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Dynamic Pricing [SMART 100, 2018]

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This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

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1. THE BEGINNING

This innovation initially came to life when…

MadeComfy’s innovative end-to-end approach to short-term rental (STR) management originated in 2014. After Quirin Schwaighofer asked his friend Sabrina Bethunin to help manage his apartment on Airbnb while he travelled overseas. Sabrina restyled the flat, uploaded new images, and watched the bookings soar. Quirin and Sabrina quickly saw a gap in the market for a quality, STR management company. So in 2015, MadeComfy was born. They also realised that investors needed help maximising their property investment yields so they created MadeComfy’s unique innovation – a smart, data-driven dynamic pricing approach – a key component of MadeComfy’s performance-based USP.

2. WHAT & HOW

The purpose of this innovation is to…

…make dynamic pricing set nightly rate as per market variables, to maximise (1) occupancy of the property (2) rental revenue. Combined with end-to-end services offered by MadeComfy, property owners can achieve on average 40% higher returns.

It does this by…

…looking at variables such as demand and supply, as well as historical data for similar properties, which is then used to predict future demand and set a goal for the optimum rate of occupancy for that property.

3. PURPOSE & BENEFITS

This innovation improves on what came before because…

It allows customers to maximise occupancy, and achieve higher STR yields. As a short-term rental specialist that services both side of the market – homeowners and guests who stay at the properties.

Its various benefits to the customer/end-user include…

Providing dynamic pricing, combined with the end-to-end, high-touch service, MadeComfy allows clients to enjoy improved yields; and peace of mind that their STR property is being managed properly.

4. COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

Customers would have let their property in long-term market with potential mortgage stress with low rental yields. More recently, with increasing popularity of home sharing platforms such as Airbnb, homeowners have started to manage their properties in short-term rental market themselves with limited knowledge and resources. Now, MadeComfy’s innovation means pricing and occupancy are maximised for yield.

5. TARGET MARKET

It is made for…

Dynamic pricing and unique performance-based approach are property owners and savvy investors who are looking to maximise yield from their rental property; and also looking for the highest quality property management services and standards. The fact that after two and half years MadeComfy now manage 600 properties and work with over 4000 guests per month, proves these innovations have been well received.

It is available for sale through…

Managing all of its properties via its dynamic pricing, which is only available to customer – customers get access to this data on the MadeComfy reporting tool. More general pricing data can be found via its STR calculator.

Our marketing strategy is to…

Innovation has helped MadeComfy grow revenue at a rate of 500% YoY and at the heart is a robust, but lean, marketing strategy. MadeComfy uses technology and automation tools such as Hubspot to optimise campaigns. All marketing activities are data-driven and leads are tracked and nurtured closely, with good quality content is created for each stage of the customer journey.

 

FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.

Maven Judge Vote: Dynamic Pricing – Smart 100 2018
(Please note – The form below is for judging purposes only and is restricted to the public)

 

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