Revenue Management Strategies with Tom Lyons of Casago
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of understanding market trends, particularly during the holiday season. It highlights the value of length-of-stay pricing and the influence of property presentation on guest decisions. Hosts should consider adjusting their pricing strategies based on booking windows and seasonal trends.
Key Insights
- •A significant revenue increase can be observed when implementing a length of stay pricing strategy, as a customer staying five nights is worth more than one staying two nights.
- •The holiday season can be divided into two pricing waves, with peaks around the 22nd-24th of December, a dip, and a rise from the 27th-31st. This contrasts with a trend of consistent pricing from the 21st-31st.
Action Items
- ✓Hosts should update listing photos and descriptions seasonally.Effort: lowImpact: low
- ✓Hosts should consider implementing length-of-stay pricing strategies to maximize revenue.Effort: mediumImpact: medium
Tools & Resources
- →CasaGo: Those interested in learning more about CasaGo can explore their offerings and even franchise opportunities at www.casago.com.(www.casago.com)
- →Wheelhouse: Tools like Wheelhouse are making strides in this realm.
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