ThinkReservations is a property management system with “a unique ecosystem of proven business management solutions, integrated payment processing, world-class support, and direct connectivity with channels such as Booking.com, Expedia, and TripAdvisor.”
CEO Richard Aday, who is also the Principal Engineer of ThinkReservations, says the genesis of their business was a gap they identified between the tools that small lodging was using versus what was possible.
“We were confident that we could help the small lodging industry improve their business by taking advantage of technology,” says Richard, who has an extensive background in working at companies like Amazon.com, Microsoft and IBM.
One industry challenge Richard sees is the lack of yield management strategies. He believes that more innkeepers should vary pricing based on the ebbs and flows of your market to maximize revenue.
“Offering a simple pricing structure for your rooms is easy for you and your staff to remember, but there is a big chance you're leaving money on the table. Instead, consider varying your price based on supply and demand. This is something that can be done manually every week or two, if necessary. Look into your property management system to see if they support automatic Yield Management rules so that you can automate how the price should change based on occupancy,” he says.
What Richard loves about our industry: “My favorite thing about the B&B community are the people I get to interact with, followed closely by the wonderful breakfasts I've enjoyed. The industry is a collection of very interesting people --- no two innkeepers are the same. Everyone has a story, and they will easily share it. Did I mention breakfast yet? It's easily my favorite meal!”
Learn more about ThinkReservations:
www.thinkreservations.com or call 877-736-4195