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.
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Glossary Term: Revenue Management
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An additional fee charged to guests for optional amenities or services beyond the standard rental offering, such as early check-in, late check-out, or use of specialized equipment.
A cleaning fee that is spread out over multiple bookings, typically calculated based on the average cleaning cost per stay and the expected booking frequency.
A key performance indicator (KPI) in the hospitality industry, calculated by dividing the total revenue generated from bookings by the number of nights booked.
A metric used to track the average number of nights guests stay in a short-term rental, providing insights into booking patterns and revenue potential.
The percentage of time a short-term rental property is occupied by paying guests over the course of a year.
The use of dynamic pricing tools that adjust rental rates based on factors like demand, seasonality, and competitor pricing.
Dynamic pricing models used by hosts and property managers to adjust rental rates based on factors like demand, seasonality, competitor pricing, and special events.
The process by which property management agencies optimize their clients’ listings on platforms like Airbnb and VRBO to enhance visibility, attract bookings, and maximize revenue.
Strategies and techniques employed by property management agencies to optimize rental income for their clients’ short-term rental properties, including dynamic pricing, yield management, and revenue forecasting.