For years, a premier corporate housing provider has worked with companies of all sizes throughout Chicago and is an expert at filling the needs of corporate travelers. Similar to most corporate housing providers, they experience gaps in bookings during peak months and slowdowns during offseason months. Such elusive challenges negatively impact their bottom line. To solve this problem and maximize revenue, this corporate housing provider engaged us in late Spring.
The corporate provider began piloting our platform in April 2018. They proposed three main goals:
- Backfill vacancy between corporate stays.
- Maximize revenue for a unit where a corporate client canceled at last minute.
- Utilize availability reports to allow reservations only during specific blocks of days.
Fill the gaps between corporate stays
The main need during the busy summer months was filling gaps between reservations booked for the provider’s corporate clients. We worked closely with the provider’s team to strategically open the calendar for select units and fill those costly vacant days. The two teams spoke on a regular basis as calendars change frequently, and our team required flexibility to meet the provider’s needs. Throughout the summer, ApartmentJet was able to drive over $30K in additional net revenue to the corporate housing provider by filling short-term vacancies.
Help with last minute corporate cancellation
The provider had a rare situation where a corporate client canceled a long-term stay at the last minute. It left an expensive two bedroom unit with two months of vacancy. We were asked to fill the unit as many nights as possible during the seven week period. We listed the unit and, in a period of seven weeks, generated nearly $12K in net revenue for the provider.
Use availability reports for specific days
Corporate housing is tricky with constantly changing reservations and availability. we worked directly with provider’s team to understand their vacancy gaps and open the calendar only on specific days. Additionally, we would confirm availability with the provider’s team before accepting reservations, as it’s common in the corporate housing world for existing guests to extend or new guests to book outside our platform.