings: 100+
PMS: Guesty
With a career that progressed from single home host to a vacation rental manager with a portfolio that expanded to 100+ properties very quickly, Timothy Mortimer’s desire to become an expert in the field of short-term vacation rentals in his area, learn and expand his knowledge and provide an excellent service to his clients by managing prices effectively, led him to adopt PriceLabs very early in his journey.
PriceLabs’ Dynamic Pricing and Portfolio Analytics tools have enabled him to
- Reassure his clients regarding his services – with visually appealing charts comparing their properties against the market
- Integrate seamlessly with his PMS – Guesty
- Revise his strategy by comparing his occupancy against the market
Tim Mortimer – A boarding school teacher turned vacation rental business owner
Tim Mortimer is the Founder and CEO of BNB Made Easy in Australia. With a team of 20+ in three different markets – Orange, Bathurst, and Dubbo, Tim has a growing portfolio that includes 140+ vacation rental homes. He is the author of the original Hospitable Hosts book and is passionate about the dynamic vacation rental industry.
His experience as a boarding school teacher has helped Tim develop a business model around strong core values, culture, and positive guest experiences. The idea began in 2018 when he realized parents had vacation homes in the towns they stayed in only when they visited their children at boarding school.
Discovering PriceLabs
When Tim first started, he had just one property. As his portfolio grew and crossed over 20 properties, he started hiring a team and looking at solutions that he could scale.
He discovered PriceLabs very early in his journey. After doing his research via the internet and trying out a few softwares, he found that PriceLabs suited him because of it’s
- Glowing reputation on review websites
- Ability to provide market data and changes in the market
- Ability to analyze data and provide insights regarding pricing based on factors such as demand, occupancy, local events, amenities, and more
- Ability to integrate seamlessly with his Property Management System – Guesty
Challenge 1: Market research for a growing business
As Tim’s portfolio grew, it became increasingly difficult and time-consuming for him to study the market trends, compare his prices with competitors, and refresh rental rates every day across multiple platforms. He realized he needed a more efficient and automated solution to stay on top of the constantly evolving market dynamics.
Challenge 2: Limited reporting tools
Without robust reporting tools, Tim struggled to provide his clients with detailed insights and visualizations that could showcase the performance of their properties. This limited his ability to communicate effectively, make data-driven recommendations, and build client trust.
After PriceLabs
Getting the basics right
Once Tim started using PriceLabs, he could understand his Average Daily Rate (ADR) and leverage PriceLabs’ Base Price recommendations. This helped him establish a solid foundation for his pricing strategy. With accurate pricing information and recommendations, Tim could ensure his rental rates were competitive and optimized for maximum revenue generation.
Understanding performance compared to the market
PriceLabs provided Tim with valuable tools such as Portfolio Analytics and Market Dashboards. These features allowed him to compare the performance of his listings against the market. He could analyze key metrics, spot trends, and identify areas for improvement. The visually rich reporting tools provided by PriceLabs enabled Tim to showcase the performance of properties to clients, instilling confidence in his services and demonstrating his ability to deliver results.
Making informed decisions and staying ahead of the curve
By leveraging the data provided by PriceLabs, Tim gained a deep understanding of market trends, demand patterns, and competitor pricing. This allowed him to stay ahead of the curve, make occupancy-based adjustments to his pricing strategy in real time, and make proactive decisions to maximize revenue and occupancy rates.
Taking into account public holidays and seasonal variations
With PriceLabs, Tim could factor in public holidays and leverage his knowledge of seasonal variations to create Custom Season Profiles. The platform provided him with tools and algorithms that considered these factors when recommending pricing adjustments. By aligning his pricing with holidays and seasonal demand, Tim captured higher rates during peak periods and optimized his revenue throughout the year.
Multi-calendar view
PriceLabs offered Tim a multi-calendar view, allowing him to see all his property listings and their corresponding pricing information in one consolidated interface. This feature streamlined his management process, enabling him to navigate and monitor multiple properties’ pricing easily. The multi-calendar view saved Tim time and effort by providing a centralized portfolio overview and facilitating efficient pricing management.
Transforming his Vacation Rental Property Management business
Overall, by using PriceLabs, Tim gained the ability to set optimized prices, compare performance against the market, make informed decisions based on data, consider holidays and seasons, and efficiently manage his property portfolio. These benefits empowered him to maximize revenue, enhance client satisfaction, and establish himself as a proactive and successful property manager.
