Founded in 2010, Bayside Rentals has grown to feature over 150 luxury waterfront and beach access homes, cottages, condos, and townhouses in the beautiful Lakes Region of New Hampshire. Bayside Rentals, like many other rental management companies, needed an efficient way to fill vacancy gaps during the summer peak season of June through September. With the Escapia Advanced Rate Engine, Bayside streamlined business and rate management, and achieved record rental income for owners.
Achieving record results with Escapia
In 2012, Bayside captured 231 nights of completely new business, with an overall 13% increase in bookings compared to the previous year. This increase generated an additional $10K in rental commission, plus another $16K in booking extras like cleaning fees and damage insurance, bringing the total gross revenue up by 5%.
Anticipating and filling peak season vacancies
During peak season, owners requested that Bayside Rentals adopt a week-long stay requirement. As peak season drew closer and vacancies were still present, Bayside searched for an effective way to book homes for 3- to 6-night stays, while achieving optimal return for owners.
Leveraging software tools to maximize revenue
Using the Escapia Advanced Rate Engine, Bayside instituted a new booking program called “Peak Week Mini Stays.” The rate engine enabled them to set a deadline for each property so that after June 1st, the 7-night stay requirement was lifted automatically
and vacationers could rent homes for 3- to 6-night stays. Bayside could focus on taking calls and handling bookings.
To ensure a higher return for the owner, Bayside charged a 20% premium on the prorated weekly rate. The Escapia reporting tools enabled Bayside to track all of their weekly/monthly/yearly numbers and compare their numbers to the previous year.
Building a competitive edge
In the first month after implementing the booking program, Bayside generated 33 bookings for 150 nights. For bookings fewer than 5 nights, Bayside still achieved a higher nightly average for the owner with the premium rate, and ultimately earned a larger commission for the company. Because Bayside is paid commissions on other services like linens, cleaning fees, and damage insurance, they generated additional commission revenue as a result of the increased turnover. Bayside accommodated more guests than the previous year, many of whom now have “lake fever” and will likely return and rent again.
The success of the booking progam inspired Bayside to run other campaigns using Escapia Coupon Codes to increase occupancy and revenue in the future.