The potential benefits missed by choosing one option over another. In short-term rentals, it refers to potential income lost by not listing on multiple platforms or using dynamic pricing.
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Glossary Term: Dynamic Pricing
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The practice of setting the most profitable price for a short-term rental based on factors like demand, seasonality, competitor pricing, and property features.
A hypothetical pricing strategy for short-term rentals that allows for flexible adjustments based on factors like seasonality, demand, and competition.
A hypothetical approach to revenue management that involves adjusting pricing and availability strategies in real-time based on market demand and other relevant factors.
A situation where a short-term rental property’s pricing is not dynamically adjusted based on factors like demand, seasonality, and competitor pricing.
A pricing strategy where short-term rental rates gradually adjust based on factors like competitor pricing, seasonality, and demand, similar to the gradual process of osmosis.
A pricing strategy for short-term rentals where rates are automatically adjusted in real-time based on factors like demand, availability, and competitor pricing.
Hiring revenue management companies or consultants to optimize pricing for short-term rentals based on market demand and other factors.
Implementing a dynamic pricing approach that adjusts rental rates across all booking platforms based on factors like demand, seasonality, and competitor pricing.
The process of lowering rental prices during the off-season to stimulate demand and maintain a steady stream of bookings.
The strategic planning and coordination of bookings, pricing, and availability to maximize occupancy rates and revenue for a short-term rental property.
Software solutions tailored to the unique needs of short-term rental managers, offering features such as automated messaging, booking management, and financial reporting.