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 [...]
What is forecasting? Quite simply, forecasting is determining what is going to happen in the future. Forecasts are useful to predict changes in stock prices, weather, or how many nights somebody will book your property in the coming months. Different industries use different methods to [...]
Q+A with Pricing Experts Neal has a background in airline pricing and has recently launched Quibble, a dynamic pricing solution for short-term and vacation rentals. Anurag is the co-founder of PriceLabs, a revenue management tool for the vacation and short-term rental industry. Be [...]
What is a Special Event? There is a high season... There is a low season... Then, there are special events. Seasonality, the changes in demand by season, generally follow a trend that repeats each year. A special event is a public event such as a [...]
Determining Seasonality in Demand Forecasting for Vacation Rentals What is Seasonality? In the world of demand forecasting, Seasons are refined datasets used in building a forecast. When a person or application is tasked with estimating future demand, they will almost [...]
Dynamic Pricing vs. Pricing Setting a Price There are numerous ways that firms can decide to set prices for their goods and services. If a seller has perfect information about the marketplace, the decision is quite simple. They can calculate all the possible prices [...]
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