|By Business Wire||
|April 20, 2017 12:02 PM EDT|
Vacasa, the second-largest U.S. vacation rental management company, today announces the launch of its new dynamic pricing technology, Yield Management 2.0. The enhanced system, internally dubbed “Alan” after world-renowned computer scientist Alan Turing, is powered by machine learning and further optimizes the company’s demand-driven pricing engine, which sets pricing for more than 5,000 vacation rentals across the country.
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Vacasa product team (from left to right): Travis Green - Product Lead; Chen Chen - Data Scientist; Nick Mote - Machine Learning Expert (Photo: Business Wire)
With thousands of unique factors to consider for each individual vacation home, dynamic pricing is an enormous challenge in the vacation rental space compared to the hotel or airline industries, which only consider a handful of pricing SKUs. Even industry giants have not been able to optimize pricing with machine learning, leaving millions of dollars on the table.
Vacasa’s yield management system -- which earned new homeowners an average of 34 percent more income than competitors in 2016 -- was the first of its kind when it debuted in 2010. Now, Yield Management 2.0 promises even higher paychecks by leveraging machine learning models to consider diverse factors in near real time when setting price. Considerations include home size, location, luxury classification, local events, and market rates.
“For years, Vacasa’s pricing algorithm has secured maximum returns for our homeowners while providing competitive rates to guests, and Yield Management 2.0 takes this to the next level,” says Vacasa founder and CEO Eric Breon. “As the lodging space becomes more competitive with the emerging popularity of short-term rentals, Vacasa must continue to innovate and invest in new technology to better serve our homeowners, guests and employees.”
Known for its technology-driven approach to vacation rental management, Vacasa was one of the first companies to introduce dynamic pricing to the vacation rental industry. Its initial yield management technology was developed by Scott Breon, Vacasa’s Chief Analytics Officer and then managed by a team of 10 data analysts employed by the company.
In addition to optimizing rental revenue, Vacasa also provides full-service vacation rental management services, which include marketing, customer service, and insurance. To date, Vacasa is the only vacation rental management company that backs its claims with a revenue guarantee, ensuring that owners earn maximum income on their homes while taking all risk out of the rental process.
To learn more about Vacasa, please visit https://www.vacasa.com/.
Vacasa is a technology-enabled, full-service vacation rental management company with operations in the U.S., Europe, Central America, and South America. Leveraging proprietary technology, Vacasa drives revenue for homeowners and provides a seamless experience for guests. Founded in 2009 and based in Portland, Oregon, Vacasa has grown from two to more than 1,400 employees in six years, has been honored as the Oregon Better Business Bureau Large Business of the Year, and was ranked ninth on the Inc. 5000 Fastest-Growing Companies list. For more information, visit https://www.vacasa.com/ or on Twitter at @vacasarentals.
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