Why Short-Term Rental Owners Need Stay Breeze and OTA’s.
November 10, 2020
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Explore OTA’s and Distribution through the lens of a Property Management Company.
Full-Service Revenue Management and Distribution
Reservations, competitiveness, and occupancy rates all rely heavily on two factors: rates and distribution. If you own a property with vacation rental income potential, there are a few measures that directly affect your ability to make a return on this investment.
In order to ensure your property is earning to the highest potential, you need a strategy that secures bookings with reliable guests, guarantees your property listing is live on all the right channels, and sets your unit’s daily and weekly rates through dynamic pricing. Below, you’ll find out how dynamic pricing works hand in hand with the channels where your property is listed to optimize income:
Dynamic Pricing for Vacation Rental Management
Today, vacation rentals are priced through a combination of in-depth pricing history, dynamic pricing strategies, and at Stay Breeze, our team of expert revenue managers. To say the least, the days of only changing the rates for a summer season or on a yearly basis are long gone.
There is a general rule in vacation rental management that to adhere to supply and demand and stay competitive in your market, owners need to consider adjusting rates based on several factors such as:
- Holidays
- Weekdays
- Weekends
- Promotional Specials
- Occupancy Trends
- Traveler Trends
This would all be a bit overwhelming if it wasn’t for dynamic pricing and revenue management, done for you by a full-service property management partner. Dynamic pricing providers use AI technology to analyze your local hospitality market in real-time to recommend the best prices.
The advantage of dynamic pricing is the flexibility to frequently and efficiently adjust prices to perform alongside the competitive supply and audience demand. This makes a big impact on the competitiveness of your property.
An added benefit of dynamic pricing is that your vacation rental management company will be able to provide accurate reporting and data all in one glance. A quick review will show how traveler trends affect your rates, where there is more opportunity for your rental income, and why your prices were raised or increased at a certain time.
When property owners choose to partner with a full-service management firm such as Stay Breeze, they benefit from our revenue management team’s expertise and third-party vendors such as Perfect Price, PriceLabs, or Beyond Pricing. The impact of holistic dynamic pricing strategies on vacation rental income potential is significant.
Distribution
After a property’s rates are set through a combination of dynamic pricing and responsive revenue managers, the next step is to place these properties and their rates in front of the right target audience.
This is where the term Online Travel Association, or OTA, comes into play. Well-known Online Travel Associations include Airbnb, VRBO, Expedia, and other similar vacation rental marketplaces.
A vacation rental management company that understands how to employ integrated revenue management and distribution strategy will also understand how these strategies can impact a property’s prominence on search results pages. In other words, how does your property make its way to the top of the search results, and on what channels do you focus your efforts?
Similarly to dynamic pricing, a full-service property management company will understand the different algorithms and understand which channel(s) are best for unique properties.
Stay Breeze uses customized property descriptions, professional photography, and clear marketing strategies to optimize your property performance on these channels and prominently appear in search results.
Both dynamic pricing and channel distribution strategies can be complex. Fortunately, the Stay Breeze team values the people behind each property.
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