Foxbox Digital Develops Custom Property Management Software for Leading Property Management Company, Increasing Revenue and Occupancy
Optimized Business Solutions Boost Revenue by 25%
CHICAGO, April 29, 2019 /PRNewswire-PRWeb/ -- Foxbox Digital, an award-winning engineering-focused product development agency, successfully modernized Mountain Management's property management software resulting in increased revenue, occupancy, and efficiency. Mountain Management is a full-service property management company overseeing hundreds of short term rentals across the U.S. The project's results can be attributed to a data-driven dynamic pricing model, smart and flexible booking rules, and automated customized financials and accounting—all engineered by the Foxbox Digital team.
The need to modernize Mountain Management's technology was driven by their tremendous growth across several markets including Breckenridge, Vail, Telluride, Aspen, Denver, and Chicago. As they grew, they began outpacing their systems and searching for a new technology solution to match their ambitions. As the short term rental space became more crowded, they knew leveraging custom-built technology was the answer to remaining competitive.
Mountain Management struggled with their strategy to find the optimal daily price for hundreds of properties across a calendar year. Their existing software did not allow them to implement customized or market-based pricing, thus leaving thousands of dollars on the table.
Foxbox Digital created a dynamic pricing model to account for daily adjustments to supply and demand. This gave Mountain Management more control over how conservative or aggressive they wanted to be with their prices for each property.
Furthermore, Foxbox Digital created flexible booking rules to increase occupancy rates. For example, adjustable "gap rules" were created to allow Mountain Management to sell nights they wouldn't normally sell. Even if a range of dates has a 5-night minimum, and two reservations have a gap of 3 nights in between, the Foxbox Digital tool recognizes the inefficiency and assigns a 3-night minimum accordingly.
"Foxbox Digital's deep technical expertise coupled with their ability to understand our business model enabled us to move quickly. It's amazing how they were able to break down our business, determine a technical strategy to overcome our challenges, and then execute. The new system rapidly increased our revenue by 25% and it made our lives easier," said Sam Amir, COO of Mountain Management.
In the end, Foxbox Digital took a traditional property management company and empowered them with modern tools to compete with the emerging tech players in the market. The Foxbox Digital engineering team continues to help Mountain Management expand its tools.
Lastly, Rob Volk, Foxbox Digital's founder explained, "We are passionate about using technology to solve business problems and are convinced we can develop effective solutions to the toughest issues. Mountain Management certainly put us to the test, but our engineering team stepped up to the plate and created a system that provides the client substantial relief. I am incredibly proud of the work we did."
About Foxbox
Foxbox Digital (https://foxbox.co/) is a Chicago-based award-winning engineering-focused product development agency. With a history of launching successful digital products, they've helped Fortune 500 companies and high-growth startups architect, develop, and deploy products used by hundreds of thousands of people.
About Mountain Management
Mountain Management (https://breckmountainmanagement.com/) is the leading full service short term rental management program for investors and second homeowners in Colorado. Each tailor-made package has been developed as the most comprehensive full service offering with unparalleled rates. Their full service program includes an on-the-ground management and maintenance team, around the clock guest and client service, complete vendor coordination, and superior market-based pricing and technology. Founded in 2015, Mountain Management now manages over $100MM in short term rental properties and has expanded to Breckenridge, Vail, Aspen, Telluride, Denver, and Chicago.
SOURCE Foxbox Digital
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