BoutiqueHomes is not a company that chases growth at all costs. We desire to pursue sustainable, profitable growth.
Lets have a closer look at our short term goals.
The original BoutiqueHomes website was not designed to be a ‘booking engine’ which is currently our biggest hurdle. We need to implement and upgrade the following features:
Improve browsing, map, and booking process for mobile users
To have the following features in place by the end of 2020:
We have currently an inquiry/booking ratio which needs to improve (think abandoned shopping cart) because our booking process is too cumbersome.
We are convinced that a fully optimized booking system can take our current 1,200 bookings per year to 2,400 bookings over the next 2 years.
We have currently 1,400 properties listed of which a large number (and growing) offer more then 1 rental unit. With our current listing setup we cannot offer individual units, individual availability and pricing.
Update our system to offer bookable sub units so we are increasing the amount of bookable units by about 50% (without actually having increased the amount of current listings). We just add the options to book individual sub units.
This feature is currently not offered by any of the closest competitors, besides booking.com and is more a ‘hotel room booking model’ where you can book ‘rooms’ and not just the entire hotel.
This new feature will increase our bookable inventory to approx. 2,000 units. The addition, to be able to book sub units can increase the bookings by 50% to 3,600 per year.
The current average booking commission is $250.
With 3,600 bookings per year we can achieve a gross revenue of $ 900K+
Without any major changes to our brand and concept we can introduce a service fee to clients (industry standard by now) and with relatively simple adjustments we can increase our revenues by approx 75%, depending on the final % of the client booking fee charged.
Charge all clients who book via BoutiqueHomes a booking fee (Service Fee) of 7%
This new feature will achieve a total yearly revenue of $ 1.6 M +
With about 1,400 properties available to book we currently achieve 1,400 bookings per year. This means in an overall view that each property gets booked 1 time per year.
We estimate that each rental property can take between 20 -50 bookings per year. Here is a huge margin, which has to do with availability of the property in the first place.
If properties are not available (booked already through other portals) our clients can’t make a booking via BH.
Increase the amount of bookable properties. Introduce Room Allotment so our clients can book more available rooms.
By tapping into those 20 -50 possible bookings per year by a small number, for example just 2 bookings per property per year we would double our commission revenue.
While we are building our BoutiqueHomes Brand and community of like-minded design lovers, we are actively exploring additional services we can offer within BoutiqueHomes Brand.
Over the years we’ve curated one of the best sites for design lovers and travelers around the world. We started to take the same approach in curating locally built artisanal furniture, apparel, and other luxury products by highlighting these designers and introducing them to an international marketplace.
Here are 3 additional areas we are currently working on:
With over 1,500 vacation properties at our finger tips, we believe that product placement in those homes opens an enormous marketplace opportunity. With an interactive app, travelers can shop and buy while staying in those homes and on vacation.
Vacation Properties For Sale
Many of our current properties will become for sale – eventually. We are working on a ‘For Sale’ section which will allow us to tap into the real estate market and we are perfectly positioned with those properties we have already in our portfolio and a relationship with those property owners.
Events and Location/Filming
Our properties are primed for photo and film shootings. Many of our properties are also perfect event venues. Our current Event section can be developed and become another revenue source.