By The Hospitable Team
As you navigate the intricacies of the vacation rental industry, there’s one question that constantly lingers: How to optimize revenue and take your business to new heights? This new episode of the Hospitable Hosts podcast cuts right to the chase with the answers you need!
Beyond’s Head of Partnerships Ryan Saylor joined our podcast armed with a wealth of knowledge and experience as a seasoned expert in the short-term rental industry. Together, we explored the world of innovative data-driven revenue management and uncovered how it can transform your business.
Tune in to our Hospitable Hosts podcast and let our expert guests revolutionize your business approach and elevate your success in the ever-evolving world of short-term rentals!
Prefer to read the highlights? We’ve got a summary of the key takeaways below.
The Future of STR = Fight for Consumers
Our recent conversation with Ryan made it clear — the fight for consumers will not get easier with time. After a period of remarkable growth, the industry is entering a new phase. In the past, simpler strategies were sufficient to drive revenue. However, with changing market dynamics, it’s crucial to adopt a more holistic approach.
“We’ve seen recently that it’s been easy to say, ‘I’m gonna drive more revenue by increasing my prices.’ But now, it’s much more of a blend. You have to have the right price. It might be even below what you were selling for last year… But then how do you drive more revenue?”
As Ryan pointed out, it’s no longer as simple as raising prices and enjoying a steady stream of bookings regardless. The key now is to focus on revenue management and explore multiple levers to maximize earnings. Ryan emphasized that it’s not just the demand side that’s evolving — your fellow hosts on the supply side are undergoing significant growth as well:
“Supply increases across the board are crazy. Last year, in the United States alone, we saw around a 20% increase in vacation rental supply, which, even if you’re assuming the same levels of demand, you will be fighting harder for that guest to book your property.”
More Data and New Tools Will Help You Grow
With an abundance of data and numerous tools available, it’s easy to fall into “analysis paralysis.” However, Ryan stressed that the true power lies in using data to craft effective revenue management and pricing strategies to gain a competitive advantage.
To illustrate the specifics, Ryan broke down Beyond’s approach into three main categories:
- Scrape Supply Data: By analyzing data from prominent platforms like Airbnb, Vrbo and Booking.com, hosts gain insights into the market dynamics. This knowledge helps determine optimal pricing strategies to stay competitive.
- Connected Listing Data: Leveraging data from previous bookings enables hosts to ascertain the value guests place on specific properties. This information allows for dynamic pricing that reflects demand and enhances revenue potential.
- Search Demand Data: By capturing and analyzing search behavior before guests make a booking, hosts can proactively adjust prices based on the level of demand. This feature enables hosts to stay ahead of market trends and optimize their revenue.
But the “set it and forget it” approach alone will not bring you the desired revenue growth. As tools like Hospitable and Beyond streamline your processes, they also free up valuable time for you to invest in exploring the latest industry developments and discovering ways to differentiate your listings.
“Try something more. Take that time and spend it elsewhere to really drive your business forward once you’ve figured out how to automate some of the easy stuff along the way. Spend more time on things that you can’t automate yet,” said Ryan, highlighting the significance of continuous improvement for long-term success.
Time is scarce — use it wisely. Let Hospitable take care of your hosting routine!
Hospitable & Beyond Integration
Hospitable and Beyond offer a powerful combination for short-term rental hosts that not only simplifies pricing strategies but also saves time, boosts agility and enhances overall efficiency. Ryan explained how this integration can revolutionize your hosting experience.
- Automated responsive pricing: Beyond can automatically adjust the prices using the in-built algorithms. These updates are synced via Hospitable, eliminating the need to manually update prices and ensuring that your rates are optimized to maximize revenue potential.
- Gap-filling made easy: Whether you have minimum stay requirements or not, Beyond can automatically update your Hospitable account when there’s a gap of several nights in your availability. With this, you can seamlessly optimize occupancy and drive revenue.
- Bulk actions and custom overrides: Bulk actions allow you to make simultaneous changes to multiple listings, saving you time and effort. Custom overrides give you complete control to tailor pricing and rules to your specific needs.
Ryan underlined that by harnessing the integration between Beyond and Hospitable, hosts still remain the ones behind the wheel of their STR businesses, “We’ve got bulk actions available. We’ve got the custom overrides. So you’re fully in control. Again, [the integration] will push automatically to Hospitable whenever you make the changes or daily, on your behalf, as well.”
Unique Experiences and Real-Life Advice
Ryan acknowledged that even as he delved deeper into the vacation rental industry, the unpredictable nature of the market persisted. The STR industry has seen continuous growth and transformation, with platforms like Airbnb and Vrbo dominating the landscape.
But as new players emerge and consumer behavior evolves, the excitement of navigating this dynamic industry only intensifies. The willingness to learn and adapt remains essential for hosts seeking success in such a business environment.
To help our hosts, Ryan revealed some of his personal mistakes and challenges along the way from the “wild wild west” of hotel revenue management to helping vacation rental businesses thrive today.
Want to learn more about driving sustainable growth with data in your pocket and hear more top revenue management tips? Explore the full episode of our Hospitable Hosts podcast!
Looking to maximize your vacation rental profits with Hospitable.com?
Hit this link to learn more about our unique features and automate your hosting experience.
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We’ve been inviting the best industry experts to our Hospitable Hosts podcast. Our guests shared their valuable insights and expertise on how to navigate the short-term rental industry and gave valuable tips that can make your life as a host just that little bit easier.
To help you take stock, get inspired, and improve day-to-day operations at your short-term rental (STR) business, we’ve put together a list of the best podcasts to check out in 2023. Hosted by industry veterans and packed with actionable insights, these entertaining shows will help you work more effectively, increase occupancy, and improve your guest experience.