The Benefits of Channel Availability in TRACK Vacation Rental Property Management Software
We know at TRACK that partnerships are extremely important, we don’t promise we can do it all alone. With that being said, we would never recommend cancelling your listings with your OTA’s such as Airbnb, VRBO, or Booking.com. But to maximize your revenue and put a bit more back in your pocket might mean putting them on pause when your occupancy rates are expected to be high. The ability to pause channels through Channel Availability features in TRACK could save you thousands of dollars on commission fees as well as time on updating channels. In this article we will discuss what Channel Availability means in TRACK and a few use cases when it’d be valuable.
If you wanted to shut off an OTA listing currently in TRACK, you could do so by using a “0” in the derived rate ruling. Yes, this means you could turn off listings, but it just got a whole lot easier.
Channel Availability enables you to turn off specific listing sites by node or unit type. This means you do not need to go into each unit individually and manually create a derived rate, but simply select a unit type and turn off the designated channel for a given period of time. When we say unit type, we mean a group of units, created by you, that have similarities. This could be amenities, bedrooms, location, or more. With the availability to update mass groups of unit types, you won’t risk an error and you’ll save time. Now let’s discuss when Channel Availability will be beneficial to save you money.
One reason you might want to update your listings and availability would be during your slower season. Example if you are a ski destination, your summer months might be slower. To get your brand in front of more travelers, having more options than booking directly will drive more traffic to your property.
Last Minute Bookings
After analyzing your year over year occupancy and rates calendar you strategized that your units would be filled, but within the next few days your occupancy is low. This is when a last minute booking strategy comes into play. If you are looking to fill units quickly, turning on all OTA’s and Distribution channels is the best decision to gain more traction.
If you are still under occupied than what your revenue forecast predicted and OTA’s aren’t improving your rates, you might want to consider partnering with a Revenue Management Company such as PerfectPrice, BeyondPricing, or PriceLabs. These friends of ours offer dynamic pricing solutions to make sure you are getting the most out of your pricing strategy.
Many units have upticks in occupancy with a Thursday check in and a Sunday check out. Utilizing your distribution channels during weekdays might be the best way to fill your weeknights. If you are not receiving full occupancy by direct bookings, turn on your OTA channels to get in front of more travelers.
If you’d like to learn more how TRACK can ease your operations with channel availability, please schedule your demo here.