Using automated tools or manual adjustments to modify rental rates in real-time throughout the week based on factors like demand fluctuations, last-minute bookings, and competitor pricing changes.
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Glossary Term: Revenue Management
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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.
Implementing techniques and tactics to increase revenue per available rental night, including dynamic pricing, minimum stay requirements, and upselling.
The practice of analyzing and adjusting pricing strategies on a weekly basis to maximize rental income, considering factors like seasonality, demand, and competitor pricing.
Strategies used to encourage guests to book additional services or amenities, such as early check-in, late check-out, or local experiences, to increase revenue.
The practice of offering additional services or amenities to guests during their stay at a short-term rental, such as early check-in, late check-out, grocery delivery, or local experiences, in order to increase revenue.
A metric used to track the percentage of time a short-term rental property is booked over a specific period, calculated by dividing the number of booked nights by the total number of available nights.
The financial analysis of a single short-term rental unit, considering factors such as revenue, expenses, occupancy rates, and return on investment, to determine its profitability.
A dynamic pricing strategy where rental rates fluctuate based on factors like seasonality, demand, day of the week, and special events, optimizing occupancy rates and revenue.
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.
The practice of generating detailed reports every three months to analyze key performance indicators (KPIs) like occupancy rates, revenue, expenses, and guest satisfaction for a vacation rental business.