Smashing your goals with Holiday Rental Software: Earn higher revenue

Transcript

How can holiday rental software help you to earn a higher revenue running a holiday rental business? Or in fact, any small business is often a labor of love When you tot up the hours that you spend managing your guest needs, attracting bookings, organizing changeovers, are you actually earning a reasonable amount of money for the time that you've invested?

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Did you know there are often tools built in to holiday rental software that can make it easier to earn a higher revenue? That's what we're going to discuss today on smashing your Goals with holiday rental software.

But before we get started, I'd like to share with you an article that will help if you are not using a holiday rental software yet, or you're thinking of changing software for your short, let business on our website, booksterhq.com.

You can sign up for free for the article with questions to ask during a holiday rental software demo, an essential document if you're considering making any change.

But now on with a show today we're covering revenue specifically how to earn a higher revenue.

In this episode, I'm gonna cover two different techniques and we'll come back to this again in the future.

Pricing up a holiday rental property is,

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it's a pretty tricky task.

It's so unique and there will never be any of the holiday rental that is exactly the same as yours, and that makes it really hard.

It's really hard to compare your services with anybody else's.

When I first started working in this industry, I was so surprised by the number of property owners who asked me for advice on setting their nightly rates or setting their weekly rates.

I had no idea of the really specific market conditions for somebody else's property.

I mean, it's hugely personal based on who you are wanting to attract and when you're wanting to attract them, and for how long and where your property is and what it looks like and the condition of the things in it.

There's so many factors that I just didn't know, but we're now in 2024 and some amazing tools have been developed that provide pricing support to holiday rental owners and managers, and the technology behind these

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and the results they produce are just mind blowing.

There are two in particular that are useful in this scenario that I'm gonna cover.

The first is a tool that will analyze property and bookings data and provide you with the information to make your decisions.

And the key here is information.

This tool will have different names in different PMSs.

We call it market data, and it's built into Bookster using the data from AirDNA who are experts in data science for holiday rental data.

This market data will vary from one software to another.

So let's talk in general terms about the kind of data that you may be able to get.

So the companies that gather this market data, they can use a number, a huge amount of different data points.

Let's look at the data provided first and then what it tells you.

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So market data can show things like your average nightly rate of bookings for properties that are the same or similar size in your area.

It can also show you the number of similar properties in your area over time.

In particular, those who are actively taking bookings.

It can show you how many properties are booked for any given night, and it can show you, and this actually is my favorite bit, it can show you top performers so you can see details of other really high performing similar properties in your area with their nightly rate and their additional fees, plus a few other bits of information as well that we'll come back to.

So what does this tell you? Well, firstly, it is really important to remember, it's not telling you what to do.

Instead, it's giving you the data to analyze

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and form the basis of your decisions.

This information gives you a better understanding of how much competition you have, how your competition are pricing their similar homes.

It demonstrates periods of high demand and the property information that your guests will be comparing your property against.

And that's a huge amount of information and it's massively useful.

But what if you don't want to look at data and analyze figures? Well, that's okay.

So there is another tool that can help in the form of dynamic pricing.

Dynamic pricing is created by these data companies like uh, DNA, and dynamic pricing can be external to your property management software or it can be built into your property management software.

And again, ours is built in and it's using that data from A DNA in dynamic pricing.

The thinking is done for you.

It takes into account the data from across the market

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for competitors that are have similar properties to your property, and it combines this with the very latest data on seasonal demand and guest behavior and lots of other factors as well.

From this, the tool will produce nightly rates for your property.

So you don't have to do any of that analysis, any of the guesswork.

The interesting aspect of this is that you can still personalize the prices depending on your revenue goals.

If you are looking for fewer but higher value bookings, then you can push up the nightly rates by a percentage of your choosing.

Or likewise, if you want to attract more bookings by offering a lower or more competitive price, then you can lower those nightly rates by a percentage.

So it's using the hard data and then it's adding in your very unique revenue

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goals for your property.

The final aspect that makes this tool for me so useful is how automated it is.

The data provided by that tool is plugged into the channels that you use on your own website.

So you don't need to be going, logging into your account manually, updating your rates, going in again and updating them again for an 18 months time that's done for you.

And then when Taylor Swift announces a new concert near your property and you know, demand for your property is gonna go through the roof, you won't need to go and stop tweaking and adjusting.

And if your prices, this tool will recognize that period of higher demand and it's gonna change all the prices for you.

For me, that time saving aspect of this tool while helping you achieve your revenue goals is just outstanding and it's well worth looking into.

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Let's take a moment here.

I'd like to remind you that if you'd like to try out Bookster and the tools that we offer, you can register on booksterhq.com for free and you can check out some of the great tools that will help you run your short Let business Today.

Robin, our company director, has selected the instant website tool to help you attract direct bookings in the world of direct bookings, having your own website, okay, it's not absolutely essential.

You can attract direct bookings without it, but really it's a huge aspect.

There are a range of options open to you, and one of these is the instant website.

This uses the property and company information that you add into your Bookster account

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and it creates your website for you.

This website is built around a selection of templates, so you can choose which design you like and which color range you have.

If you change your mind, no problem, you simply click another design or another color and the website will change instantly.

What I like about the instant websites is the thought process and the ethos that is built into it.

So from the moment your visitors arrive on your websites, our technicians have spent time and effort to provide these potential guests with the information they need with demonstrate your brand and your professionalism and move them towards making a booking.

There aren't a lot of distractions.

There aren't a lot of links off to other websites.

It's all about capturing their interest and making the booking process so quick and so easy that they don't get lost,

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they don't get frustrated, they don't get bored or distracted and leave your website before they've actually made the booking in Bookster.

This is automatically built into all of our packages.

So whether you have one property or 500, you can create an instant website thinking about your brand.

We'll be looking at how to build your brand in the next session.

So I hope you can join me then.

Thank you so much for listening to this episode of Smashing Your Goals with Haldy Rental Software.

If you liked the episode or you know someone in the haldy rental industry that would enjoy it, please leave a review on pod chaser.com, apple Podcasts, or wherever you download and listen to your podcast.

If you've got any questions, please do get in touch.

You can contact us on our Facebook page, which is booksterhq,

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or you can contact us through our website and there's more information there.

And you can ask for a demo on how Bookster can help you at booksterhq.com.

And remember, we believe that experiences matter.

So whenever you are choosing a software service, make sure you choose one that considers your needs and the needs of your team and your guests.