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249. Maximizing Revenue: Insights on Dynamic Pricing Strategies with Andrew Kitchell

249. Maximizing Revenue: Insights on Dynamic Pricing Strategies with Andrew Kitchell

FromThanks For Visiting


249. Maximizing Revenue: Insights on Dynamic Pricing Strategies with Andrew Kitchell

FromThanks For Visiting

ratings:
Length:
53 minutes
Released:
Apr 27, 2023
Format:
Podcast episode

Description

We are so excited today to have Andrew Kitchell, the CEO and founder of Wheelhouse, a revenue management platform that serves leading professional operators in short-term rental, vacation rental, corporate rental  & boutique hotel spaces on the podcast today. Andrew has 10 years of experience in the accommodations space, having built multiple technology and operating companies. Prior to Wheelhouse, Andrew was the founder & CEO at Beyond Pricing, the first data-driven pricing engine for the STR/VR space. Additionally, Andrew founded Lyric, a network of tech-enabled rentals designed for the modern business traveler that developed properties in 14 US markets. Collectively, Andrew has raised $100mm from investors such as Airbnb, NEA, FifthWall, Highgate, Certares, Tishman Speier, Barry Sternlicht, and other property/technology investors.  In this episode we talk about Andrew’s first job in hospitality, what he loves about the industry, how he came to host his first guest on Airbnb in San Francisco, and the celebrity guest he hosted. He shares how he started and scaled his first businesses in the short term rental industry through arbitrage, why he decided to shut down his business during COVID and shares the pain points and learnings from that experience.Andrew gives his advice for how homeowners and hosts can look at revenue management data to come up with the correct pricing strategy and when this comes into play. He shares what to look for in a property management software, the benefits of implementing a dynamic pricing software and some ideas for how you can A/B test your property listings to increase revenue. Remember that as business owners, it’s important to try new strategies to see what will really move the needle in your business, and rely on data to help you make your decisions. We found this conversation to be so helpful, and hope you can take something from this episode and apply it to your property!To learn more, and for the complete show notes, visit: http://thanksforvisiting.meResources:LinkedIn: Andrew KitchellInstagram: @andrewkitchell#STRShareSunday: @vtstaysQuora: Andrew KitchellCheckout Wheelhouse and use code TFV to get 50% off the first two months: usewheelhouse.com Wheelhouse: Checkout Andrew's Brian Chesky video1 hour Revenue Management How-To Video235. Permission to Pivot Your Airbnb ListingThanks for Visiting is produced by Crate Media.Mentioned in this episode:MinoanMinoan helps short-term rentals and boutique hotels enhance their appeal with their customizable, curated retail platform. Visit MinoanExperience.com and tell them TFV sent you!HostfullySign up today at Hostfully.com and use coupon code THANKSFORVISITING to get 2 Free...
Released:
Apr 27, 2023
Format:
Podcast episode

Titles in the series (100)

Get actionable advice and the essential fundamentals of running a profitable 5-star Airbnb side-hustle or full on business. Annette’s extensive background in business operations and Sarah’s experience in high-end hospitality management and interior design make them a powerhouse duo that will deliver high impact content. With almost a decade of combined hosting experience they will not only share their own stories welcoming thousands of guests from around the world but also those of other Superhosts to deliver you a wide array of stories, insights, and profitable and creative ideas to make your listing rise to the top. Whether you’re experienced, new, or nervous to start your own Airbnb this podcast promises to be informative, fun, and from the heart.