By Baris Ergin
It’s one of the most common mistakes made by do-it-yourselfers renting out their own vacation rental properties.
It inevitably results in less-than-optimal rental revenue.
The mistake? Charging the same rate … every day of the year.
Maintaining a set fee for your vacation rental means it’ll at times remain unoccupied when it could be earning you money. At other times, you’ll reach a state economists call “excess demand.”
When the latter happens, owners may say things like, “My place is booked solid for weeks.” Property owners in this boat may not realize it, but they could be losing big bucks by not charging enough.
Fortunately, there’s an easy way to avoid these losses.
Software technology is available that continually scans supply and demand on comparable properties and even hotel rooms. It takes into account holidays, special events, and even site commissions, to optimize rates daily across all travel sites, including Airbnb.
Daily rate optimization raises annual revenue for property owners by 15%-25%. And all that money goes right to the bottom line.
This lucrative technology is out of reach of typical property owners, but it’s standard for all clients of One Fine BnB, the full-service vacation rental property management company.
Think of daily rate optimization as a key to proper “revenue management.” Because it is.
Schedule a complimentary consultation with us on optimizing revenue from your vacation rental property … every single day.
Written by
Baris Ergin
Baris Ergin is a co-owner of One Fine BnB, a management company running hundreds of vacation rentals, and one of the three founders of BnB Genius, Inc., along with Chad Ozgur and Kent Morgan. Before short-term rentals he built and exited three tech companies. At BnBGenius he works on the automation itself — the guest messaging, the task dispatch that fires on checkout, and the voice agent that answers the phone when a guest calls and nobody is free to pick up. He built it to give a host with one to five listings the tools a manager with hundreds of properties already has.
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