- Megan Wenker
Revenue Optimization Through Dynamic Pricing
Updated: Aug 23, 2021
I'm excited to announce that I partnered with a dynamic pricing tool to maximize your listing's revenue. This tool analyzes historic and current booking data to generate pricing recommendations. While I plan to use these recommendations, I retain complete control over pricing and will continue active management.
A few highlights from the dynamic pricing tool: Seasonality for the region based on historical trends in both vacation rentals and hotels. This is especially important in Southern Utah for to maximize the Spring and Fall increase in demand. Analyze day-of-week trends by looking at future occupancy patterns in your area. Our highest nightly rate is on Fridays followed by Saturday, Thursday, and Sunday in that respective order. Monday, Tuesday, and Wednesday night are generally our least booked nights.
Last-minute and far-out price adjustments ensure you aren’t leaving money on the table, while still maintaining high occupancy.
Holiday & event pricing adjustments- We determine what dates are in high demand by monitoring future occupancy from nearby listings. Currently the parameters I have set are all holiday weekends have a minimum stay of 3 nights and Thanksgiving has a 4 night minimum. I also have a premium pricing set on top of the dynamic pricing software's holiday rate. Don’t let short stays block your calendar far out. Increase your minimum stay requirements for further out dates to ensure your listing is available for longer booking inquiries. I allow calendars to open 12 months in advance. If someone is booking a stay more than 150 days in advance there is a minimum stay of 4 nights. Between 150 nights and 45 nights before the date, I have a minimum stay of 3 nights. I only allow 2 nights stays for what I would consider a last minute booking or a booking within 45 nights of the stay. I don't currently accept a 1 night stay at any vacation rental.