The following is a sponsored post by Beyond– A revenue management solution for short-term rental managers and owners to get, grow, and keep revenue in an evolving vacation rental market.
We can bet your short-term rental market has changed significantly in the last year. Whether it’s more competition, softening demand, or ever-changing guest preferences, gaining success requires a deep understanding of your market. Knowing market-specific nightly prices, occupancy levels, booking trends, standout amenities, and insights into investment opportunities is essential for you to stay ahead of the game.
However, navigating your market and corresponding challenges might seem difficult – that’s where Beyond comes in.
With Market Insights, Beyond’s new easy-to-use dashboard full of actionable information about your market, you have access to real-time data showing you the most up-to-date insights that keep you ahead of the curve. Market Insights provides you with the right amount of in-depth data so that you can understand your market, stay ahead of your competition, keep an eye on market performance, and discover new ways to increase revenue.
Knowing your competition is key to success. Using Market Insights, you can find out your direct competitors’ nightly prices, occupancy rates, and the most popular amenities. This competitive benchmarking allows you to compare your properties to others in your market to help you make the right strategic decisions. This information can help you come up with a competitive pricing strategy and set yourself apart from the rest by offering outstanding amenities.
With Market Insights, you can track your market’s performance to stay up-to-date on specific trends, evaluate the demand levels, guest preferences, and adjust your strategy accordingly. Market Insights includes:
Increasing your nightly price is not the only way to maximize your revenue. Market Insights can help you identify other ways to increase occupancy and revenue besides raising the price. From the most common amenities in your area to weekly booking trends, there is a goldmine of information to input into your revenue management strategy.
For example, let’s say that you only list your vacation rental on Airbnb. However, you can see in Market Insights that a good portion of the bookings in your market are made on Vrbo. If you start listing Vrbo, you will get exposed to more guests and generate more bookings resulting in an increase in overall revenue.
Or, for example, you can see in Market Insights that the average length of stay in your market is about 5 days. However, your minimum stay requirement is set at 7 days. You could potentially get more bookings if you lowered your minimum stay requirement.
Understanding your local market for your vacation rental is one of the most important things you can do to maximize your revenue.
From getting an inside look at your competition to understanding seasonal trends and more, having a deep understanding of your market will help you bring in more bookings.
With Market Insights from Beyond, you can become an expert on your market and drive success with trusted dat and capitalize on the extensive local market dynamics in any region worldwide.
Learn more about Beyond and sign up here: https://beyondpricing.info/host-sign-up
Beth McGee is an Airbnb Superhost and a home cleaning and organization expert. Beth enjoys helping hosts succeed in the short-term rental industry through virtual services such as listing setup, guest relations, and creating an excellent guest experience. She is the author of Get Your House Clean Now: The Home Cleaning Method Anyone Can Master, a best-selling book that has helped thousands of readers improve their well-being and STR experience by transforming their homes into spaces of comfort and cleanliness.
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