The STR Revenue Growth Course
Beyond Airbnb: Everything you need to know to boost bookings and grow earnings.
Episode 6: Unlocking Your Rental Property’s Revenue Potential, with Ryan from Beyond
Ready to learn how building or auditing your revenue strategy can help you unlock your revenue potential?
Dive into how thinking like a guest, using dynamic pricing, and exploring all avenues, can help you grow your earnings, with Ryan Saylor from Beyond.
Found this video interesting? Our partners at Beyond have been working on a Revenue Management Bootcamp where you can find more great tips – check it out now!
Don’t have time to watch the video right now? We’ve got you covered. Our key takeaways mean you won’t miss out on a thing!
Key Takeaways:
Guest Approach: To enhance revenue management, start by viewing your property through the eyes of a guest. By simulating the booking process, including searching for properties and navigating booking channels, you can identify any obstacles that may deter potential guests. This could range from outdated content to pricing discrepancies. Addressing these issues can improve booking rates and boost revenue.
Smart Pricing Strategies: Dynamic pricing is essential for revenue optimization, but it’s equally important to adopt smart pricing practices. Regularly review your revenue management techniques, benchmark performance against competitors, and leverage accurate data sources.
Continuous Learning and Adaptation: Revenue management is an evolving field, and staying abreast of the latest trends and technologies is crucial. Utilize technology to streamline processes and save time, while also investing in ongoing education about revenue management strategies beyond pricing. By staying proactive and adaptive, property managers can stay ahead of the curve and maximize revenue potential.
Expanding Distribution Channels: To maximize revenue potential, property managers should explore diverse distribution channels beyond traditional platforms. By leveraging partnerships with online travel agencies, social media platforms, and niche marketplaces, managers can expand their reach and attract a wider audience of potential guests.
Investing in Property Optimization: Property managers should prioritize continuous improvement and optimization of their rental properties to enhance guest satisfaction and drive revenue. This includes regular maintenance, updating amenities, and incorporating guest feedback to address areas for improvement.
Missed something? Read the full video summary to get all the insights.
Transcription:
“Hi everyone.
My name is Ryan Taylor and I’m the director of product marketing here at Beyond.
We help property managers, owners, revenue managers, and hosts optimize revenue for their short-term rental properties.
Today, as part of the Rentals Masterclass, we’re talking about unlocking your property’s full potential with regards to revenue, with three main tips and tricks.
The first one is to start by thinking like a guest when looking at your revenue management process or auditing your strategy. Put yourself in the shoes of a guest and go through the booking process. This includes searching for properties, finding listings on various channels like Google, online travel agencies, or direct booking websites, and finally, going through the actual booking process. This helps identify any red flags that might deter guests from booking your properties, such as outdated content or pricing errors.
The second tip is to work on pricing smarter, not harder. Dynamic pricing is essential for revenue management, but it’s crucial to maintain good practices and habits. Start scheduling regular revenue management reviews, benchmark your performance against competitors, and continuously test your revenue management techniques. Avoid using too many customizations in your pricing strategy, focus on more than just pricing, and ensure you’re relying on accurate data sources.
Lastly, continue maintaining a solid pricing strategy, utilizing technology to save time, and keep learning about revenue management beyond just pricing.
If you’re interested in learning more about Beyond and what we do, feel free to reach out to support@beyondpricing.com. You can also connect with me on LinkedIn or email me with any questions.
Thank you for your time today.”