Worldwide: Revenue management and market analysis software, Wheelhouse and verification and membership platform, I-PRAC, announced a “game-changing” partnership to bring together dynamic pricing and trusted certification.
Through this partnership, the two companies seek to change the dynamics of the short-term rental industry and increase the peace of mind of travelers, so that legitimate operators can enjoy maximum revenue. Wheelhouse thus becomes the first company of its kind to partner with I-PRAC, integrating trusted certification into its dynamic pricing software.
The Wheelhouse dynamic pricing tool provides continuous real-time adjustments to room rates based on analysis of over ten billion data points. The analysis takes into account consumer demands, competitor prices, seasonality and current occupancy, so hosts and owners can benefit from their own personalized pricing strategy.
Wheelhouse also creates detailed market reports for its clients with the aim of “mastering target markets” for short-term rental operators.
I-PRAC, which claims to be the only verification and membership platform in the short-term rental industry, has spent over three years creating a meticulous verification process to build trust through strategies direct booking, after CEO Chris Maughan observed the extent to which fake properties ads, websites and reviews were targeting travelers looking for short stays.
In a recent interview, Maughan explained that dynamic pricing tools take into account many variables, such as seasonality and occupancy, but that they have not yet explored trust certification; which ultimately prompts customers to make a final transaction.
Wheelhouse CEO Andrew Kitchell said, “Short-term rental hosts and property owners sell a story first and foremost. A big part of that narrative is trust, which has been watered down for too long in our industry.
“While many platforms use compelling images, reviews and property descriptions to build trust, I-PRAC goes far beyond that and actually certifies legitimate operators. We deeply believe in I-PRAC’s mission – ultimately to make short-term rental space safer, more secure and reliable.
“In a crowded space, the I-PRAC certification helps the best hosts attract the best guests – which leads us to believe that it’s not about ‘ifs’, but rather ‘when’, all the best. operators will choose to partner with I-PRAC, ”he added.
Maughan said, “We have taken advantage of the benefits of PMS, dynamic pricing tools and various other software; but focusing on trusted certification is essentially the future of the short-term rental industry. Kitchell and I have identified a new trend that will take our industry by storm; and I’m delighted that Wheelhouse is the first brand of its kind to include Trust Certification in their pricing algorithms.
“We both believe, through our experience and proven research, that guaranteed confidence can drive up prices – and what’s really exciting is that this has never been considered before. Frankly, this partnership is a perfect marriage; and we are actively encouraging short term rental operators to sign up with both Wheelhouse and I-PRAC, be part of the change; and reap the fantastic rewards, ”he added.
Wheelhouse and I-PRAC are creating new offerings, designed to help operators drive direct bookings and higher revenue, and educate travelers about the guarantees of confidence in the short-term rental space.
Wheelhouse says it is offering I-PRAC members a 50% discount for using its dynamic pricing software for the first month. It includes a custom pricing strategy, market reports, and sets of competitors.
Meanwhile, I-PRAC is inviting Wheelhouse members to sign up for trusted certification and membership, with a 50% discount, via the Company Rebuilding Initiative Award.