The vacation rental industry is expanding and becoming increasingly more sophisticated. The days of flat rates are behind us and revenue management is now a crucial strategy to optimize occupancy and revenue. Throughout the next weeks, we are going to feature some of the most successful Revenue Managers of our industry, so that we can grasp a better understanding of who is behind the scenes of the best vacation rental revenue management strategies.
We spoke with Sarah Franzen from Natural Retreats to find out more.
How many employees does the company have?
In which geography are you mostly operating?
The United States.
What type of properties do you manage (House, Villas, Apartments, etc.)?
Houses, Cabins, Condos, Villas and Estates.
How long have you been working in revenue management?
What are your previous experiences?
Hotel Sales & Marketing, and later, Revenue Management.
Can you describe your methodology?
In general, I tend to gather all the data required, then I analyze. Then, I translate it into “information” to be shared with various departments/teams.
What tools do you use day-to-day?
Transparent, pace reports (by destination and by home), market share reports and distribution reports.
What is the worst revenue management mistake you have made?
I trusted a third party’s data without questioning it… It was wrong, but I would have figured that out if I had dug deeper.
Which moment in your career are you most proud of?
Maybe not a moment, but the various (albeit manual) tools I’ve developed that mirror many of the hotel industry tools/reporting.
What would be your advice for a beginner in revenue management?