Unlock the Benefits of Early Planning: 5 Reasons to Set Your 2023 Budget Now Congratulations on taking the initiative to set a budget for 2023! Establishing a budget can be overwhelming, but it's essential to achieving your financial goals. This will [...]
Revenue Opportunity Revenue managers have a finite amount of daily time to make decisions. Each decision they make should improve the probability of increased revenue, and they must spend that time efficiently to have the most significant possible impact on revenue [...]
The Importance of Revenue Management for Short-Term Rentals "Early planning is a great way to ensure that you're making the most of your money and investing it in a way that will benefit you in the long run." Revenue [...]
Does Revenue Management still work during COVID-19? 🏁 Let's start with Revenue Management Revenue Management is both a science and a practice of price discrimination, the economics term for charging different prices for the same product. It can be applied [...]
Revenue Analytics: Process Your Revenue Data the Right Way 📌 Revenue Processing Before looking at revenue forecasts, trends, and year-over-year positions, it is critical to understand how to read STR revenue numbers and how they come about. Technology providers collect [...]
Forecasting Revenue: Why is it Vital for Vacation Rentals? ✅ The basics of Forecasting The term forecasting can be intimidating for those who have not done it before, but it does not need to be that way. In its most [...]
The RevPAR Breakdown “Turnover is vanity, profit is sanity, but cash is king for your business.” 👑 Cash is King That is a widely used quote highlighting the most crucial metric in any business. Short term and vacation rentals can [...]
Occupancy (OCC) Occupancy is a metric represented as a rate or percentage used by vacation rental managers to describe how full their properties are. A single vacation rental can be 50% occupied for the 4th of July weekend, or an entire portfolio [...]
Who are your competitors? This question seems simple enough. Competitors are companies that you are competing with to win customers. For most businesses, a search of the web would help you find the majority of your competitors. For short-term rental (STR) managers, identifying competitors [...]
Which cancellation policy should you choose? Cancellations are never fun. Historically the vacation rental industry has enjoyed a host-friendly cancellation policy structure. It is common for property managers and homeowners to use strict cancellation policies giving traveling guests little to no flexibility. Naturally, the cancellation [...]
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