Regularly surveying the pricing strategies of comparable short-term rental properties in the same market area on a weekly basis to stay informed about competitor rates and adjust own pricing for competitive advantage.
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Glossary Term: Pricing Strategy
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Techniques and strategies used to optimize pricing and occupancy rates to maximize revenue from short-term rentals.
The process of adjusting rental prices based on factors like seasonality, demand, and competition to maximize occupancy and revenue.
A pricing strategy that offers a reduced rate for guests who book a stay of seven nights or more, encouraging longer bookings.
A higher nightly or overall price charged for bookings that include Friday, Saturday, and/or Sunday nights, reflecting increased demand.
A pricing strategy where hosts charge a higher nightly rate for stays that include weekends (typically Friday and Saturday nights) due to increased demand.
The practice of analyzing and adjusting pricing strategies on a weekly basis to maximize rental income, considering factors like seasonality, demand, and competitor pricing.
The specific benefits and value that a short-term rental property offers to potential guests, differentiating it from competitors and justifying its price point.
The practice of analyzing data and implementing strategies to maximize revenue and occupancy rates for a short-term rental property, similar to revenue management in the hotel industry.
Additional charges applied per person beyond the standard occupancy limit set by the host for a short-term rental.
A process of examining periods when a short-term rental property is vacant or unbooked to identify patterns, understand booking trends, and optimize pricing and marketing strategies to minimize vacancy rates.
The ability to tailor quotes for potential guests based on factors like length of stay, time of year, special requests, or promotional offers.