Vacation homeowners increase bookings by 54%
Background
A Casiola vacation homeowner learned through our advice that she wasn’t making as much money as other owners with the same type of unit within the same condo complex. She recalled reading some of our case studies about how the right decor can increase bookings, and she asked if we could help her renovate her vacation home.
“Of course!” said her dedicated Owner Relations agent. They immediately scheduled an online conference for the following week to discuss options.
Solution
After a few weeks of brainstorming and creating an action plan, we began the process of selecting the right decor for each room our owner wanted to redecorate (which was everything except the kitchen and bathrooms). The project consisted of replacing some furniture, repurposing other pieces, and adding accessories and window treatments.
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YOY: year over year is comparing current year’s performance to previous year.
Since we started using our Dynamic Pricing strategy, the average increase in annual revenue has been around 40%. However, in this case, by updating the decor and rate, our owner nearly doubled her revenue! Although the average daily rate (ADR) increased just over 5%, her vacation home bookings increased by 54%!
A win for both Dynamic Pricing and Design. Not to mention our Casiola team and our owner are all very happy!