Using historical data and market trends to predict future occupancy rates, aiding in pricing and revenue management.
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Glossary Term: Market Analysis
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The dynamic adjustment of rental rates based on factors like seasonality, demand, competition, and property features to maximize occupancy and revenue while remaining competitive.
Conducting thorough research to understand the target market, competitor pricing, and local demand trends to optimize pricing and marketing strategies.
(Derived term) Setting unrealistic expectations in STR, such as expecting full occupancy year-round, can lead to disappointment and frustration. It’s crucial to set achievable and realistic goals.
A report that compares similar short-term rental properties in the same location to determine competitive pricing and rental potential.
An estimate of a short-term rental property’s market value, considering factors such as location, size, amenities, and comparable properties in the area.
A pricing strategy where short-term rental property owners manually set their rental rates based on factors like seasonality, demand, competition, and their own financial goals.
The process of identifying and evaluating potential risks associated with owning and operating a short-term rental, including property damage, liability claims, legal disputes, and market fluctuations.
The process of determining the market value of a short-term rental property, considering factors like location, size, and amenities.
The practice of setting the most profitable price for a short-term rental based on factors like demand, seasonality, competitor pricing, and property features.
The “Ojalá Pricing Strategy” focuses on setting competitive rental rates while also considering the value of the overall guest experience. It involves analyzing market trends, guest expectations, and the unique selling points of the property to determine a pricing structure that maximizes bookings and revenue while ensuring guest satisfaction.
Research on the performance of short-term rentals in Oklahoma City, including occupancy rates, average daily rates, and revenue trends.