Background: Standuke Hospitality, a property management company specializing in multifamily units, was relatively new to managing properties internally. Previously, they had outsourced property management but decided to take control of their operations in late 2022. With large multi-unit properties under their belt, they sought a reliable software solution to streamline processes and improve revenue management. After a brief trial with Hostaway, Standuke transitioned to Hosteeva, integrating PriceLabs for dynamic pricing.
Challenges:
Standuke initially faced rapid operational growth and needed software that could keep pace. As Dan from Standuke explains, “We needed the software to move fast with us. We ran into some walls with our first platform, and the lack of personalized support made it hard to solve problems quickly.” With multi-unit properties, any delay or confusion in pricing or operations became amplified.
Key pain points included:
- Slow support response times.
- Complex pricing strategies across multiple OTAs (Online Travel Agencies).
- Limited customization options and a lack of direct interaction with the support team.
The Solution:
Standuke’s search for a more efficient property management platform led them to Hosteeva. They were impressed not just by the features but by the hands-on, personalized support provided by the Hosteeva team. “We felt like there was a team that wanted to support us, and that wasn’t something we were getting anywhere else,” Dan shared. This level of support was essential for Standuke as they navigated their transition from relying on third-party management to handling operations in-house.
To address pricing challenges, Standuke integrated PriceLabs into their Hosteeva workflow. “PriceLabs gave us the touch-and-leave convenience we needed. We now hold pricing meetings to review high-level points and make small adjustments, saving an incredible amount of time,” said Dan.
KPI Metrics and Performance:
In under a year of using Hosteeva and PriceLabs, Standuke has seen significant improvements in efficiency and property performance. Some of the key performance indicators (KPIs) they track include:
Occupancy Rates: Hosteeva’s integration with OTAs has improved Standuke’s visibility, helping them manage occupancy rates across multiple properties more effectively.
Revenue per Available Room (RevPAR): The dynamic pricing capabilities of PriceLabs allowed Standuke to set competitive pricing based on market data, boosting their RevPAR in the process.
Time Savings: With PriceLabs automating the bulk of pricing decisions, the team has significantly reduced the time spent on manual pricing tasks, freeing up resources for other areas of the business.
Dan’s Quote on Time Savings: “We used to manipulate pricing too often, which took up too much time. Now, PriceLabs handles the majority of our pricing adjustments, saving us hours every week.”
Looking Ahead:
In just under a year, Standuke has expanded its portfolio, managing multiple properties across San Antonio and New Orleans. With more properties slated to come online, including a new five-unit property just in time for Taylor Swift’s tour in New Orleans, the future looks bright.
Looking forward, Standuke aims to lean into marketing efforts with the support of Hosteeva’s upcoming email and SMS marketing tools. “We’re exploring ways to improve our direct bookings, and Hosteeva is working closely with us to implement email campaigns,” said Dan. With new tools coming, Standuke is well-positioned for future growth.
Conclusion:
Standuke’s journey from third-party management to in-house operations has been powered by Hosteeva and PriceLabs. The combination of personalized support, dynamic pricing tools, and a robust software platform has allowed Standuke to manage their properties efficiently and profitably.
Ready to experience the charm of New Orleans or the vibrant culture of San Antonio? Book Direct your next stay with Standuke Hospitality and embark on a journey of luxury, comfort, and unforgettable memories.
Are you tired of facing the same challenges and ready for a property management system with real, personalized support? Book time with our expert Sales Consultants today and discover how Hosteeva can make managing your properties easier than ever. *Schedule a consultation here*
