Why Your Vacation Rental Management Needs Revenue Management

It is no joke that in 2020 revenue management has become more critical to the Vacation Rental Management industry. Property managers want to understand why it’s relevant, how to compete, and ultimately, maximize their revenue. In this post you will learn how revenue management is more than just pricing, along with what revenue management companies TRACK Property Management Software partner with. 

Why Your Vacation Rental Management Needs Revenue Management

Taking it back to the basics, revenue management is important due to the ancient rules of supply and demand. Your vacation rental management company needs to strategically set rental fees based on weeknight, weekend, holiday, and seasonal parameters. Finding the exact algorithm to maximize your occupancy by optimizing your pricing to conditions is key. This may sound simple for one or two rentals, but looking at companies with 50 or more homes it begins to get more difficult and that is where a revenue management software comes into play. 

Revenue Management Software is defined by Rented.com as, “proactively maximizing your revenue by ensuring a property is listed for the right price, in the right place, in the right way, at the right time, and for the right consumer.” When focusing on this goal your Vacation Rental Management company is fulfilling dynamic pricing. Remaining dynamic will set you apart from your competitors by optimizing your pricing. 

This all sounds scary, but I promise your Vacation Rental Management Company working with TRACK Hospitality Software’s partners in revenue management makes it easy. Keep reading to find out revenue management partners of TRACK or click here to see other industry experts TRACK partners with. Speaking of partners, check out VRM Intel’s in depth Revenue Management Glossary for more help.

PriceLabs Logo which is a Vacation Rental Management Industry Leading Revenue Management Software

PriceLabs is a powerful revenue management & dynamic pricing solution for vacation and short-term rentals. A data-driven approach, automation rules, and customization’s to manage pricing and minimum-stay restrictions help vacation rentals increase revenues and save them hours in the process.

The customization options layer on top of market data help you automate things like cascading minimum stays (e.g., lower min-stay as a date gets closer, reduce min-stay to fill gaps), last minute discounts, orphan gap discount/premiums while still giving you good control over your pricing strategy. Learn more here!

Rented.com logo

We combine our decades of revenue management experience with data analysis to provide you with insights about the performance of your property portfolio.These insights mean you can gain a better understanding of each unit you manage without you needing to become a business intelligence expert. Our revenue strategy and insights don’t just include crunching numbers. We also assess other factors that may be affecting your performance such as a property’s photos, reviews, and operational adjustments. With both the objective data and our revenue management experience, we’re able to share valuable and actionable tactics and uncover previously unknown areas of improvement. We understand that looking at numbers on a spreadsheet or in a system can not only be confusing, but exhausting as well. That’s why we also provide you with individually customized dashboards through Key Data that’s included in our pricing.

perfect price logoPerfect Price delivers artificial intelligence for pricing and revenue management. Our AI platform makes millions of pricing decisions for forward-thinking companies around the world. We are backed by leading investors including Steven Tamm, EVP Engineering at Salesforce.

Perfect Price leverages decades of research and development at organizations like Microsoft, Twitter, and Fermilab to forecast and optimize in a revolutionary way. Advised by industry experts including Robert Phillips, PhD, head of pricing at Uber, Perfect Price empowers organizations with the most cutting-edge technology so that they are always prepared for what comes next.

Founded in 2013 by veterans of revenue management in the airline and hospitality space, Beyond Pricing is the world’s first revenue management and dynamic pricing software for vacation rentals. Driven by big-data machine learning and predictive analytics, Beyond Pricing has priced over 150,000 listings in more than 7,000 cities. The all-inclusive solution offers integrations with 10 of the top property management systems, including Escapia and Streamline, and direct integrations with Airbnb and HomeAway.Beyond Pricing has raised $3.5 million in venture capital from top-tier investors such as Resolute Ventures, Social Leverage and Bullpen Capital.

Wheelhouse is a Revenue Management Software providing Vacation Rental Management Companies Dynamic Pricing StrategiesWe live in the age of the empowered individual. Whether it’s a spare bedroom or a full-suite vacation home, anyone with a bold vision can launch the next amazing experience.These new one-of-a-kind spaces allow travelers to stay near friends, family, marathon starting lines, food festivals, and more. In total, they represent the next frontier of the accommodation space.We had these entrepreneurs in mind when we set out to build Wheelhouse. Our goal—to build a set of tools that could enable any individual to run their business as effectively as a hotel.To accomplish this, we built a platform that gives actionable insights into your unique home, neighborhood, and town. You keep the control while combining our holistic view of the market with your on-hands experience.

 

 

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