A revenue management approach for short-term rentals that focuses on optimizing pricing and occupancy to maximize profitability, often using data analytics and forecasting tools.
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Glossary Term: Pricing Strategy
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The process of improving a short-term rental listing to attract more bookings, involving high-quality photos, compelling descriptions, competitive pricing, and strategic keyword usage.
A dynamic pricing strategy for short-term rentals that uses algorithms and machine learning to analyze factors like demand, seasonality, and competitor pricing to automatically adjust daily rates for optimal revenue.
A key performance indicator (KPI) in the hospitality industry, calculated by dividing the total revenue generated from bookings by the number of nights booked.
Charges applied by hosts or property managers for each guest beyond the standard occupancy limit specified for a short-term rental property.
A tool that helps hosts determine a competitive and profitable nightly rate for their short-term rental. It factors in expenses like mortgage, utilities, and cleaning costs.