Fluctuating travel restrictions, panic cancellations and last-minute bookings have led to confusion around the pricing of short-term rentals, as traditional revenue management strategies have been redefined by the new normal.
Whether you should be lowering prices or not depends on your market, your inventory, travel patterns in your area; seasonality and local happenings, which is why it’s more crucial now than ever to rely on dynamic pricing software to ensure you’re not missing out on potential revenue. Though there are some rules of thumb that always apply – such as providing discounts on extended stays or incentivizing return guests with discounts – you’ll want to integrate a dynamic pricing tool into your daily operations to ensure your properties are yielding their maximum profit.
Data-driven pricing tools can adjust pricing in real-time based on supply and demand with algorithms that will price conservatively based on your neighborhood’s occupancy, applying discounts for bookings over weeks or months out to generate revenue even while demand is low.
As property management companies adjust to this unique time period, Guesty has teamed up with dynamic pricing tools from our Marketplace of partners to ensure our community’s properties are optimally priced at all times. Check out these three special discounts that will help you boost revenue and keep your rentals booked through every season, holiday, local event or even pandemic.
Perfect Price
Anyone from the Guesty community who signs up for Perfect Price today are eligible for a two month free trial of Perfect Price’s pricing solution. Key features include:
- AI-powered revenue management and dynamic pricing
- Detailed property performance reviews
- Competitor and market insights to see how comparable properties are performing
- Dynamic minimum stays to maximize occupancy during different seasons, days of the week, or for far-out or last-minute bookings
- Tracking of major events affecting the market that could be impacting prices
Use code Guesty2020 to access this discount.
Wheelhouse
Members of the Guesty community are now eligible to receive 30 days of free pricing recommendations from Wheelhouse plus $150 in credits to kickstart their revenue strategy.
Wheelhouse offers a data-backed, automated revenue strategy that will be tailored to a user’s unique business goals. With Wheelhouse, property management companies can earn up to 30% higher revenues, and save valuable time to spend on other aspects of their business, such as delivering top-notch guest experience.
Use code GuestySummer 150 to access this discount.
PriceLabs
If you’re a member of the Guesty community who signs up for PriceLabs you are eligible for a 60-day free trial of the company’s pricing tools.
With PriceLabs, property management companies can push optimized nightly rates and minimum stay restrictions to various booking channels managed through Guesty. PriceLabs’ data-driven pricing approach scans the market for supply and demand trends to automate pricing, while at the same time gives users customization options to suit their specific needs.
Click here to access this discount.
The New Normal
As the travel industry begins to slowly recover, we’ll see traditional demand patterns change. Demand may go up in some places or for some products while it goes down in others. Being aware of this, reacting to it quickly, and lowering – or raising – prices fast will be key to recovering from the pandemic, so make sure to rely on a reputable pricing tool to help guide you along the way.
For more information on pricing tips and strategies to utilize to maintain business stability amid COVID-19, visit Guesty’s Coronavirus Infocenter.
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