This week we are excited to introduce a property manager, Pass The Keys, who has been using PriceLabs for some time now. We dive a bit into how they got started, why they use dynamic pricing service and what's next in the world of vacation rentals.
Can you tell us a bit about Pass The Keys?
Pass The Keys was founded in the summer of 2015, we saw a gap in the market for home owners who wanted to use Airbnb to let out their property but didn't have the time to handle all the admin and hassle that came with it. It takes 10 hours a week to manage one property on average and many owners simply do not have the time to do that. So we started a company to provide a service to manage home owner's property and list them on Airbnb, fulfilling the entire process from booking enquiries to organising cleaning and linen with our technology platform, PTK Connect. Now we have nearly 100 properties under management and are growing 30% month on month!
What's next for your team?
We are expecting to reach 200 properties by the end of the year & also looking to expand internationally to cities such as Edinburgh, Paris and Amsterdam. We want to be the leading global Airbnb management company in 5 years.
What's a typical day like at Pass The Keys?
Wow, everyday is completely different! We are continuously improving our day to day operational processes to ensure that we not only scale, but grow in a sustainable and robust way. Richard, CTO, is also improving our technology on a daily basis to ensure we are one of the most competitive companies in our industry with a platform that allows us manage flats on a large and global scale.
We are continuously improving our day to day operational processes to ensure that we not only scale, but grow in a sustainable and robust way.
What made you think about using a dynamic pricing services?
Prior to dynamic pricing we would set prices on Airbnb daily, which is not a scalable solution. We find Airbnb's price tips to be inaccurate and it was difficult to set a prices for each individual day without having the relevant data about the area's demand and seasonal changes. However, by using dynamic pricing, we found it was much easier to manage our property's pricing and allowing the prices to be automatically adjusted to surrounding demand and seasonal changes.
What made you choose PriceLabs and how has it helped your business?
We began using PriceLabs and have found it much more intuitive to use than similar platforms. The pricing graphs for recommended prices is a very useful feature and also the Sync Now function allows us to sync price changes instantaneously. We have seen occupancy rates increase across the board with PriceLabs and their customer service has also been stellar.
We have seen occupancy rates increase across the board with PriceLabs and their customer service has also been stellar.
Thoughts on future of short term rental industry?
We believe the short term rental industry will only get stronger and stronger.Travellers seem to be more and more keen to use services such as Airbnb and HomeAway to get the real local experience when they are visiting a different city. For property owners, the idea of maximising their short term let rental income is becoming increasingly attractive, as the popularity of shared economy is just hard to ignore.
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