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.
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.
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.
Monitoring and analyzing key performance indicators (KPIs) related to short-term rental performance, such as occupancy rate, average daily rate, and guest satisfaction scores.