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February 8, 2023
With our extensive database of vacation rental data and insights, we track market trends so we can better help our customers make the most money with their vacation rentals. And right now we are seeing a more competitive landscape developing in the vacation rental industry.
To give our users a competitive edge and keep ahead of supply increases in their vacation rental markets, we are updating our default last minute discount rules. These rules will better help our customers retain occupancy and secure more revenue.
For each new listing, we initially set a conservative default last minute discount plan so that new users can start pricing on Beyond with ease. We know hosts and property managers want to be able to control their last minute discounts, which is why we showcase them.
However, we have found that many users are continuing to rely on our initial conservative recommendation, which may not be optimal in our current economic climate or for your revenue strategy. So, we are updating our initial recommendation to be more in line with current market trends. This will help your listings be more competitive and increase their chance of receiving bookings.
Maybe! If you are currently using Beyond’s default last minute discount plan and are comfortable with our new default plan, then no action is needed.
However, if you want to review this, we recommend that you log in to Beyond and update your last minute discounts to something that you are happy with.
Keep in mind that any last minute discount will never drop below the minimum price you have set for your listing.
We always recommend setting your last minute discounts depending on the number of bedrooms, the market your listing is in and the time of year. To understand your booking lead time of a listing, you can look at your “Listing Stats” page or go to Insights to look at your aggregated lead time.
If you have a lot of listings and updating your last minute discounts seems daunting, then you can always use Beyond’s Bulk Actions on the Table View to replace last minute discount rules in bulk. Additionally, if you are looking for advice Beyond’s Support team is happy to give a data-driven recommendation, please reach out!
We believe last minute discounts are an important part of a cohesive revenue management strategy. Ensuring that they are updated and responsive to the current economic climate will help improve performance in 2023.
Want to know more about how we think about last minute discounts and how to set them up for your listing? Check out our Support Center.
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.
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