An Intro to Wheelhouse
Wheelhouse is a dynamic pricing platform that helps short-term rental owners earn more revenue.
We were founded in 2014 and have grown to a team of 45 as a result of delivering amazing results to a growing number of hosts & owners.
For our business to succeed, it’s imperative that we provide the data & insights our customers need in order to earn more money and work less.
We partnered with PredictHQ two years ago in order to help customers better understand how events near them impacted the nightly prices they could charge for their homes.
The level of insight that PredictHQ allows us to deliver has led to a 5X increase in revenue in the last 10 months with an extraordinary retention rate. Arguably more importantly, the data allows us to deepen the trust we have with our customers and the value we provide to them.
“PredictHQ has been an amazing partner in our goal to ensure our customers feel secure that they are getting the best nightly prices.”
What we were aiming to achieve with PredictHQ
In partnering with PredictHQ, our goal was to display the most accurate event information to our users. We evaluated a number of potential partnerships but concluded that PredictHQ’s depth and breadth of data, along with their superior usability, made them an extremely compelling partner.
Using PredictHQ’s API, we pull event data into our Wheelhouse calendar. This integration allows our customers to see that we’re pulling in and using event data to effectively price listings.
For our customers, event intelligence is extremely important.
One of our favorite examples of this is from an individual who used Wheelhouse to capture 800% more than his normal nightly rate for Dreamforce, a massive Salesforce conference in the San Francisco Bay Area.
He was able to cover his entire month’s rent by selling two nights at Wheelhouse’s recommended rates.
Events like this that drive huge demand are actually not uncommon, especially in urban markets, and we want our users to always be in the know about them; this is where PredictHQ has made such an integral difference - it allows our customers to feel confident that we know their markets well enough to personalize our recommendations for them.
Event Data to Power an Accurate Pricing Model
We have also leveraged PredictHQ’s powerful data to improve our dynamic pricing algorithm for far-future events.
One of the biggest challenges in dynamic pricing short-term rentals is predicting demand before inventory starts booking. If we waited to adjust prices until booking patterns started to emerge, we might miss out on the biggest revenue drivers for hosts & owners - and that’s not helping them achieve their goals!
With PredictHQ, we can now use their data and predicted impact to analyze and recommend prices for major events much more easily and accurately.
To help showcase to new customers what Wheelhouse can do for them, we have a demo that uses sample listings with real data. This not only includes the events powered by PredictHQ, but provides real Wheelhouse Pricing recommendations too.
“With PredictHQ, we can now use their data and predicted impact to analyze and recommend prices for major events much more easily and accurately.”
New customers can check out our demo using the sample listings provided or even connect their own Airbnb listing and see for themselves the changes Wheelhouse makes to their pricing calendar to help them earn more revenue.
What we’d like to do next
We are extremely happy with our current relationship with PredictHQ. Our customers are happy they have events in place in order to get the best possible recommendations for their listings.
What we’d like to do next is provide our customers with a chance to input their own event data of local market happenings so that we have a strong feedback loop of what events are important to property managers and Airbnb renters. This also allows our customers to feel more involved in the process of being able to get the events they care about to show up on their Wheelhouse calendar.