Strategies and techniques used to maximize the occupancy rate and revenue potential of a short-term rental property.
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Glossary Term: Revenue Management
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The practice of adjusting pricing and availability to maximize revenue from short-term rental properties. This involves analyzing market trends, seasonality, and competitor pricing to optimize occupancy and nightly rates.
A pricing strategy that automatically adjusts the nightly rate of a short-term rental property based on real-time market demand, competitor pricing, and other factors influencing yield.
Strategies and practices aimed at minimizing the time and resources required between guest bookings, maximizing occupancy rates and revenue.
A strategic plan outlining methods for hosts to increase revenue by offering additional services or amenities to guests beyond the basic accommodation, such as early check-in, late check-out, airport transfers, or local experiences.
A plan for identifying and offering additional services or amenities to guests during their stay, aiming to enhance their experience and generate additional revenue.
Managing the financial aspects of short-term rental hosting, including tracking income and expenses, setting pricing strategies, and complying with tax regulations.
A desirable metric for short-term rental hosts, indicating a high percentage of booked nights over a given period.
The process of tracking and analyzing income generated from short-term rentals, factoring in occupancy rates, average daily rates, and expenses.
The minimum number of nights required for booking a short-term rental, often varying depending on seasonality, weekends, and special events.
The remaining income from a short-term rental after deducting all expenses, including cleaning fees, management fees, and operating costs.
Maximizing occupancy rates by securing frequent bookings, often achieved through competitive pricing, attractive listings, and effective marketing.