Clients We Work With
Our clients are Build-to-Rent (BTR) and Hotel Operators...
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Embracing scientific pricing can enhance your business more than any other initiative.
FAQs
We've put together some commonly asked questions
to give you more information about Price Wizard.
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Revenue Management
1.What is Revenue Management?
Revenue Management is a strategic approach that has been utilised by various industries for decades. It originated in the airline industry before being adopted by the hotel industry, leading to a significant increase in their revenue. This strategy involves the use of extensive data and sophisticated algorithms to update prices daily, reflecting changes in demand and supply. Now, with Price Wizard, BTR operators can benefit from this data-driven approach too.
2.How often should we update pricing?
BTR operators should update pricing every 2-4 weeks, while hotels should update pricing daily. If prices aren't updated frequently, you run the risk of charging too much or too little, impacting your bottom line.
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About Price Wizard
1. Who is Price Wizard?
Price Wizard is a team of actuaries, financial mathematicians, data scientists, software engineers, and economists. We leverage artificial intelligence to develop smart, efficient, and profitable pricing strategies.
2.Why was Price Wizard created?
Price Wizard was created in response to the inconsistent and imprecise price updates observed in the hotel industry. We recognized the potential for a scientific, data-driven approach to significantly grow hotel revenue. Identifying similar challenges in the BTR sector, we saw an opportunity to extend our advanced strategies into this market.
3. What industries do you work with?
Price Wizard primarily serves the accommodation and BTR industries, but our solutions are also applicable to other property sectors. These include retirement living, student accommodation, self-storage, and marinas.
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How the Product Works
1. Do you ever recommend reducing BTR rents?
Absolutely. Our goal is to optimise your pricing strategy, and sometimes that means recommending small rental adjustments, both upwards and downwards. These recommendations are based on changes in occupancy, market rent, and tenant behaviour.
2.How much control will I have?
You retain full control. You can disable or enable the software at any time, either for all apartments/rooms or for a subset.
3. Do you recommend rents for new tenants, or existing tenants renewing their leases?
We provide rent recommendations for both new and existing tenants. The asking rents for these two groups should differ, as the likelihood of a new tenant starting a lease isn't the same as an existing tenant renewing theirs. Achieving the correct rent relativity for new and existing tenants is one of the most challenging—yet crucial—aspects of BTR pricing.
4.What are your data sources?
We utilise hundreds of millions of data points drawn from your own database, industry activity, and local market prices.
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Working with Price Wizard
1. Where do I start?
Starting with Price Wizard is as easy as having a conversation. We would love to understand your needs better. Click here to set up a meeting.
2. What do you charge?
We operate on a subscription model, with either monthly or annual fees. The fee is set to provide you with a return on investment of 10-30 times. Click here to obtain a quote.
3. What outcome should we expect?
Our goal is to help you optimise your preferred objective. This could involve maximising revenue, achieving a target level of occupancy, or enhancing the valuation of your property. Whatever your objective, we're here to help you optimise it
4. We already have internal analysts. Why do we need Price Wizard?
While internal analysts are valuable, there are three areas where Price Wizard offers distinct advantages: (1) Access to extensive industry data, (2) Expertise in pricing, economics, data science, and mathematics, and (3) Dedicated focus on pricing.
Have any questions? Get in Touch