To help you out, we\u2019ve spoken to four property managers \u2013 Evolve, Veeve, Pass the Keys and Sweet Inn<\/strong>, three of whom represent companies ranked among the world\u2019s top 50 property managers<\/a>.<\/p>\n\n\n\n They\u2019ve given us their best tips on what makes a great pricing strategy, including:<\/p>\n\n\n\n Rentals United is not just a channel manager, but a partner to help you achieve your goals. See how we can help you improve your short-term rental business with a combination of market data, booking performance metrics and a diverse mix of sales channels. <\/em> With an effective vacation rental distribution<\/a> strategy, guests can find and book your rental on a diverse selection of channels. Instead of relying on a handful of large OTAs, you advertise your properties on niche and alternative booking sites, and get bookings from your website as well.<\/p>\n\n\n\n Vacation rental revenue management<\/a> is how you balance risk and reward to capture the highest ADR, optimise for occupancy and earn the maximum revenue possible for every available room. It encompasses your pricing strategy and restrictions like minimum stays.<\/p>\n\n\n\n With revenue management and distribution working in harmony, you\u2019re able to hit the sweet spot of high occupancy and maximum profit.<\/p>\n\n\n\n Benjamin Fedida, Head of Pricing Analysis at Sweet Inn<\/a> says the company expanded their distribution to include more channels, and started a more aggressive campaign of promotion on sales channels with Rentals United.<\/p>\n\n\n\n \u201c We increased our promotion and increased our prices,<\/em>\u201d he said.<\/p>\n\n\n\n With RU you can manage listings across a huge variety of sites from large to small, including your direct booking site. You\u2019ll have access to a wealth of data through our Data Studio<\/a> tool to manage revenue, study your metrics and make sure you set the correct prices and restrictions throughout the year.<\/p>\n\n\n\n By combining high-quality data with your own experience, you can become an expert in your local market. You\u2019ll spot trends and changes in the market that will impact booking volume and prices, and be able to implement an accurate dynamic pricing strategy.<\/p>\n\n\n\n With intimate knowledge of your location, you\u2019ll know what\u2019s coming and can plan ahead to prepare for both local and worldwide events impacting your properties.<\/p>\n\n\n\n Cameron Felton, Director of Revenue Management at Evolve<\/a> recommends hiring market experts to help you.<\/p>\n\n\n\n \u201c Hiring a team of market-specific revenue experts that fully understand the dynamics of both market and demand behaviour. Having this, plus data insights and a dynamic pricing solution that allows that team to both build pricing strategy and then quickly react as markets change, have allowed us to ensure all listings are yielding the most revenue available in the market at any given time!<\/em>\u201d he said.<\/p>\n\n\n\n It\u2019s important to remember that you can no longer rely just on historical data. Instead, you need a dynamic pricing tool<\/a> that gives real-time data insights, taking into account current events to predict upcoming trends.<\/p>\n\n\n\n As Germaine Mason, Head of Business Operations at Pass the Keys<\/a> pointed out:<\/p>\n\n\n\n \u201c Market data platforms have evolved substantially over the last few years, and specifically since the pandemic, understanding local market trends for upcoming booking data as opposed to historic data has become more relevant and appropriate when strategising and implementing pricing policies<\/em>.\u201d<\/p>\n\n\n\n She goes on to explain that at Pass the Keys, the team shares predicted market trends with all their hosts, to help manage revenue expectations. With a higher level of transparency, they can build more trusting professional relationships.<\/p>\n\n\n\n To make accurate predictions you need an advanced dynamic pricing tool. According to Emma Seigel, Distributions Manager at Veeve<\/a>, their team uses Wheelhouse.<\/p>\n\n\n\n \u201cThe implementation of Wheelhouse software allows for dynamic pricing on a nightly basis and brings in multiple data points to help maximise rates and revenue,\u201d <\/em>she said.<\/p>\n\n\n\n Setting your prices is not a one-time task. For a successful vacation rental pricing strategy, you must constantly evaluate to ensure your pricing is right.<\/p>\n\n\n\n During the pandemic, we all saw how the world can change overnight. Property managers have to quickly react to local events, world events and market fluctuations to ensure they\u2019re always charging the right price.<\/p>\n\n\n\n Dynamic pricing tools can help you do this easily without having to be constantly studying the market and prices.<\/p>\n\n\n\n Before they implemented Wheelhouse\u2019s dynamic pricing software, Emma Seigel says that Veeve made the mistake of \u201cNot being able to be fully reactive with pricing, especially following Covid, with the market conditions changing so much in such as short space of time.\u201d<\/em><\/p>\n\n\n\n Other property managers echo this sentiment.<\/p>\n\n\n\n \u201cEfficient pricing strategy and implementation are key to success,\u201d<\/em> says Germaine Mason of Pass the Keys, and she acknowledges this can be time-consuming and difficult without a dynamic pricing tool.<\/p>\n\n\n\n Fortunately, dynamic pricing tools like Wheelhouse, PriceLabs and Beyond all integrate with Rentals United, ensuring that the prices you set are automatically and instantly updated across all channels. This way, you\u2019ll always be selling your properties at the right price, no matter what market conditions your find yourself in.<\/p>\n\n\n\n Use Dynamic Pricing Tools<\/a> for optimal rates.<\/p>\n\n\n\n Pricing strategy can be tricky, but it gets easier when you avoid certain mistakes.<\/p>\n\n\n\n So what are the major \u201cdon\u2019ts\u201d when it comes to pricing? Our experts weigh in with the biggest mistakes to avoid.<\/p>\n\n\n\n We\u2019ve all done it \u2013 you\u2019re so wrapped up in the day-to-day of your business, you neglect to plan ahead.<\/p>\n\n\n\n This is especially true when things are going great, but Germaine Mason stresses the importance of planning ahead for a rainy day and completing reviews on a regular basis.<\/p>\n\n\n\n \u201cThe biggest mistake would be to underestimate the requirement to plan in advance (including local events and seasonal trends) and complete reactive reviews consistently, we know our industry does not sit still, markets and climate are ever-changing,\u201d <\/em>she said.<\/p>\n\n\n\n \u201cEnsure there is planned time for these processes and don\u2019t become complacent, even when it seems to be going just right!\u201d <\/em>she added.<\/p>\n\n\n\n There\u2019s no such thing as fixed prices in vacation rentals. You can\u2019t run a profitable business if you charge the same rates all year round, or even if you have set prices for different months, seasons or days of the week.<\/p>\n\n\n\n Things change so rapidly, and your price needs to be constantly evolving to adapt to tiny fluctuations in the market.<\/p>\n\n\n\n Cameron Felton says Evolve rental<\/a> biggest mistake was building a fixed \u201cset it and forget it\u201d <\/em>pricing structure.<\/p>\n\n\n\n \u201cAs the vacation rental industry continues to grow and quickly advances in its approach, dynamic pricing is becoming more and more critical to ensuring a profitable business,\u201d <\/em>he explained.<\/p>\n\n\n\n Minimum prices are your safeguard against losing money on a rental. As a property manager, you know the minimum nightly rate you need to charge in order to make a profit on your rental after man-hours and costs are factored in.<\/p>\n\n\n\n Benjamin Fedida of Sweet Inn advises: \u201cDon\u2019t forget to put a minimum price to ensure rates don\u2019t drop too low in case someone makes a mistake when they update prices.\u201d<\/em><\/p>\n\n\n\n It\u2019s also essential to have a minimum rate set up for each property to make sure your pricing tool doesn\u2019t drop prices below what\u2019s profitable.<\/p>\n\n\n\n Adjust prices with Revenue Management<\/a>.<\/p>\n\n\n\n Incorporate Short Term Rental Pricing Hacks<\/a>.<\/p>\n\n\n\n Pricing makes a huge difference in the profitability of your business. Successful vacation rental property managers know that setting the right price, balancing demand and profit is the key to making as much money as possible from each unit.<\/p>\n\n\n\n It\u2019s a balancing act that requires constant fine-tuning \u2013 not a one-and-done job.<\/p>\n\n\n\n Pricing might not be easy, but it\u2019s much easier and less stressful when you have a dynamic pricing tool to automate the process for you and use all available market data to make sure your prices adapt to changes throughout the year.<\/p>\n\n\n\n Sync pricing with Airbnb’s Pricing Strategy<\/a>.<\/p>\n\n\n\n With Rentals United, you can integrate a dynamic pricing strategy across all your channels. Not only that \u2013 with our Data Studio you can access deep insights into your property performance that can help guide your pricing strategy and measure the impact of any changes you make.<\/p>\n\n\n\n Rentals United is not just a channel manager, but a partner to help you achieve your goals. See how we can help you improve your short-term rental business with a combination of market data, booking performance metrics and a diverse mix of sales channels. <\/em> Does your vacation rental pricing strategy need an update? We spoke to four revenue managers from some of the most successful property management companies in the industry. They gave us their first-hand insights into what makes a great pricing strategy \u2013 and mistakes to avoid at all costs.<\/p>\n","protected":false},"author":2,"featured_media":5879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37,39,35],"tags":[34],"blog-tag":[],"class_list":["post-5874","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-operations-2","category-rentals-united","tag-vivien-magyar"],"acf":[],"_links":{"self":[{"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/posts\/5874","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/comments?post=5874"}],"version-history":[{"count":1,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/posts\/5874\/revisions"}],"predecessor-version":[{"id":45348,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/posts\/5874\/revisions\/45348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/media\/5879"}],"wp:attachment":[{"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/media?parent=5874"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/categories?post=5874"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/tags?post=5874"},{"taxonomy":"blog-tag","embeddable":true,"href":"https:\/\/rentalsunited.com\/es\/wp-json\/wp\/v2\/blog-tag?post=5874"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
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\nBook a demo now<\/em>
\n<\/a>
\n. <\/em><\/p>\n\n\n\n5 ways to instantly upgrade your vacation rental pricing strategy according to top property managers<\/h2>\n\n\n\n
1. Create harmony between revenue management and distribution<\/h3>\n\n\n\n
![\"\"](\"https:\/\/rentalsunited.com\/wp-content\/uploads\/2023\/03\/data-studio-banner-600x314-1.png\")
<\/a><\/figure>\n\n\n\n2. Understand local market trends and demand<\/h3>\n\n\n\n
![\"\"](\"https:\/\/rentalsunited.com\/wp-content\/uploads\/2022\/05\/banner_signature-the-squiggle-mag_02.png\")
<\/a><\/figure>\n\n\n\n3. Be reactive with your pricing<\/h3>\n\n\n\n
![\"vacation-rental-revenue-management\"](\"https:\/\/rentalsunited.com\/wp-content\/uploads\/2023\/03\/data-studio-banner-2048x1072-1-1024x536.png\")
<\/a><\/figure>\n\n\n\n3 major vacation rental pricing strategy mistakes to avoid<\/h2>\n\n\n\n
1. Don\u2019t forget to plan in advance<\/h3>\n\n\n\n
2. Don\u2019t just \u201cset it and forget it\u201d<\/h3>\n\n\n\n
3. Don\u2019t forget to set a minimum price<\/h3>\n\n\n\n
Increase your profits with a dynamic vacation rental pricing strategy<\/h2>\n\n\n\n
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\nBook a demo now<\/em>
\n<\/a>
\n. <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"