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 allow you to plan ahead and ensure you are prepared financially for the upcoming year. In addition, having a budget in Read More
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 performance. A single property in a portfolio will have Read More
"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 Management (RM) is an essential component of the short-term rental industry, as it helps property Read More
🏁 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 to many industries but gets most rigorously applied to enterprises with fixed capacity products Read More
📌 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 a lot of the same information when they create a reservation, but all providers do not Read More
✅ 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 basic form, a forecast is just a guess at what will happen in the Read More
“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 provide excellent cash flow Read More
Occupancy rate = booked nights ÷ available nights. A property available 31 nights with 20 booked is at 64.5% occupancy. It's the industry's favorite demand indicator — and the most misused metric in revenue management. What Is Occupancy Rate? Occupancy is a percentage that describes how full Read More
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 can be Read More
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 rate Read More
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