With nearly 300 million projected users in 2019, and Airbnb stock alone surpassing that of the top 5 hotel chains, the vacation rental industry is booming, and there is a lot of money to be made.
There are many factors to success in short-term rentals, but one very important and long-neglected area is revenue management. Which channels are most effective? How are events and seasonality affecting market rate? What are the main drivers of occupancy? How does ADR change with booking lead time? How do you anticipate demand and track your performance to forecast? What is the ideal minimum stay for a given period? These are some property, market and industry determined questions which, when answered with data, pave the way to an informed revenue management strategy and lay the foundations for maximized revenue.
These are questions that the hotel industry has spent millions answering and Marriott’s original adoption of revenue management practices reportedly increased their annual revenue by over $150 million. It is clear to see what our industry stands to gain, but we must learn how to apply these principles to vacation rentals.
Currently however, through its growth and huge number of variables, our industry still has a lot to learn.
And so, Transparent have built the first online revenue management course looking specifically at short-term rental management, with the aim of fostering the necessary knowledge and skills within our industry. The course is 100% online and self-directed, and over 4 modules of video and written content, quizzes and complementary reading, the course explains how to improve your revenue management practices, distribution, marketing and occupancy and rate optimization, in collaboration with major industry partners. The easiest way to grow your operation is to improve the performance of your stock, and this course aims to help you to get the best from your inventory.