Many were sceptical of adopting technology long-used by hotels and airlines, and hesitant to introduce big business tactics that could potentially take away from the authentic guest experience many property managers and hosts have worked tirelessly to create and sustain over recent years.
Today, the short-term rental industry has transformed, new entrants with the capital to invest in technology are generally scaling faster than smaller, more established competitors who may still be tethered to either manual, or homegrown strategies that haven’t changed for quite some time.
To be clear, there is more to revenue management than just dynamic pricing, and the vacation rental industry is poised to redefine what revenue management means over the next few years. Property Managers are turning to Revenue Management Solutions (RMS) (like Beyond) to adapt technology that improves the efficiency of their short-term rental lifecycle; from market data and analytics, to rate distribution and booking optimisation.
There are also additional components you should consider to get the most out of your short-term rental technology investments. For example, setting prices shouldn’t be done
in a vacuum; it must account for the constantly shifting market dynamics of supply and demand, which does not always follow the same patterns as in previous years (now more than ever)!
Integrating insights from your portfolio, competitive market data, and forward-looking data, like search data from your direct website, is key to setting the most effective, and
accurate prices year-round. With a complete RMS, your data and insights should inform your dynamic pricing strategies, unique to each listing, while also working toward your
overall business’s goals in tandem.
Once you set the right price, it’s crucial to ensure these prices, and the established customisations we’ll talk about a bit later on, are seamlessly distributed across your OTA’s, and your direct booking website Each booking channel, with distinct fees per platform and unique traveller demographics, should be optimised for profitability.
Find out How Dynamic Pricing Works and Download the Member Guidance Below
Author of Guidance: Beyond
Contact Details: emeabdr@beyondpricing.com
Date of Guidance: July2024
Version Number: V1
Disclaimer – Guidance Sheets are written by experienced Members of the ASSC and other experts. The information in the ‘Guidance Sheet’ is provided by the ASSC for use by Members in support of their own independent business decisions. It does not constitute advice or instruction for which the ASSC can be held liable in any way whatsoever. All Members and other readers remain responsible for the consequences of any decisions taken whether in the light of information gained from this Guidance Sheet or not.