How to Maximize Your Revenue with Rented
Summary
This article discusses revenue management strategies for short-term rentals, specifically focusing on how to set fees and pricing compared to traditional pricing strategies. It emphasizes the importance of a daily and weekly pricing routine and includes advice on dynamic algorithms, how to structure your revenue management time, and why experience matters more than formulas in pricing decisions.
Key Insights
- •Revenue management is a discipline that takes ancillary factors into account, while pricing strategy is primarily concerned with the number itself.
- •Combine good data with a revenue analyst for best results when pricing.
Action Items
- ✓Set STR fees, considering if you are making money, if the homeowner is earning enough to stay, and if the guest will feel nickel and dimed.Effort: lowImpact: medium
- ✓Review bookings daily to look for pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Rented: The article mentions Rented as a provider of full-service revenue management for professional vacation rental managers.
- →Freewyld Foundry: The article references a report to help you find out how much money your portfolio is leaving on the table. (Freewyld Foundry)
Watch Out For
- ⚠Don't charge extra guest fees as it creates an incentive for guests to lie.
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