In the vacation rental industry, the practices of data management and revenue management are transforming in front of our eyes.
In the past, property managers determined pricing based on fixed seasons and days of the week. Now, to maximize profitability and occupancy, managers find themselves needing to:
- Understand comparative data,
- Segment properties and create competitive sets,
- Analyze key performance indicators,
- Build revenue management strategies,
- Establish rate rules,
- Learn to maximize technology solutions,
- And monitor and evaluate performance with a watchful eye on profitability.
It’s not easy, and the industry does not yet have established best practices for vacation rental revenue management, but we are getting closer.
Once we accepted that we would be unable to host DARM as an in-person conference, we set out to reimagine this event and create something new . . . a high-level educational curriculum that brings property managers, revenue managers, academics, and technology providers together to help the vacation rental industry discover the enormous gains that can be derived from understanding performance data and implementing effective revenue management strategies.
Over the last few months, since COVID-19 rocked the travel world, the vacation rental industry was able to tap into the value of real-time market data and use dynamic pricing tactics and tools like never before. Using data tools like AirDNA, Key Data, and STR—along with revenue management and pricing tools/services like Beyond Pricing, PriceLabs, Rented, and RevPARTY— hundreds of property managers were able to gain a competitive advantage by pivoting strategies to maximize revenue. In contrast, others sat still with static pricing, leaving money on the table or rental homes empty.
Most concerning, too many vacation rental managers do not yet know that they could have used these strategies and tools to forecast demand and maximize revenue. And even more do not yet know how to evaluate pricing performance.
This is our why.
We want vacation rental operators to have the knowledge, tools, and technology to turn lemons into lemonade or make a good situation even better. We want PMs to feel confident in assessing performance data and utilizing pricing strategies to maximize revenues for their homeowners and for their companies.
As a result, we went deep.
With the help of 50+ contributors, we’ve crafted a three-day, deep-dive Master Class for vacation rental data and revenue management. The cost to attend is $345, and the curriculum is divided into 3 sections: Data & Basics, Revenue Management & Pricing Strategy, and Technology/How-To.
- 2020 Vacation Rental Performance
- Terminology and KPIs
- The Great RevPAR Debate
- Segmentation and Competitive Sets
- Comparative Market Data
- Internal Data (Website, Call Center, Property)
- Revenue Management Components
- Hotel Strategies vs Vacation Rental Strategies
- Profitability: Understanding Costs, Risk, and Breakeven
- Proven Short-term Rental Pricing Strategies
- Translating Daily Rates into Weekly/Monthly Stays and Understanding the Booking Window
- Working with Homeowners: Contracts, Communications, and Reporting
- Pushing Pricing to Google, OTAs, and Other Channels
- Master Rates and Rate Rules in Your Software (Breakouts with the Leading PMS Providers: Barefoot, Guesty, Escapia, Streamline, TRACK)
- VR Pricing Tools
- Using Your Website and Call Center to Communicate Pricing Changes
- In-house vs Outsourced Revenue Management and Evaluating Performance
- Additional Revenue Opportunities
This event is designed for serious vacation rental companies looking to the future.
And a huge thank you to these sponsors! Each of these companies is going over and above by contributing thought leadership, data, talent, resources, and time to ensure that this DARM Master Class is relevant, educational, current, and value-driven.
Click here to register for DARM, Sep 15 – 17, 2020.
None of us know all there is to know about revenue management for vacation rentals. This is a dynamic space. But this event will push us forward as an industry.