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Higher Revenue with Freewyld Foundry: Success Stories and Expert Advice (Part 2) (Ep 626)

EP 626 p2


Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/

In this conversation, Jasper Ribbers and Kaye Putnam continue their discussion on revenue management. They provide examples of the impact their service has had on clients' businesses, including significant improvements in revenue. They emphasize the importance of understanding the entire business and market dynamics when developing a pricing strategy. They also highlight the value of their service as a marketing and business acquisition tool, as it provides clients with data and reports to showcase their performance to owners and potential investors. They address common questions and misconceptions about revenue management and explain how their service can benefit hosts in seasonal markets.

Takeaways

Revenue management can have a significant impact on short-term rental businesses, leading to improvements in revenue and profitability.
Understanding the entire business and market dynamics is crucial when developing a pricing strategy.
Revenue management can serve as a powerful marketing and business acquisition tool, as it provides data and reports to showcase performance to owners and potential investors.
The service is particularly beneficial for owners and master leasers, as it allows them to increase their revenue and profitability.
In seasonal markets, it is important to consider the booking window and adjust pricing strategies accordingly.
Taking emotions out of pricing decisions and relying on data and market demand can lead to better results.
The service is a win-win, as it brings value to the business and helps hosts save time and make more money.

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Read The Script Here

Jasper Ribbers (00:00.876)
What's up everybody. Welcome back. Today is part two of our two part series on revenue management together with my colleague, Kay. She is the CMO. She's a marketing expert. She leads the marketing department at FreeWild and she is going to ask me questions about revenue management, which I'm very excited to continue the conversation

Kaye Putnam (00:23.776)
Thank you.

Jasper Ribbers (00:27.659)
from a few days ago. So, Kay, thank you again for being here. And yeah, I'm excited to see what questions you're going to fire at me today.

Kaye Putnam (00:37.66)
We must not have scared Jasper too much from the last episode. So thank you for having me back Jasper. And I am excited to dive even deeper into revenue management. I am a marketer at heart and I know that there are a lot of very technically minded marketers, but I am definitely more on the creative side of things. So I love this conversation. I'm learning so much about pricing and how to improve profitability for short -term rental.

operators and I know that a lot of people who are listening are learning a lot as well. So let's continue our conversation that we started a couple days ago. We left off our last episode talking about some amazing client results and I want to come back to that. Maybe that's the marketer in me. Like it's just super fun to see the impact that this service is having on people. So I understand that you did a little bit of prep work and you have some more examples of the impact that this can have on a business.

So I'll let you take that

Jasper Ribbers (01:39.246)
Yeah, yeah, for sure. before we dive into the numbers, maybe we can explain a little bit about the process. When people join our service, what actually happens? Because we we mapped out the first 90 days of working together. as we touched on on the first episode, every part of the business somehow relates to how much revenue we are driving in the end of the day, right?

When we, when we start working with a new client, obviously we're not going to lift their, their performance 20 % from the day that they start working with us. Right. The first 30 days is really what we call it's the onboarding phase. doesn't always take 40 days, but sometimes it takes two weeks. Sometimes it takes three weeks, but this is essentially where we get on zoom and we're going to go through the entire business. So we need to know everything

What's your team, your operations, your marketing, your, regulations in your market, like the owners, if you're managing, like what are the owner restrictions, right? Cause I can come up with a brilliant pricing strategy, but then the owner comes and says, well, I don't want to rent out my house for less than 300 bucks. Then it's like, okay, well now I got to change my strategy, right? So we got to know everything that happens in the business. And this is one of my favorite parts actually of working with a

client is dissecting their entire business. It's a very fun process. And we oftentimes find a lot of potential for possible improvements on the operational side or on the marketing side, which is very exciting. But that first 30 days is where, at some point in those 30 days, we call it like we're passing the baton. So that's the day that we literally start taking over the

pricing and the revenue management. And then it takes a little bit of time for us to reach our full potential, right? We always say like, between one and three months, we should see that upside that we believe that we can realize. So the reason why I mentioned that is because we have some clients that we started working with recently.

Jasper Ribbers (04:02.926)
And June was really the first month that we were able to impact the portfolio. So we started working with these clients like end of April, beginning of May. So that first 30 days, we don't have too much impact on the portfolio. then the next month is always the most exciting month. So that's the first month where we're like, OK, let's see. Are we doing a good job? So I looked at two clients that we started working with.

June was really the first month that we impacted their portfolio. And I calculated, you know, how much improvement we were able to make. And, you know, we touched a little bit on this last time, but that's a whole question in itself. It's like, how do we actually measure our performance? Right. Cause a lot of hosts that will, apply for a service, you know, I asked them like, Hey, how's your, how's your performance so far this

And if their performance is down, they usually say, we're not doing so great, but it's probably the market. The market is weak. And then I look at the data, I'm like, well, your market is actually up 10 % so far this year. A lot of hosts are just not aware of that. Without that awareness, you got to know how you're performing in order to understand how to improve. So long story short, so I compared the way that we measure our performance

We adjust for the market. But we basically, look at like, hey, how's your performance so far this year, right? Compared to like what the market's been doing. And then we say, OK, there's this cutoff time where we say, OK, this is before we took over, and this is after we took over, right? How does that compare? Now, we have data on those two clients that I mentioned. Client number one, of course, I

for confidentiality, can't say the name of the company, et cetera. But I will say that this client is in a beach market. So I looked at their ref bar January through May, compared that to how their ref bar a year ago, January through May, and then I adjusted for the market. And then I looked at the month of June, how much ref bar we did compared to last year and adjusted for the market.

Jasper Ribbers (06:21.934)
And then in this case, we were able in June, so well, let me go back. January through May, this client, this client's performance was down 16 % compared to 2023. But then the market was actually up 13%. So they were really underperforming by 29%, which is probably the reason that they applied for our service. Now in June, we were able to do

Kaye Putnam (06:35.591)
Ouch.

Double out.

Jasper Ribbers (06:50.062)
11 .66 % better than last year. And the market was up 15 .35%, which means that we did adjusted for the markets. We were only down 3 .7%. So until we started, before we started working, they were down 29%. And now we're only down close to 4%. So, and that was just the first month of us having an impact,

So that's really an improvement of 25%, which is pretty amazing for the first month. I typically think it's, as I mentioned, I typically think that it'll take two or three months to really hit that maximum performance. But so yeah, we were pretty happy with that 25%. Any questions on

Kaye Putnam (07:38.016)
Yeah, that's amazing. Yeah. Well, first, just an observation. It kind of reminds me of, if you ever heard the story, it's in atomic habits about the British cycling team where they like systematically went through every single factor that could impact the speed of the racers. And they went from being one of the worst cycling teams to one of the best just by finding those 1 % improvement. So it sounds like a similar process where

Just changing one of those things probably isn't going to make a big impact, but the cumulative effect of making all of those little changes can have a massive difference on somebody's business, which is incredible. And that market adjusted look at your performance is so important because it's so easy to blame the market or just have that the market be like this big boogie man or this like amazing friend that you don't really know.

Jasper Ribbers (08:36.066)
Mm -hmm. Yeah.

Kaye Putnam (08:37.28)
what their motivation is or like what, what, how that's actually impacting your business. And then just to make this clear, and you can use a super rough estimation, but that improvement of 20 % that was made from the January through May timeframe into June, what did that translate to in dollars?

Jasper Ribbers (08:58.094)
Oh, that's quite a lot of money because I think this client probably did around 250 to 300K in June. So if you take 25 % of that, then that's a significant amount of money. 25 % on 300K is $75 ,000, which is a lot more than they paid us for that month.

Kaye Putnam (09:19.444)
Yeah.

Kaye Putnam (09:24.062)
Yeah, and that's massive. So not only have they passed the baton and they no longer have to worry about revenue management and pricing and making all these adjustments and paying attention to all of the data and crunching numbers like Jasper loves to do, but they're also getting more back in their pocket at the end of the month than what they're investing in the service. So it's time back plus they're making more money. It makes it just a no brainer. It's really amazing.

Jasper Ribbers (09:53.696)
Yeah, I think that's why our clients are very happy.

Kaye Putnam (09:56.594)
Yeah, yeah, it's

Jasper Ribbers (09:58.542)
It's like, hey, I'll save you time and make you more money. Do you like that?

Kaye Putnam (10:02.548)
Yeah. Yeah. Fantastic. Do you have another client example that you can share?

Jasper Ribbers (10:08.174)
Yeah, yeah, and I was going to say something else that I forgot now. So I'll just go to the next client, and hopefully it will come back to me. OK, so this other client, let me look at the numbers here. So this is a secondary city, right? So not a major city, but somewhere in the 10 to 25 most populous cities in the US.

Kaye Putnam (10:16.04)
It'll come to

Jasper Ribbers (10:37.838)
So this particular client in until it was the same thing like January through May, we compared it to June. So they were actually, January to May, their rep power was down about 6%. And I remember when I started onboarding this person, they actually thought that the market was down, but the market was actually up 19%, which is pretty…

pretty significant, right? yeah, and now I know what I was going to say. When we calculate these performances, we only look at same store units, right? So like, yeah, if you have, let's say you have five one bedrooms and five two bedrooms and five three bedrooms, and then you add five six bedrooms, then your ref bar is going to go through the roof.

Right. That doesn't mean that your performance is better. Right. So we, when we look at these numbers, we compare what they call same store sales. So if you hear, if you hear like big companies like McDonald's or clothing stores talk about same store sales, that means that they're just comparing apples to apples. Right. So we only looking at the units that were active, in, for the last, the period that we're looking at. Right. So just want to make that clear. okay.

Kaye Putnam (12:01.712)
Sorry, let me highlight that really quick. It's really important, and we talked about this a little bit in our last episode, but if you don't do that, and it takes time and it takes precision to really pay attention and make sure that you're analyzing and making decisions off of the right data, but if you don't pay attention to that, the cumulative effect might feel like you're doing okay, but again, you just don't know until you look at it. So, super important.

Jasper Ribbers (12:26.382)
Mm -hmm. 100%. 100%. So yeah, it's very important because otherwise, you know, you're looking at the wrong numbers if you include units that you've just onboarded. And that makes it kind of complicated too because, I mean, if you just have one unit, it's very simple, right? You're just like, look, how much money did I make? But if your portfolio is constantly changing, then it's very important to understand what number should I be looking at and how do we really compare apples to apples, right?

But yeah, so in this case, this client was down about close to 6 % until we took over. The market was up 19 % in that time frame. So he was really like underperforming about 25%, right? And you'll notice that most of the people that come to us are down, right, compared to last year. Because if you're up, then you probably think that you're doing a great job, which could be true.

Kaye Putnam (13:18.516)
Right.

Jasper Ribbers (13:23.886)
But if the market is really strong, then you could still be underperforming. So anyway, so we took over the portfolio in June. Our client was up 29 % compared to last year. But the market was also very strong. So the market was up 32%. So kind of similar to our other clients. They were underperforming about 25 % until we started working together. And now,

were only in June, we only underperformed 3 .4%. So really it made an improvement of just over 21, 21 and a half percent on this portfolio.

Kaye Putnam (14:03.456)
That's massive. just to remind people, is basically like it's 30 days after we like fully took over their portfolios, right? So it's kind of like the first month where we're seeing the big impact.

Jasper Ribbers (14:16.012)
Yeah, it's only really the first month. So I still expect that there's going to be additional improvements to be made. Because you know what? A lot of the stuff also takes a little bit of time. Because we also need to learn. We learn the market by managing the revenue. I learn every day. I learn more about the markets too. So I definitely expect.

Kaye Putnam (14:25.283)
yeah.

Jasper Ribbers (14:43.692)
the improvement of the performance to go up further in month two, three, four, et cetera, as we saw in the example that we showed on the first part of our episode. And did you have any more questions on this? Because I wanted to touch on another very important topic as well.

Kaye Putnam (15:01.726)
No, go for it, Jasper, let's hear it.

Jasper Ribbers (15:03.746)
So yeah, so one thing that's really interesting that we've noticed is us working with our clients has turned into a powerful marketing and business acquisition tool. Because most hosts don't really know how to put together some numbers to show owners how the performance is. And one of our clients, now

his owners are noticing like, we're, you know, we're making a lot of money. And they started, we're like referring a lot of people to our, to our clients. Right. And, you know, so it can, it can really help the just us being able, we can pull so many different data points and reports. Right. So like we, have some of our clients that will message me and be like, Hey, this owner is like worried about our occupancy or whatever. Right. And they're like bothering.

our client, you know, know, those, those, those owners are like calling and like, Hey, what's going on? Like, why are you pricing like that? What's blah, blah, blah. But those owners don't really know the real data. Right. So I then can quickly pull port and say like, Hey, why don't you send this to your client? Right. And it just shows like, Hey, we're doing 20 % better than last year. Right. It's just like, the numbers don't lie. Um, so it turned out that like, this, this is a good tool to

Kaye Putnam (16:23.967)
Yup.

Jasper Ribbers (16:28.782)
current owners happy by just showing them the results versus them, whatever they feel or their perspective is on like what's happening. And number two, I was going to say number two, it's strong business acquisition tool. yeah, because I can show my client like, hey, listen, like, look, he's talking to an owner with a free bedroom. I'm like, OK, well, let me pull a report and show you that.

Kaye Putnam (16:36.99)
Well, and I know for, sorry. Can you hold that thought for a second? Go ahead.

Kaye Putnam (16:45.16)
Yeah, that's where I was going.

Jasper Ribbers (16:57.198)
our free bedrooms are doing like, you know, 70 % more revenue than the average in the market or something like that. And then our client can show that to the owner and then they're more likely to join as a client because we can show that. And like I noticed that a lot of operators like don't really know what kind of reports to create, you know, to kind of prove

Kaye Putnam (17:21.502)
Yeah. And then even for owner operators, like Free Wild is our own rental, our little village of cabins, we're working on expanding. are working on attracting more investment into the business and having that powerful clarity to show potential investors and our current investors exactly how we're performing and outperforming the market is really powerful as well. So even if you don't have those owner relationships to manage, maybe you have investor relationships.

to manage and you want to grow your portfolio and acquire more properties, that can be a really powerful competitive advantage or just advantage in general.

Jasper Ribbers (18:01.024)
Yeah, absolutely.

Kaye Putnam (18:03.744)
So we talked a little bit about the process and just to recap and feel, please, after I recap Jasper, fill in anything that I missed. So somebody applies for the snapshot. We talked about the snapshot in our last episode, but in case you missed that one and you don't have the time to go back and visit, we are essentially for qualified hosts who are interested and curious about this service, but they're not sure if it's for them or you don't really know how well you're doing, especially compared to the market and compared to all of these different.

variables, we take a free assessment or we give you a free assessment of your portfolio to see and to tell you exactly how you're doing now. And if we were to work together, no pressure, how we think that we can impact your portfolio based on our experience. So they apply, if they're qualified, we do the snapshot, and then we move into this 90 minute, 90 minutes, too bad it doesn't take 90 minutes, 90.

day kind of intro period where particularly the first 30 days, we're learning everything possible about your business. So you're not, you're not, you're, how do I say this? Like you're not losing control. I think there's a little bit of an element of, of like nervousness or, or perceived risk where people are like, Oh my gosh, like what are you going to do with my pricing? But that 30 days is really to get to know your business and what your constraints are and what your unique market is.

Jasper Ribbers (19:13.249)
Mm.

Kaye Putnam (19:29.63)
And then once we pass the time, then we start this process of continuous improvement over time. Did I miss anything, Jasper?

Jasper Ribbers (19:36.364)
No, but I'm happy that you brought this up because there's one thing that I think it's really important to clarify is that the way that we work with our clients, it's not like you give the baton to us and then we roll with it and you have no idea what's going on. That's not how we work. We are an extension of your team. So essentially like we become part of your team. I do a Zoom call every single week.

with all of our clients where we discuss the strategy, right? Because I need the input from the operator because the operator knows the units better, the market better. They have information that I don't know. Plus they have experience in the market, right? So anything that we do, we toss that at our clients and say like, hey, this is what we want to do. Do you have any objections against it? And sometimes people

will have an objection against it. And then it makes sense. So I'm like, OK, well, you know what? That actually makes a lot of sense. Let's do it differently. So it's teamwork. I need the operator. We need to together come to an optimal strategy. so I don't do anything without consulting with our client, because that input that their client gives us is very important.

And we have a very close relationship with our clients where we go to Zoom every week. And we also have a Slack channel. We set up a Slack channel for each of our clients so that any time there's anything happening, they can contact us on Slack. And with most clients, I'll communicate throughout the week in Slack. then any topics that require

you know, some, some thought like we'll, we'll, we'll put those on the, agenda for the zoom calls.

Kaye Putnam (21:35.39)
Yeah, that's amazing. Are there any other frequently asked questions that you get from clients or potential clients where there's like either a misunderstanding or they're just nervous about something that you can address right now?

Jasper Ribbers (21:48.994)
Um, I don't know. Like I think, well, one thing I will say is that typically when we, when we do our assessments and we tell the client how much upside we think there is, that's usually met with a, uh, a bit of skepticism, which I totally get. Cause I mean, look, you know, I do revenue management for free wild. If somebody like shows up and says like, Hey, I can do 20 % better than you. I would also be like really.

You think so? So I totally get that part. No, think, I don't know if there's any, I think we covered kind of everything.

Kaye Putnam (22:29.918)
Well, let's address that real quick Jasper. So I know that you spend a ton of time actually putting a lot of data into those snapshots and into that projection. What do you say to those clients? what is different about the way that you do revenue management versus the way that most people do

Jasper Ribbers (22:50.102)
Well, you know, going back to what we talking about on the previous episode, it's like most people just don't really do it. You know, I mean, look, you set up your price labs, you set up your wheelhouse, you put in the base prices, you add some minimum stay settings, maybe like a last minute discount or, you know, wheelhouse, can kind of just do recommended or aggressive or conservative. So people will click.

And then it's funny because like, you know, I go in there and I look at all the settings and then I'll ask the host like, what do you set it up this way? And oftentimes they don't really know how to set it up in the first place. they're like, I'm like, what, what, what did you set it up like this? And they're like, I don't know. Like I did that a year ago and I've never changed it since then, you know? So, no, I mean, look, the biggest thing is just, yeah, most people just don't do the things that you have to do. They don't look at their, their, their data every day.

Right. They don't, they don't look at their Coupons C every day. They just don't do the work, which is, get it. You know, being running a certain rental company is, uh, is not easy. There's a lot of work. You're wearing like 10 different hats and you know, customer service and getting the units, uh, turned over in time, you know, that that kind of stuff takes priority. Um, so like I mentioned in the, yeah.

Kaye Putnam (23:54.868)
yeah.

Kaye Putnam (24:10.996)
Yeah, because it's a lot more urgent in the moment, right? Like it's, it's…

Jasper Ribbers (24:15.064)
So for a lot of hosts, this revenue management is just kind of like a thing to look at once a week or something. that's just, yeah, I mean, that's just not optimal. You're not learning much. So that's the biggest thing is just doing it. But then also, yeah, it requires knowledge. It's a skill set, but it's also just something that you have to learn. Like I said, it's more of an art than a science.

So you just need experience and, and, know, knowledge to, be able to put together a strategy that makes sense. And that experience is really important. And that's why it's so fun for me now, like, because we have these, these, we've worked with seven, seven clients already. So we have all this experience, you know, looking at these different profiles and, and that's, that's just a lot of fun.

Kaye Putnam (25:13.418)
the clients who are like, well, I have a fairly seasonal demand cycle where I do great for part of the year, but I only really kind of struggle during this other part of the year. Can revenue and pricing management help kind of even out those highs and lows or what does that situation look like?

Jasper Ribbers (25:33.806)
Yeah, for sure. Yeah. Seasonal markets are very interesting, right? We have a couple of clients that are in the seasonal market where it's like June, July, August, and a little bit of September is where 80 % of the money is being made. So, you know, one of the biggest mistakes that I see in those markets is that people get really, really nervous if the summer isn't booked a couple months in advance, right? And so what those operators typically do is like, their pricing is too low.

because they're afraid that their summer is not going to book up because then that's why they make the money. So you got to like control your emotions and just do what's optimal. You got to understand like what's the booking window actually look like, how much demand is coming in the last month or so. you know, lot of hosts that I analyzed the portfolio for their summer would be booked up by April. I'm like, well, what about all the demand that's still coming? Like you're

taking advantage of that, but they just want to, they can sleep well knowing that the summer is booked. Right. So that's just one, you know, one thing that I, that I see that typically operators in those markets, they're, I think they're too conservative. And so they get booked too far in advance. But also how do you deal with the winter months? All right. Like typically in those markets, I want to say November to March.

There's very little, unless you're in a ski. Some markets are like ski and summer, right? But if you're not in the ski market, then basically that summer is where it's at. So what do you do the rest of the year? So one thing that we do for our clients, we implement like a midterm rental strategy, right? So we're trying to fill up as many units as possible with like 30 days stays, right? So like monthly stays.

Because I mean, look, you're in Canada or the northern US, good luck. If you're known as the market, good luck getting bookings in January and February. And so it's better to be ahead of the curve and already start marketing your units for mid -term rentals during that period. Or even maybe finding one of our clients, we're finding students, for example, that

Jasper Ribbers (27:59.672)
that will rent the units from October to April. Now, you're making more money than if you're to scramble in the winter for bookings at an ultra -low ADR. yeah, seasonal markets are interesting. They're a bit more tricky to set up as part of a pricing strategy, because you've really got to look at that booking window. If you're in a major city, then you know,

Most months are pretty similar. Booking window is pretty short. So you can have this very steady type of flow of bookings and income. Seasonal markets, you often have to create a separate profile, minimum night estate profile. And you might also have to create a separate settings for your base price and your weekday pricing. Because typically off season, the weekends,

are way more popular than the weekdays, but in the middle of the summer, the weekdays are also in very high demand. So schools are out, people travel during the week in the summer, much more than outside of the summer. So there's definitely a bit more complication when it comes to creating a pricing strategy for those seasonal markets than with the city markets, the steady city markets.

But there's also typically a lot more upside as a result. I mean, honestly, setting up a strategy for a seasonal market, man, it's not that easy. It's really not that easy.

Kaye Putnam (29:40.702)
Well, in addition to all of the other benefits that we've been talking about, just having that third party who can be less emotional and like less staying up at night because of the anxiety of when you think that you should be booking and show you the actual data of the demand and how it's shifting and how it's changing and how it's specific to your specific market. That's a huge benefit. Just having that peace of mind, knowing that you're making the absolute most that you can.

with the limited inventory that we have as short -term rental operators. That's amazing. So to wrap up, Jas, go ahead. Yeah.

Jasper Ribbers (30:13.644)
Yeah. Yeah. And one last, sorry, one last, can I say one more thing? Look, this is also why it's so important to look at what we call pacing. Because if you're summer, like some markets get pretty close to full currency. And if you're the only one who still has a unit available.

You don't have to charge, you don't have to like discount last minute. You know what I mean? This kind of the analogy here is, the, if you book a, if you book a flight two days in advance, you sometimes have to pay like three times what you would have paid a couple months in advance. Right. Now in the short term rental industry, we're always in the mindset of like, we got a discount last minute. But if you see that demand is really strong and we might sell out altogether.

Kaye Putnam (30:41.437)
Yup.

Jasper Ribbers (31:07.04)
you might actually be able to get a higher price last minute than if you book it up free months in advance. So just want to mention that as well. And that's why it's so important to look at the market data.

Kaye Putnam (31:14.036)
Ooh, I love that.

Yeah, yeah, that's such a great tidbit and something that you like it goes counter to our human nature. And that like feeling of like, scarcity, it's not booked, it's coming up really quickly. And that fear that happens because we're human. So taking that emotion out of the decision is amazing.

Jasper Ribbers (31:35.138)
Yeah, and think about us being a guest, right? So let's say you want to travel. What's your favorite travel destination in the States?

Kaye Putnam (31:44.852)
Well, yeah, I'm just, I mean, thinking of like the fall colors in the North Carolina mountains where I am are so hugely popular and I'm not a super planner. So I don't necessarily book things three months in advance, even though the demand is super high. Like most, or a lot of times, and I've done this in the years past, I'm looking, you just like two weeks in advance. Like, yeah, the colors are really nice. I should go to the mountains. And almost everything is booked.

Jasper Ribbers (32:12.896)
Yeah, exactly. it's funny because like, it's funny how, how we always fear is a stronger driver than avoiding fear is a stronger driver than seeking pleasure. Something I learned from Tony Robbins. And it's very, this is a very clear example of that because think about it, the host, the host is trying to book up the units really far in advance because they're afraid that it won't book the guest.

you know, is booking far in advance because they're worried that the price is going to be too high if they book close to it. So those are like, those buy each other, right? So they can't be both true, right? So it's funny that we're both, we're both coming, you know, we're both coming from a place of fear of like, I'm worried my units won't book up and the guest is worried we're going to pay a really high price last minute. So it's kind of interesting how that works.

Kaye Putnam (32:50.708)
Yep. Yep. Yep. So true.

Kaye Putnam (33:05.192)
Yeah. Yeah. Amazing. That was such a little mind blowing tidbit there. I appreciate you sharing that. All right. So to wrap up Jasper, say somebody is making over a million dollars in top line revenue. They're thinking that they're doing okay, but maybe they're not. They're not really sure. What would you say to that human?

Jasper Ribbers (33:27.346)
Well, I mean, we have a website that you can go to, freewildfoundry .com slash RPM. I'm pretty sure we mentioned this on the previous podcast too, but essentially what you can do is you can book a call with us. We'll go through your portfolio and yeah, we'll just share our findings with you. We'll let you know if we think there's upside. We'll let you know where.

that biggest upside is. So like what are the major flaws that we see in your pricing strategy or in your marketing, whatever it is. And then we'll either extend an offer to you to work together. But again, we're looking for a very specific operator. Especially if you're master leasing and owning, our service could be extremely powerful because

If you're managing, if we increase your revenue 20%, but you have a, let's say you have a 25 % management fee, then most of that money is going to your owners, right? But if you're master leasing or you own your own units, then that money is going straight in your pocket. Right? And so, yeah, our service is more powerful for owners and master leaser, master leasing. But yeah, schedule a call of us.

You know, if we don't think we're a good fit for you, we'll give you some other direction and resources. And as you mentioned, we have our course as well where you can learn how to become a master revenue manager if you want to do that yourself. And we can advise you as well on whether that's a good decision or not based on where you're at in your business, what your goals are, and all of that stuff. So yeah, FreeWild, Foundry.

Remember spelled with a Y instead of an

Kaye Putnam (35:27.602)
Yes, why instead of an I? Yeah, those assessments, those audits, we call them a snapshot, are completely free for qualified hosts. We do a quick touch point call. You'll chat with Eric, our CEO of FreeWild and FreeWild Foundry first, and then we'll take the data directly from.

your pricing tool so that we can analyze specifically how you're doing in Jasper is the mastermind behind all of that and will present the findings to you. So really no risk to just get that clarity and see if anything, if you're leaving funds and money and profit on the table, because it's not every potential client that we've at or that you've analyzed Jasper that

had a really big opportunity for upside, but it has been most of them. Do you say that's accurate?

Jasper Ribbers (36:25.102)
Yeah, yeah, I would say the majority of the portfolios that we've analyzed, we see an upside somewhere between 10 and 20%. And one thing to notice or to mention as well is we don't want to over promise. So we're typically pretty conservative in our estimate.

As an example, like the case study that we showed in the previous episode, where we were able to raise that revenue like 30, 40 % in a couple of months, we didn't promise that client that we were going to raise it that much. We told them 10 to 15%. So we tried to be conservative because we don't want to over promise. And lastly,

this service is really, we're really focused on like, where can we create a win -win? And when I say win -win, that means like, we're taking it over, but our fee is less than the additional money that we're making for you, right? So then it becomes a no -brainer. then, you know, going back to what we talking about earlier, I don't necessarily, I don't want to work with clients that are not happy. So I want our clients to be happy because it's more fun to work with them when they're happy, right? So I want

Kaye Putnam (37:46.515)
percent.

Jasper Ribbers (37:47.83)
Yeah. So I want to create that win -win. I don't, so this is not a service where you're paying for the work. This is a service where we bring so much value to your business that our fee, you know, even after our fee, you're, you're still, you're still making more money and you don't have to worry about, plus we'll advise you on like all the parts of your business. So yeah, it really, guess it really is a no brainer. it?

Kaye Putnam (38:12.446)
Yeah, it seriously is. It seriously is. Jasper, thank you so much for letting me play host. used to, I think you might've mentioned this at one point. I used to have my own podcast, but I've since stopped it. So you let me live vicariously through the Get Paid for Your Pad podcast. And I appreciate you so much. For everybody listening, I think I said something similar on our last episode, but if there's more that you're curious about, please let us know. Either send Jasper an email.

He is Jasper at FreeWild .com, FreeWild with a Y, not an I. Or if you are watching on YouTube, leave us a comment and ask questions there because Jasper and

have a goal to continue this conversation and to keep educating because this makes such a massive, massive difference. And it's something that so many people are ignoring or just aren't doing to their full potential. So we would love to continue to educate and share what Jasper knows and get it out of his brain for your benefit.

Jasper Ribbers (39:15.894)
That's right. That's right. And last but not least, you've been doing some awesome work when it comes to the direct booking side, because we've been getting some very juicy direct booking. So we should do an episode where I interview you.

Kaye Putnam (39:26.848)
It's finally starting to get traction. Yes, I would love that. That would be amazing. We can… Yes, yes. That's my brain's happy place. So I am happy to geek out about marketing and everything that we're doing to grow the audience and to increase those direct bookings, because it is working. I love to see it.

Jasper Ribbers (39:35.064)
We'll switch roles and we'll talk about marketing. How's that?

Jasper Ribbers (39:55.48)
That's right, that's right. Awesome, K, well, I appreciate you jumping on here for part two. It's been an absolute pleasure. To the listeners, I hope you enjoyed this episode. if you'd like, K -Side, if you have any questions on review management, you know where to reach us.

We'll be talking a lot more about revenue management. I'm going to interview some of our clients. I'm going to do some, some Soto podcasts as well. kind of just talking about like, what do I really do on a day -to -day basis? what am I focusing on? Where, what are the most common mistakes and all of that stuff? So stay tuned for get paid for your pad. We will be back

Kaye Putnam (40:35.168)
Bye now, thank you.

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