BLOG TOPICS
Get It Now
August 26, 2022
Short-term rental trends are shaping up for 2023, and there is no doubt that property managers will find opportunities next year for growth. However, there will be a few challenges for property managers to face, such as the possibility of a recession, continuing inflation, and more competition – AirDNA predicts that the supply of available listings will grow to almost 1.4 million in 2023, an 8.6% increase from 2022. To prepare for this increase in competition, vacation rental managers should take a look at how to stay ahead and stay efficient through the use of technology.
The best and most effective way short-term rental managers can grow their business is to lean on an effective revenue management platform, and the key component of that platform should be dynamic pricing.
We’ve all seen the big players in the vacation rental industry acquire properties at rapid speed to grow their portfolios exponentially over the last few years. However, this success is not only for the biggest players. Smaller-scale and independent property managers can also grow their inventory quickly and efficiently, and they can rely on technology to do so profitably. Enter dynamic pricing.
A recent analysis of vacation rental managers that utilize dynamic pricing grew their listings by an average of 24% in one year. Among all the great benefits of dynamic pricing (i.e. increased revenue, higher occupancy, etc.), the best way a great dynamic pricing platform helps with acquisition is the extensive market data available in the tool. You can keep an eye on each listing’s performance in your market, easily seeing how neighboring units are performing. Once you spot a property making less than what the market demands, all you have to do is approach that owner and let your results speak for themselves.
Capitalizing on demand is essential to maximizing revenue and staying competitive. Demand for your properties varies daily, and a static, flat pricing strategy misses out on those changes. By keeping your pricing dynamic, you can capitalize on these fluctuations and leverage pricing based on supply and demand:
Dynamic pricing reacts in real-time to find pockets of revenue in areas other tools can’t, ensuring that you are maximizing revenue and occupancy, your vacancies remain low, and that you don’t leave money on the table.
Manually pricing (or trying to manage a less sophisticated pricing tool) is tedious and time-consuming. However, once you set up dynamic pricing for your properties, you’ve basically unleashed a smart, advanced tool that does about 95% of the heavy lifting for you. Trusting a dynamic pricing tool will allow you to have more time to do other important things, so you can use that time to focus on improving other areas of your business, like traveler experience. Creating unique experiences among your properties can help them stand out in a crowded market, but it’s hard to think creatively when you’re just trying to keep the lights on.
Having a proactive revenue management strategy in place that is centered around dynamic pricing will not only save you time and increase your revenue, but it’s also a sure-fire way to keep your owners happy.
We recently talked to a few property managers about how dynamic pricing improves their business, and we noticed one main theme: dynamic pricing also helped improve relationships with their owners - and it actually led to new owner acquisitions. These successful property managers share data and educate their owners about how dynamic pricing responds to market changes and adjusts rates automatically. Most importantly, they make sure to communicate to their owners the impact that those rates have on their bottom line.
Ready to see how dynamic pricing can work for you? We’d be happy to show you. Contact us for a demo!
Since pioneering dynamic pricing for the short-term rental market in 2013, Beyond has helped thousands of users price millions of listings and generate billions of dollars in revenue. Beyond’s unparalleled access to and analysis of real-time, advanced global short-term rental data powers its ability to unlock, inform, and automate action for every kind of hospitality business.
.png){kind=small}
.png){kind=small}
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.
.png)
.jpg)