Hintown is one of the largest short-term rental companies in Europe, managing 330 apartments, rooms and villas in Italy and employing 30 people.
As we continue to find out about Revenue Management strategies, we spoke with Booking and Revenue Manager, Roberto Manzo. Roberto has 6 years of experience in revenue management and previous experience as an Assistant General Manager in a Hotel Residence.
Can you describe your methodology?
My methodology is data driven. I collect data and destination info from different sources. Then, I analyze the data, take action and evaluate the outcomes.
What tools do you use day-to-day?
Excel, PriceLabs, Transparent, Booking Suite Report, PMs report.
I compare my data using each tool differently. Booking Suite Report allows me to optimize revenue for specific listings. PriceLabs and Transparent are more general and I can use them across the market but they also allow me to use filters. For example, I can filter properties by their size, zip code, etc. Finally, I use my own Excel file to analyse the information in more detail.
What is the worst revenue management mistake you have made?
I thought that an event was really important and I kept the prices too high for a long time. In the end, I sold part of the units at the last minute with a big discount.
Which moment in your career are you most proud of?
There isn’t a specific moment, I’m proud of my career in general and for participating in this interview too.
What would be your advice for a beginner in revenue management?
To keep in mind that availability is the most important KPI.
There are 3 reasons why:
- Availability is different in the tourism sector because the demand varies. For example, if there is a demand for a specific date and there is low availability, the prices must be modified to optimize revenue.
- In our specific short-term rental market, unlike hotels, there is less availability. In hotels, for example, there are similar rooms in the same location. However, in vacation rental properties, each property is completely different and therefore, only one of each unique listing is available. I must ensure that I sell my property at the best price.
- I personally monitor my goals for each listing. If I want to reach my goals, I must be able to see the ADR as well as the availability, so that I can see how many more nights I must sell.
How has Transparent helped you optimize your revenue?
It allows me to get relevant data of the market and of my competitors.