A metaphor for rapidly increasing profits in short-term rental management through strategic optimization of pricing, occupancy rates, and operational efficiency.
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Glossary Term: Revenue Management
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Leveraging price differences for the same short-term rental across multiple platforms, like Airbnb and VRBO, to maximize booking potential.
An estimation of the maximum possible income a short-term rental property could generate within a specific timeframe, considering factors like location, seasonality, and occupancy rates.
A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time for a short-term rental business.
The process of projecting future income and expenses for a short-term rental property based on historical data, market trends, and seasonality.
Analyzing key financial metrics such as occupancy rate, average daily rate, and net income to evaluate the profitability and success of a short-term rental property.
Estimating the potential income and expenses of a short-term rental property based on factors such as location, seasonality, and market demand.
Defining specific and measurable financial targets for a short-term rental property, such as desired occupancy rate or net income.
Ensuring the long-term profitability and viability of a short-term rental business by managing expenses, optimizing pricing, and adapting to market changes.
A pricing strategy where rental rates are adjusted based on factors such as occupancy rates, demand, and competitor pricing to optimize revenue.
A pricing strategy where short-term rental property owners manually set their rental rates based on factors like seasonality, demand, competition, and their own financial goals.
A situation in short-term rentals where a property is booked for only a portion of the available dates within a given period.