Yield Management for Holiday Rentals
Written by Kelly Odor
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There are a number of different strategies for increasing the profit and revenue for holiday rentals. We offer a Yield Management and a Minimum Price per booking for holiday rentals to do this for you.
Our Yield Management for holiday rentals decreases the prices gradually as the property approaches the arrival date.
We have completely automated this process in our property management software, to save you significant time and resources when managing your holiday lets.
What is Yield Management for Holiday Rentals?
Yield Management for Holiday Rentals is a strategy for increasing business revenue.
The goal is to attract the highest income possible for holiday rental properties.
It encourages guests to make bookings of empty properties for the most profitable price. It does this by making adjustments to make the property appear more attractive.
The timing and type of adjustment depends on a number of situations, including availability and demand of properties in the area at that time.
Using Yield Management for your holiday lettings
If your strategy for higher revenue is to increase occupancy of unoccupied properties during periods closer to arrival dates, then this tool offers one method to achieve this.
How does it work?
The Bookster Yield Management tool automatically reduces prices in small increments each day on unoccupied properties as the arrival dates approaches.
You set the amount of reduction and the time before arrival date that the reduction starts to apply.
As with all Bookster features and new developments, the goal is to provide an easy to use tool which automates the process of attracting new clients.
Who can use this tool?
This tool is part of our property management system for holiday apartments and homes, there is no need to pay any additional fees to other companies.
Minimum price per booking
We also offer Minimum Price per Booking as another automated tool to help with increasing revenue, whilst reducing the workload required to manage your properties.
What are the benefits?
This offers the following benefits:
- No need for minimum night stay.
Your properties will receive a minimum amount of revenue per booking, to cover cleaning and turnover costs without reducing profitability.
- Increased opportunities to receive reservations.
Your properties will be shown for guests searching for short night stays.
Those properties with a higher minimum night stay will not be shown in these searches, and therefore won't be bookable for any number of nights.
This tool is included as standard in our Holiday Rental Property Management packages and can be accessed within the Rates area.
This tool was created in response to our customer feedback. For a look at our latest customer research, please see our Customer Feedback 2018.
For more information on this feature, please don’t hesitate to get in touch.
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