The process of adjusting nightly rental rates based on factors such as demand, seasonality, events, and competitor pricing to maximize occupancy and revenue.
Menu
Glossary Term: Pricing Strategy
270 posts
Offering a discounted rate to guests in exchange for booking a non-refundable reservation, providing greater financial security for the host.
A comprehensive plan for launching a new short-term rental property, including optimizing the listing, setting competitive pricing, and promoting it to attract initial bookings.
Strategies and techniques used to maximize the percentage of time a short-term rental property is occupied by paying guests.
A dynamic pricing strategy that considers factors like seasonality, demand, and competitor pricing to optimize rental rates for maximum revenue.
The effective handling of financial aspects related to short-term rental management, including pricing strategies, expense tracking, revenue optimization, and tax compliance.
Conducting thorough research to understand the target market, competitor pricing, and local demand trends to optimize pricing and marketing strategies.
A pricing strategy for short-term rentals where rates are structured in tiers based on demand and availability, with higher prices for peak seasons and weekends.
A pricing strategy that appears successful in the short term but ultimately undermines profitability or long-term sustainability. This might involve consistently undercutting competitors or relying solely on discounts.
The use of pricing strategies that leverage psychological principles to influence guest perception and booking behavior, such as charm pricing or using the anchoring effect.
A pricing strategy where hosts offer reduced rates for guests who book longer stays, incentivizing extended bookings.
The time of year when a particular destination or region experiences the highest demand for short-term rentals, typically accompanied by increased booking rates and occupancy.