WHY Wheelhouse Will Make You MORE Money 🚀

All right, welcome, welcome, welcome, welcome, welcome everybody one and all to another episode of the Boosted podcast. Today on this very special podcast edition is that I am going to be interviewing, chatting and showing you all about a new pricing tool that is going to make you more revenue per booking. So let's get into the interview.

Whoa. Having a blast. Gonna get it on the Bruce Lee podcast. Bruce Lee like Bruce Lee Cause it's so hard and the tea is loose leaf Making up those rhymes don't wr just do it loosely if you want my respect you'll better put direct Here are the words in the podcast. That's what comes next.

Mr. Andrew Kitchell, thank you for holding on. Very, very, very kind of you to do so. So welcome to this very special edition and thank you very much for coming on it today. As you can see from the title, we're going to be talking all about pricing and why people should be paying attention to Wheelhouse this year. So I think the best place to start, Andrew, if you don, if you don't mind, just give us a super kick. Quick intro to Wheelhouse and a quick intro to you for everybody who doesn't know about you yet.

Sure. Great. Thanks for being on. Your studio looks amazing. I'm already taking tips first of all, so good job. So what is Wheelhouse? So Wheelhouse has historically been a dynamic pricing engine for the short term rental space. In dynamic pricing we're going to talk a little bit about today, but it's basically how do you interpret market information and information about your unique listing to set the right price and maximize your revenue? Right. So that's dynamic pricing. However, what Wheelhouse launches tomorrow looks like more of a full suite revenue management platform. That means we brought market intelligence reports. We're launching comps as have gone into beta. We have a new booking score analysis tool. So we've broadened the range of tools that can help people understand their unique property and earn a lot more.

How to plan, how to plan for 2021. Because I've said this to you off air and I've said this to anybody who has listened to anything I've said over the last few weeks, there's two really important things that everybody needs to be doing this year. Number one is getting help with the pricing and number two is the digital guidebook. We've already boxed the digital guidebook with host fleet. Now it's the pricing and now it's Wheelhouse. So first things first, everybody who is watching this, you can also go and access your own Wheelhouse account. Now for free. And you need to go to boostleague.co.uk wheel. Let's just really quickly go to the very start. So how easy is it to get started on Wheelhouse? What's the first things that everybody, in your opinion, should be doing right now?

Yep. So we're going to. We'll step through that. And Mark, we can share a screen in a second here if we want. I think the first. First of all, for everyone, there are two things we're going to learn today, right? The first thing we're going to learn is how to use a free market report from Wheelhouse to earn more money in 2021. And the second thing we are going to do is teach you how to get started on Wheelhouse. So should you like what you learn on that market report and should you want to do dynamic pricing, we're going to teach you that. We're going to make it really simple as well, because this is your homepage. If you are getting started for the first time, you can click, obviously, get started for free. We'll ask you for your name and email and to create a password. That's great. I'm actually going to log into my account and the only reason I'm going to log in is we'll end up at the same place. So should you have just created a account or should you have signed into your existing account, you will always land on your dashboard. And from your dashboard, when you first show up, you'll actually just have one single demo account. You can play around with it and see what you can do on Wheelhouse. But the first thing, for most of you, what you are going to do is you're going to add listings or accounts. So as soon as we know where your listings are, we can show you a market report and we can obviously start it. Look, we can start looking at price recommendations for you. So there's a bunch of ways I can do that. I can click here and I can see all the channels that are available to me. We'll talk about that in a second. If you had scrolled to the bottom, you would see all these different accounts available for you as well. And if you go to your new user settings, you can add a channel from here. So there are a bunch of different ways, but let's just click add listings. If I wanted to connect an account, I could click on Airbnb for an example. I can add my email and my password. I can connect to Airbnb in that fashion. Right. So once you connect, if you connect your account, all Your listings will be, will actually automatically drop you back on your dashboard and you'll now see all your listings here and we can start kind of our next level of exploration.

Dashboard that you showed is very much set up for rental properties. What about the bed and breakfast and the small hotels of the world, Will they still be able to use this or what would you recommend?

So we showed the general dashboard and if I, depending on what the question is, it sounds like for people, people with a lot of properties, they wanted a slightly different view. Is that so?

Basically bed and breakfast, like bed and breakfast, small hotel, motel, you know. So is it, is it used for, is it used for both? Can, can hotel owners, can bed and breakfast owners use it as well?

Definitely. So we, we have people with a thousand plus listings and we have people with a single listing. Again, we're going to step to all of that. Mark, my recommendation actually would be that we, we start by looking at a single listing first. And let's get one single listing set up first.

Yeah.

And literally everything we do on a single listing, we're going to be able to multi listing view as well. So let's say again, we, we just connected a bunch of listings and we wanted to go see what one of our listings, one of our rooms look like on Wheelhouse. Well, the first thing we would do, you can click into your calendar from your dashboard. Right. And here's what you're going to see on the left side here, we're going to see what is our dynamic pricing over the course of the year. We're going to see a basic calendar view and we're going to see things, we're going to see kind of a calendar with daily prices. And when we click on a day, we're going to be able to see why is Wheelhouse making a particular price recommendation on a particular day? This is just the automation tab. This is where you can come to turn on and off automation. It's really simple. But automation is only important once you get your pricing correct. Right. So let's first start with your base price. This is the most important thing to get set up correctly for your calendar. Okay. And when you're setting your base price, your base price is basically what is the price for your listing on a night with normal demand. In Wheelhouse, we make it pretty easy. You can take kind of our basic easy set and forget it settings. You can do a more conservative approach, meaning your pricing will be a little bit lower. You're more likely to drive occupancy. You can take a more aggressive approach, which means they're taking a little bit of a chance with driving higher average daily rates to maximize revenue as well. Or our recommended approach, which in most cases will end up maximizing your revenue. Another really important thing for folks to get right is your minimum price. So your minimum price is the price that Wheelhouse pricing will never go below. Similarly, let's say we wanted to add a date specific minimum price. So maybe there's a few nights on your calendar that you want to make sure you protect. Maybe, you know, for September you want to make sure that right now you're keeping your minimum price at $500 a night. Let's just click this. Sorry, here we go. You can see that it's out at $500 a night right now. So pretty easy, responsive, hopefully for your minimum price settings, here's why we need to look at data to inform our pricing. So I'm on a Wheelhouse market report. This is free for any market we're live in now. This is free and available to you. So for those folks who have created an account linked properties and for live in your market, you can click on your market intel tab now and go step through this. Okay, the first thing I'm going to urge you to look at, we have two types of charts. We have time series and distribution. I'm going to show you there's kind of a beginner and advanced aspect of these lead time. If I click on lead time, I will see how lead time changes every single day in my market. And what lead time means is how far in the future are people booking in my market?

Quick question that came in is from Sharon saying it'd be really nice to know where do you get your data from? So how are you getting all these amazing graphs and numbers and figures and predictions?

Yep. So we get it from Connect, we get it from connected channel partners. We get it from, we have hotel data as well. So if your market has hotels that are relevant to you, we have multiple hotel data partnerships. And then there's part of the reason Wheelhouse is going to be available everywhere is we're working on two additional data partnerships that will enable us to price people accurately far and wide. Wheelhouse analyzes about 3 million listings per night. We've done so for six plus years. And we've also had, we have about 50,000 linked listings, which means we see perfect data for all of those properties every single night.

I believe I heard from the team behind the scenes, if they put boostly 75, they get a, they get a discount on the first month, which is even better. So that's cool. That's really cool. So boost is 75. Write that down if you ever choose to upgrade. And you get a pretty cool discount on the first one.

So earn more save time, scale faster, more freedom.

Having a blast. Gonna get it on the Bruce Lee podcast. Bruce Lee, like Bruce Lee. Cause it's so hard on the is loose leaf making up those rhymes. Don't write it, just do it loosely.