As most markets in North America and Europe enter their summer high season, we wanted to take a look at how short-term rental property managers and owners can maximize their revenue management strategy over the next few months.
Here are a few revenue management tips and tricks to use this summer, along with some insight into how Beyond can save you time and money along the way.
Holiday Booking Pace
There are many holidays and events throughout the summer months that drive demand. Most property managers and dynamic pricing tools know how to price these events appropriately, like how Beyond uses localized data to detect changes in demand and updates pricing automatically.
Due to the high prices surrounding many popular dates throughout the year, booking pace for these dates may seem slower than surrounding dates. For example, the week before the 4th of July in the United States may be booking up quicker than the actual week of that holiday.
This type of lag in booking pace is completely normal as some travelers may be initially hesitant towards high prices for high demand dates and events. Maintaining your holiday and event pricing strategy in the lead-up to the actual dates is key when looking to maximize average daily rate, especially compared to previous years.
Be sure to review your historical booking lead time for holidays and events and leave yourself plenty of time to make sure a property gets booked over a holiday time frame.
Beyond’s dynamic pricing tool does this automatically for you by adjusting the price of your listing if it remains unsold within the average booking window for a given holiday or event date.
As most short-term rental property owners and managers know, with summer bookings come summer cancellations. It’s a natural part of the travel ecosystem, and managing your cancellation strategy can be almost as important as your pricing strategy.
As with any cancellation, it’s important to ensure that the cancelled dates can be resold. If the cancellation is made far outside of the usual booking window, there’s still time to rebook those nights at the same rate that the original guest paid—if not higher—based on updated market demand.
On the other hand, when a guest cancels within the typical booking window for a property, it may be hard to resell the original booking. Revenue managers typically have to manually update the pricing for that cancellation to make sure the newly opened dates are correctly priced.
When using Beyond for a listing, however, we automatically price every single day on your property’s calendar, even if it’s booked, blocked, or otherwise unavailable. This means that if a last-minute cancellation comes in, we have already optimized the new price for those dates in order to make sure the cancelled booking can be replaced in time at the best possible rate.
Sometimes high demand dates surrounding holidays or events need extra revenue management attention. When managing more than one property, it can be difficult to make targeted updates to your pricing strategy across an entire portfolio without wasting hours.
Our Bulk Actions feature can help save you time when updating any settings or prices for your listings.
Bulk Actions allows you to update base prices, minimums, manual overrides, and more for multiple properties at once, saving you time that you can spend on other aspects of your short term rental business.
If you’re a revenue manager that likes to test out new strategies with minimums or manual overrides, Bulk Actions is a great feature to help save time when implementing that strategy across multiple listings.
Short-term rental property travel demand is constantly evolving, especially this year. Property managers using Beyond’s revenue management tools can rest easy knowing that we take care of most of the heavy lifting when it comes to your revenue strategy.
For more information, check out our full suite of revenue management tools.