Worldwide: Revenue management and market insights software, Wheelhouse, and verification and membership platform, I-PRAC, have announced a “game changing” partnership, to bring dynamic pricing and trust certification together.
Through the partnership, the two companies are seeking to change the dynamic of the short-term rental sector and increase peace of mind for travellers, so that legitimate operators can benefit from maximum revenue. Wheelhouse becomes the first business of its kind to link up with I-PRAC in this way, factoring trust certification into its dynamic pricing software.
Dynamic pricing tool Wheelhouse provides continual real-time tweaking of room rates based on the analysis of over ten billion data points. The analysis takes into account consumer demands, competitor pricing, seasonality, and current occupancy, so that hosts and property owners can benefit from their own, customised pricing strategy.
Wheelhouse also creates detailed market reports for its customers in a bid to “master target markets” for short-term rental operators.
I-PRAC, which claims to be the short-term rental industry’s only verification and membership platform, has spent more than three years creating a meticulous verification process to enhance trust through direct booking strategies, after CEO Chris Maughan observed the extent to which fake property listings, websites, and reviews were targeting travellers seeking short-term breaks.
In a recent interview, Maughan explained that dynamic pricing tools consider many variables, such as seasonality and occupancy, but that they were yet to explore trust certification; which ultimately drives guests to actually make a final transaction.
Wheelhouse CEO Andrew Kitchell said: “Short-term rental hosts and property owners are first and foremost, selling a story. A huge part of that narrative is trust, which has been diluted for too long in our industry.
“While many platforms use images, reviews, and engaging property descriptions to drive trust, I-PRAC goes far beyond and actually certifies legitimate operators. We deeply believe in I-PRAC’s mission – to ultimately make the short-term rental space more safe, secure & trusted.
“In a crowded space, I-PRAC’s certification helps the best hosts attract the best guests – leading us to believe that it’s not a matter of “if”, but rather “when”, all the best operators will choose to partner with I-PRAC,” he added.
Maughan said: “‘We have experienced the benefits of PMS, dynamic pricing tools, and various other software; but focusing on trust certification is essentially the future of the short-term rental sector. Both Kitchell and I have recognised a new trend that is going to take our industry by storm; and I’m delighted that Wheelhouse is the first brand of its kind to include trust certification in its pricing algorithms.
“We both believe, through experience and proven research, that guaranteed trust can allow an increase in price – and what’s truly exciting is that this has never even been considered before. Quite frankly, this partnership is a match made in heaven; and we actively encourage 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.
Both Wheelhouse and I-PRAC are creating new offers, designed to help operators drive direct bookings and higher revenue, and educate travellers about trust guarantees in the short-term rental space.
Wheelhouse says it is offering I-PRAC members 50 per cent discount for use of its dynamic pricing software for the first month. It includes a customised pricing strategy, market reports, and competitor sets.
Meanwhile, I-PRAC is inviting Wheelhouse members to sign up for trust certification and membership, with a 50 per cent discount, via the company’s rebuild initiative price.