Reservations, competitiveness and occupancy rates all rely heavily on two factors: rates and distribution. If you own a property with vacation rental income potential, there are a few measures that directly affect your ability to make a return on this investment.
In order to ensure your property is earning to the highest potential, you need a strategy in place to secure bookings with reliable guests, guarantee your property listing is live on all the right channels and set your property’s daily and weekly rates through dynamic pricing.
This article will explore what this all means and how to consider a property rental strategy.
Beach Vacations excels in competitive pricing for vacation rentals through a combination of in-depth pricing history, dynamic pricing strategies and at the Revenue Manager team. To say the least, the days of a singular summer rate change are long gone. However, this is absolutely a positive advancement!
There is a general rule in vacation rental management that to adhere to supply and demand, and stay competitive in your market, owners need to consider adjusting rates based on several factors:
This would all be a bit overwhelming if it wasn’t for dynamic pricing and revenue management. Dynamic pricing uses AI technology to analyze a local hospitality market in real-time to recommend the best property prices.
The advantage of dynamic pricing is the flexibility, frequency and efficiency of accurate rate adjustments. These shifts keep properties competitive and this strategy tends to attract more audience attention. Another benefit to dynamic pricing is the accurate reporting and data available for Beach Vacations Owner Reviews.
At a glance, this quick review will display how traveler trends affect rates, where there is more opportunity for rental income and why your prices were adjusted or increased at a certain point in time. The impact of holistic dynamic pricing strategies with Beach Vacations is significant.
After a property’s rates are set through a combination of dynamic pricing and responsive revenue managers, the next step is to place these properties and their rates in front of the right target audience.
This is where the term Online Travel Association (OTA) enters the stage. Well-known Online Travel Associations include Airbnb, VRBO, Expedia and other similar vacation rental marketplaces. Revenue management and distribution, or the accurate pricing and placement of your property, can affect a wide range of factors such as a property’s ranking on search results pages.
Similarly to how Beach Vacations manages dynamic pricing, the marketing and revenue teams work in tandem to decide on the best OTAs for your property placement. Beach Vacations creates customized property descriptions, professional photography, floor plans and demonstrated marketing strategies to make sure your property stands out on all OTA pages.
Would you like to learn how Beach Vacations could increase your earning potential through these features? Request a personalized rental projection here.
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