Being profitable in serviced accommodation
Competition in the market is strong. Many competing properties have low occupancy rates and the market is flooded with new hopefuls every day.
People entering this space are sold a dream; a dream where guest bookings miraculously start flooding in.
Pricing today is an algorithmic war. Off the shelf dynamic pricing products only look at historic pricing data; essentially old news.
So, what’s the answer?
Property Keeper’s pricing models are constantly evolving artificial neural networks. Our AI drives multiple pricing algorithms. Many are produced in house. In addition, we collect data from social media and capture local anomalies in the market.
We can retrain our models on the fly and capitalise on guest booking behaviour.
As Property Keeper grows our accuracy and occupancy rates continue to increase. Today our average occupancy rate across our entire portfolio is 89%, not bad when the market average for our areas is 63%.
Booking Brain is our host AI that oversees prices across the Property Keeper network.
We believe we can get to 95% occupancy rates and are working hard to ensure the winter update to Booking Brain will unravel the last piece of the pricing puzzle.
Each property that’s part of the family helps other clients properties out through our proprietary multi-phase optimisation strategies.
To find out how much money your property can make, call our management team on 01604 589 939.