A brand new algorithm and dashboard is set to make waves in the industry by helping owners and managers understand the market trends governing their business.
SACRAMENTO, CA – Revenue management start-up Buoy, a Techstars backed company, announce its official launch into the vacation rental market as of May 2021.
The SaaS company is the brainchild of husband-and-wife duo Tim and Candice Speicher – the former an experienced revenue manager and the latter a visual storyteller – together with software engineer Szabolcs Pasztor.
The difference between Buoy and existing products is that Buoy does not use the standard ‘base rate’, a subjective number set by the use that an algorithm pushes up for weekends and peak seasons.
As CEO and Co-Founder Tim Speicher explains: “Anything that's a wild variant to what's actually happening in the market – like the pandemic – the base rate algorithm can’t cope with. So if rates are off the mark, owners and managers often don’t know until it’s too late. Over my years of working with property owners and managers, I saw a genuine need to address this and demystify revenue management for confused customers.”
Instead Buoy has created the first algorithm of its kind called the ‘buoyancy point’: a dynamic and entirely market-based index of millions of hotels and short-term rentals globally that sets an optimum rate for its users.
Buoy’s algorithm uses a daily feed of hotel APIs (the first algorithm to do so) and data from the likes of Airbnb, Booking.com and Expedia. Users can then adjust their rates directly relative to their competition through the dashboard.
The Buoy dashboard’s visual design was created by CCO Candice and combines rate-setting, market intelligence and reporting into a single interactive timeline. By communicating what users most want to know – their relative position to direct competitors and how professional revenue managers predict upcoming demand – it makes data-informed decision-making accessible to anyone who needs it.
CEO and Co-Founder Tim Speicher commented: “We’re so excited to officially launch Buoy. It feels like the right time given the explosion of the industry which has cast a light on the importance of smart revenue management.
“Buoy does everything an incredibly talented revenue manager might be able to do with existing technology, but in a fraction of the time and with no risk of human error. Ultimately we want to grow Buoy to be the primary way industry members understand the market trends governing their business and be the most helpful company in vacation rentals!”.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.