Our Approach to Vacation Rental Revenue Management~ Join Southern
At Southern Vacation Rentals, we have a dedicated in-house team of Revenue Managers who are consistently monitoring your property’s rates.
Previously, we set fixed rates for every property based on the seasons, with restrictions like seven-night minimums and Saturday-Saturday arrivals mandated throughout peak seasons. Then, in mid-2018, in an effort to keep up with the ever-changing vacation rental landscape and stay ahead of industry trends, we switched to a dynamic pricing model. The dynamic pricing model uses artificial intelligence to set rates based on a number of factors, including:
- Market trends
- Competitor tactics
- Local events
And any other factors that might play into the pricing strategy of your rental. Dynamic pricing offers flexibility like never before; now, our Revenue Team can go in and make adjustments to pricing in real-time. Since switching to a dynamic pricing model, we’ve seen an average increase in occupied nights of 10%. This benefits our owners tremendously, allowing them to net more and earn every dollar they deserve.
You may be wondering, why have a revenue team if your software uses artificial intelligence? Great question! We still need human eyes on the software, monitoring it round the clock to make sure that everything looks okay. Our team does more than just adjust rates, though. Southern’s Revenue Team maximizes revenue for owners by performing analysis of the market, city, and local events. Using that data, they implement revenue management strategies to maximize guest demand.
Southern’s Revenue Team also closely monitors competitors for shifts in demand, changes in rates, and strategies. By using the data provided by the analysis and our dynamic pricing system, rates are updated every day using real-time occupancy data to capture local demand peaks, pricing each night perfectly and winning last minute bookings.
Learn more about Southern’s approach to revenue management.
Are you looking for a company that works hard to maximize your property’s revenue? Contact us today to learn more about the Southern difference and how we can help you net more.