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Full Service Revenue Management and Distribution
Stay Breeze | 05 Oct 2020
Reservations, competitiveness, and occupancy rates all rely heavily on two factors: Rates and Distribution. To ensure your home or unit is converting quality guests it needs to be listed on the correct channels, at the appropriate price, and at the right time. This is where dynamic pricing and distribution channels play a large part. In this article we will discuss how dynamic pricing works and the channels your homes are listed on.
Vacation Rental Dynamic Pricing
The days of changing rates due to a season or yearly are days in the past in the vacation rental industry. To adhere with supply and demand, as well as staying competitive in your market, owners need to change their rates based on many factors such as holidays, week days, weekends, promotional specials, and high occupancy trends. This is where dynamic pricing and full service revenue management comes into play.
The advantage of dynamic pricing is the ability and flexibility to adjust prices frequently and efficiently to optimize your occupancy performance. The structure behind Dynamic Pricing Providers in the Vacation Rental Software industry is they use AI technology to analyze your local hospitality market in real-time to recommend the best prices. This is huge to help you stay competitive.
While your VRMC utilizes dynamic pricing, an added advantage includes accurate reporting and data all at one glance. Understanding trends, why your prices dropped or increased, or to see where opportunity sits is easy. While utilizing our expertise and third part vendors such as Perfect Price, PriceLabs, or Beyond Pricing owners are able to see significant increases in revenue with dynamic pricing.
Now that you understand your pricing will be automated, flawless, and competitive with dynamic pricing, getting those prices in front of the right target audience at the appropriate time is the next step. This is where Online Travel Associations come into play, otherwise known as OTA’s. You may have heard of them, Airbnb, VRBO, Expedia, and more. Finding a VRMC that understands when it’s best to post to OTA’s while balancing a strong direct booking strategy is key.
When using listing sites, it can be a challenge getting your property to appear towards the top of search results. Having a VRMC who works towards understanding the different algorithms while being devoted to your listing performance is important. Professionally written descriptions with enticing photographs, your VRMC needs to ensure optimization and growth through these listing sites.
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