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Get It NowWhen it comes to a revenue management strategy for your short-term rental business, we can all agree that pricing is the most important part. With so many options to help your pricing strategy, it can be difficult to decide which tool is right for you. The two most common are pricing tools within online travel agency (OTA) platforms, like Airbnb & Vrbo, and dynamic pricing strategy platforms.
A recent report from Transparent and Rentals United that surveyed property managers from around the globe found that almost 50% of property managers have adopted a dynamic pricing technology solution. Seeing how popular the dynamic pricing solutions are with property managers, is this the right pricing tool for you? How is a dynamic pricing solution different from an OTA pricing solution? Let’s take a look at each.
Airbnb, VRBO, Booking.com, and most other major OTAs offer pricing help to hosts right on their platform. These pricing solutions usually take into account factors like daily trends, events in your area, seasonal shifts, and average rates of similar properties. Most of these pricing solutions promise to keep your rates competitive and keep you in control of your prices.
Pros
Cons
Dynamic pricing from Beyond is based on an algorithm that automatically positions your properties to be booked at the best price at the right time in your market. While there are thousands of factors that can be used to determine demand on any given day, we’ve identified the top three that have consistently proven to correctly gauge demand and local travel patterns:
Our algorithm is made up of several strains of complex logic and takes into account thousands of points to arrive at the correct price for each listing. Dynamic pricing takes away any guesswork when it comes to pricing each listing, and it removes the need for hours of research into competitor listings, events, and the many other factors that affect pricing.
Below, you can see an example of the different types of factors that go into pricing a listing. Starting with the base price, factors like seasonality, events, and day of the week (DOW), etc. provide the right price for this listing.
Ready to get started with dynamic pricing? Request a demo for more information or sign up for an account.
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