BLOG TOPICS
This week, Beyond attended the VRM Intel Data & Revenue Management Conference in Charleston, SC. The third annual conference brought together industry experts to discuss the important emerging topic of revenue management in the short-term rental industry.
As one of the most innovative conferences in the industry, there was a lot to cover (even during an early morning power outage). Here, we’ve compiled our top takeaways from an exciting week.
It’s hard to talk about short-term rental revenue management and not talk about forecasting. Preparing for the future is an essential part of operating a short-term rental business, and the topic came up in quite a few sessions.
While there is no “right” way to create a perfect forecast, some panelists shared their thoughts on best practices. Using a blend of historical data from multiple years, as well as recent pickup and pacing reports, is key when forecasting for the future. It’s most important to create a forecast for the near term over the next 90 days, but it doesn’t hurt to forecast for an entire year alongside an annual budget.
Sarah Franzen from Natural Retreats also mentioned that the significance of forecasting really comes from comparing it to your actual performance.
Revisiting the accuracy of a forecast is a crucial step in optimizing the process even further.
Online travel agencies remained prevalent at this year’s conference, with no shortage of conversations about channel management and distribution optimization. Expedia and Airbnb shared best practices for managing listings within their platforms, including the use of promotions and discounts to increase booking pace and occupancy.
It’s of course important to make sure that a promotion strategy aligns with your overall revenue management strategy to avoid any loss in average daily rates (ADRs). Distribution is a major part of any revenue management strategy, and the use of channel managers can help enable property managers to expand their booking audience and drive revenue.
Another big topic at this year’s DARM conference was regarding fee strategy and structure after many property managers reviewed their fees over the past year. Cameron Felton from Evolve Vacation Rentals made a point to say fees should absolutely be a part of your revenue management strategy, but they shouldn’t necessarily be included in rental revenue when looking at analytics.
Fees can have a huge impact on the guest booking journey and should be taken into account when reviewing a revenue management strategy. Some property managers made note of increased fees over the past year to account for higher operating costs coming from increased occupancy levels and higher cleaning standards.
The lesson here is to review how your fee structure is presented to the guest and understand the impact that any changes to your fees may have on overall booking pace.
While the variety of sessions covered most aspects of revenue management, the highlight, like in previous years, was the Battlegrounds. This year featured a mix of tech centered around revenue management, from shopping cart abandonment to strengths of property management systems to traditional pricing tools.
With 8 contenders, it was great to see how technology has evolved to support the vacation rental revenue management space. A few of our highlights were:
It was a great few days in Charleston discussing revenue management and data in the short term rental industry, all thanks to Amy Hinote and the VRM Intel team. Beyond is excited to join VRM Intel again in December at the Vacation Rental Women’s Summit - we hope to see you there!
Mi tincidunt elit, id quisque ligula ac diam, amet. Vel etiam suspendisse morbi eleifend faucibus eget vestibulum felis. Dictum quis montes, sit sit. Tellus aliquam enim urna, etiam. Mauris posuere vulputate arcu amet, vitae nisi, tellus tincidunt. At feugiat sapien varius id.
Eget quis mi enim, leo lacinia pharetra, semper. Eget in volutpat mollis at volutpat lectus velit, sed auctor. Porttitor fames arcu quis fusce augue enim. Quis at habitant diam at. Suscipit tristique risus, at donec. In turpis vel et quam imperdiet. Ipsum molestie aliquet sodales id est ac volutpat.
Elit nisi in eleifend sed nisi. Pulvinar at orci, proin imperdiet commodo consectetur convallis risus. Sed condimentum enim dignissim adipiscing faucibus consequat, urna. Viverra purus et erat auctor aliquam. Risus, volutpat vulputate posuere purus sit congue convallis aliquet. Arcu id augue ut feugiat donec porttitor neque. Mauris, neque ultricies eu vestibulum, bibendum quam lorem id. Dolor lacus, eget nunc lectus in tellus, pharetra, porttitor.
"Ipsum sit mattis nulla quam nulla. Gravida id gravida ac enim mauris id. Non pellentesque congue eget consectetur turpis. Sapien, dictum molestie sem tempor. Diam elit, orci, tincidunt aenean tempus."
Tristique odio senectus nam posuere ornare leo metus, ultricies. Blandit duis ultricies vulputate morbi feugiat cras placerat elit. Aliquam tellus lorem sed ac. Montes, sed mattis pellentesque suscipit accumsan. Cursus viverra aenean magna risus elementum faucibus molestie pellentesque. Arcu ultricies sed mauris vestibulum.
Senectus nam posuere ornare leo metus, ultricies. Blandit duis ultricies vulputate morbi feugiat cras placerat elit. Aliquam tellus lorem sed ac. Montes, sed mattis pellentesque suscipit accumsan. Cursus viverra aenean magna risus elementum faucibus molestie pellentesque. Arcu ultricies sed mauris vestibulum.
Montes, sed mattis pellentesque suscipit accumsan. Cursus viverra aenean magna risus elementum faucibus molestie pellentesque. Arcu ultricies sed mauris vestibulum. Montes, sed mattis pellentesque suscipit accumsan. Cursus viverra aenean magna risus elementum faucibus molestie pellentesque. Arcu ultricies sed mauris vestibulum.
Nunc sed faucibus bibendum feugiat sed interdum. Ipsum egestas condimentum mi massa. In tincidunt pharetra consectetur sed duis facilisis metus. Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.
Morbi sed imperdiet in ipsum, adipiscing elit dui lectus. Tellus id scelerisque est ultricies ultricies. Duis est sit sed leo nisl, blandit elit sagittis. Quisque tristique consequat quam sed. Nisl at scelerisque amet nulla purus habitasse.
Nunc sed faucibus bibendum feugiat sed interdum. Ipsum egestas condimentum mi massa. In tincidunt pharetra consectetur sed duis facilisis metus. Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.
Morbi sed imperdiet in ipsum, adipiscing elit dui lectus. Tellus id scelerisque est ultricies ultricies. Duis est sit sed leo nisl, blandit elit sagittis. Quisque tristique consequat quam sed. Nisl at scelerisque amet nulla purus habitasse.
Nunc sed faucibus bibendum feugiat sed interdum. Ipsum egestas condimentum mi massa. In tincidunt pharetra consectetur sed duis facilisis metus. Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.
Morbi sed imperdiet in ipsum, adipiscing elit dui lectus. Tellus id scelerisque est ultricies ultricies. Duis est sit sed leo nisl, blandit elit sagittis. Quisque tristique consequat quam sed. Nisl at scelerisque amet nulla purus habitasse.
Nunc sed faucibus bibendum feugiat sed interdum. Ipsum egestas condimentum mi massa. In tincidunt pharetra consectetur sed duis facilisis metus. Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.
Odio felis sagittis, morbi feugiat tortor vitae feugiat fusce aliquet. Nam elementum urna nisi aliquet erat dolor enim. Ornare id morbi eget ipsum. Aliquam senectus neque ut id eget consectetur dictum. Donec posuere pharetra odio consequat scelerisque et, nunc tortor.
Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.
sed interdum. Ipsum egestas condimentum mi massa. In tincidunt pharetra consectetur sed duis facilisis metus. Etiam egestas in nec sed et. Quis lobortis at sit dictum eget nibh tortor commodo cursus.