Before I knew there was a thing called the Vacation Rental Industry, it was just me and my best friend managing a couple of beach houses on Isla Mujeres. There I was, using Microsoft Excel in hopes of preventing double-bookings that would otherwise ruin our guests’ vacations. During a time before revenue management existed, setting rates was a crude science and any revenue was welcome.
Over time, our use of technology grew, and our portfolio grew with it. With all the results this yielded, I wanted a new challenge. I had an idea to adjust our rates not just by month or season, but by the inventory and demand we were seeing on the island. This resulted in my first ever revenue modeling system to visualize pricing history to set competitive rates.
Before, when we first started as operators, I was just a rates manager. I would see a gap in the calendar and adjust the price based on what I “felt” in the market. But–I knew there had to be a better way. I’d been aware of “data scraping” for years, so eventually we tried it ourselves to see if our feelings were based in reality. And we quickly discovered that, what you may feel? It isn’t always real!
From the moment we began to funnel scraped data into these models, my mind was blown! I was hooked on visualizing what had happened in the past, and testing my predictions of the future. To this day I’ve had no prouder business moment than when I got a handle on the market data, created a strategy, and it WORKED. When my inbox blew up with booking after booking at higher rates than we had ever seen before, I was hooked.
If you had asked me before our first RezFest in 2018, I’d have probably told you I invented what we now call “revenue management”. In my defense, I didn’t have a clue it existed! We had proudly created a model without any recognized competitors, to smartly inform our nightly and seasonal rates. It was dear to my heart and a passion in my life.
A walk down memory lane is always refreshing and inspiring, but what about now? Our once-modest company Everything Isla has been a market leader in revenue ever since. For over seven years, we have led the market in ADR and occupancy together.
If you want the most out of your investment property, we have become the true subject matter experts. Starting and scaling my own management company and developing a revenue management system, I was able to increase rates, sell out our inventory, and at the most profitable time.
Through Coleman Revenue & Research, I’ve assembled a team to offer you the same breakthroughs. As our industry recovers from Covid-19, the now red-hot STR market is breaking records not just in overall revenue, but with RevPar, ADR, and Pacing. Whether or not these terms are familiar to you, we’re here to offer your company the expertise and technology to bring you unprecedented success.