RevMax GO allows you to easily set competitive market-based pricing for 365 days within a matter of minutes. This feature can be used with other pricing tools such as Max Yield and Length of Stay Pricing to further optimize your pricing strategy.
Where does the data come from for RevMax GO?
RevMax GO generates recommended pricing based on a complete algorithm including current market rates, historical data, special event and demand trends to deliver the most optimized price for every home in your portfolio. Before setting up your RevMax GO, make sure to review the following:
- Home Type: This could be an apartment, condo, house, cabin, etc. Ensure that this is correctly set up within your PMS distribution channel settings.
- Location: This feature will search within a 6-mile radius.
- Amenities: Some amenities have a greater impact than others, such as oceanfront, hot tub, pool, etc.
- Bedrooms: The number of bedrooms a property has.
- Historical: This considers the position of a property, which is why if you have two units in the same building, it will generate different pricing.
- Comparison: This is only compared to professionally managed competitors, not individual owner accounts.
- Online Travel Agencies: Only VRBO, Airbnb, and Booking.com comparable data can be used.
- Number of Competitors: We need at least 3 competitors that comply with the above criteria to generate pricing.
Does RevMax GO generate pricing even if it is not enabled on that unit?
Although RevMax GO will still generate pricing, rates, and data for you to view, it will not alter your rates unless you have pushed the "publish rates" button. Recommended rates can therefore be researched without it affecting pricing. If you would like to remove a home from RevMax GO, you can do this by going into the variables (URL's) tab and deleting the properties' URL from the Airbnb or VRBO field.
Note: This unit will still be subjected to the "Pending Review” alert. If you want the unit to be completely out of RevMax GO, you may need to remove the OTA URLs/variables to avoid triggering RevMax GO alerts. You may also leave it as it is for market data reference.
Please see below the steps in setting up RevMax GO:
Step 1: How to tell if RevMax GO is turned on for your company
- From your RevMax main page, go to Pricing Rules and see if RevMax GO is enabled in your system.
If YES (icon is clear and clickable), proceed to Step 2.
If NO, contact RevMax Support to find out how to turn on RevMax GO and how much is the additional cost to avail RevMax GO Feature.
Step 2: Prepare the OTA Codes (Airbnb and VRBO Variables) needed.
- If you are a Streamline User, you can download these variables through the VRBO/Homeaway/TripAdvisor IDs tab inside Tools. Once you are inside the Page, click "Export to CSV File" to save the codes.
- Go to your RevMax Page > Home Settings Page and upload the CSV File by clicking the "Import Integration Codes" button. This process make take a minute to populate. Proceed to your RevMax GO page to check the status of the codes.
- For iTrip and LiveRez Ignite/LMPM or VRM, you may reach out to your Support Team for assistance on getting the OTA codes for your units.
Step 3: Go to your RevMax GO page and monitor the progress of the codes integrated.
- From this step, the codes will be on the process of gathering data. The status of the codes being processed may vary depending on the listings. These are the following status:
Live - OTA codes/URL has been processed and is now generating pricing.
Pending Review - OTA Codes/URL are on the process of integration.
Requesting Data - OTA Codes/URL is still on the process of gathering and requesting data needed.
Error - OTA Codes/URL have certain issues. This usually shows on a pop up when you enter the RevMax Go Page to alert you that the unit/s have errors. It has two types:
A. Listing not Found - Property doesn't have this listing in either Airbnb and VRBO or the property is a new listing which will take a while for the system to gather the needed data.
B. Not Enough Neighbors - The property needs at least 3 or more neighbors to generate pricing.
OTA Codes Required - No OTA Codes/URL set for this unit.
Note: You will be notified with the status of the units via pop-up window when you go to your RevMax GO Page.
Step 4: For units that are LIVE/PENDING REVIEW, check if the rates have generated.
- To determine whether the rates have been generated, navigate to the unit level and select the RevMax GO tab.
- On your RevMax Tape Chart, you can see a "G" label below the unit's name when you enable RevMax GO pricing, and the generated rate will show as the "Recommended Rate".
Please feel free to reach out RevMax Support for further assistance and if you have any questions about RevMax GO.
For more information on this topic, we invite you to visit our online classroom at RevMax Learning. |  |