Discover Ways Southern Keeps Track of Your Occupancy & Revenue
When you purchase an investment property, one of the biggest tasks you will incur is tracking revenue. It is something that should be checked on regularly to ensure your rental is making the most return possible. Here at Southern, we are well-versed in the importance of revenue and because of this, we have a team strictly dedicated to watching property rates, and seasonality trends, and keeping in touch with Client Success Managers.
These processes we have in place are not only to watch your return on investment but also your occupancy. Since the two go hand in hand, our Revenue Managers are constantly checking over their assigned properties. They look at how available your rental is throughout the year and if they feel occupancy is not where it should be, they send your property through what we call a “spin cycle.” This spin cycle looks at everything that could be affecting why your property is not booking the way we would like for it to. Rates, pictures, property descriptions, channel partners, and so much more. If throughout the spin cycle they find items that could be updated, they contact the Client Success Managers to get their opinion.
You might ask, what is a Client Success Manager? This is the team member you will be in contact with about how your property is doing. The Revenue Manager and Client Success Manager go over changes that could be made to positively affect your rental bookings. Once they come up with a decision, they discuss it with you, the owner, and then put an action plan into place. This could mean adjusting your rates to better match the competition, reaching out to Marketing about featuring the property, or even making suggestions on property updates to help your rental stand out.
Your rental revenue is top of mind at Southern Vacation Rentals. We hope this gives you an inside look into how we handle tracking your revenue and making necessary adjustments to ensure you make the most out of your investment property. Have questions? Reach out to a team member today!