The process of adjusting nightly rental rates based on factors such as demand, seasonality, events, and competitor pricing to maximize occupancy and revenue.
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Glossary Term: Revenue Management
274 posts
Offering a discounted rate to guests in exchange for booking a non-refundable reservation, providing greater financial security for the host.
Implementing strategic discounts, special offers, or packages during periods of lower demand to attract bookings and maximize occupancy during the off-season.
The effective handling of financial aspects related to short-term rental management, including pricing strategies, expense tracking, revenue optimization, and tax compliance.
The dynamic adjustment of rental rates based on factors like seasonality, demand, competition, and property features to maximize occupancy and revenue while remaining competitive.
Evaluating the financial performance of a short-term rental property, including occupancy rates, revenue, and expenses, to make informed business decisions.
A software solution used by property managers or hosts to automatically generate rental quotes based on factors like seasonality, demand, length of stay, and property attributes.
A pricing strategy where hosts charge a higher rate for their short-term rentals due to factors such as exceptional location, amenities, luxury features, or high demand periods.
The highest price charged for a short-term rental during periods of exceptionally high demand, such as holidays, special events, or peak season.
The use of data and statistical techniques to forecast future trends in the short-term rental market, such as demand fluctuations, pricing patterns, and competitor activity.
A pricing strategy where rates are adjusted based on demand and availability, with higher prices charged during peak seasons and lower prices during off-season.
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.