As one of the leading software company providers for vacation rental property managers, we offer innovative technology by delivering essential tools and solutions to the vacation rental industry. Rates, a feature offered in the system, plays an important role to increase your business’s profits. Our software provides property managers with the ability to offer different rates to guests.
Rates can be applied in three different ways including Combined Monthly rates, Combined Weekly Rates, and Daily Rates. By utilizing either Combined Monthly or Weekly rates you are equipped to give the travelers a discount only on the Daily rates as an incentive to book a longer length of stay in your properties.
Currently, channels go by Daily Rates, for example, within the channel manager under HomeAway, now re-branded as Vrbo, offers length of stay discount tools, and using Airbnb within our system, you can provide last minute deals to guests. And if you are looking to dynamically control your prices for each of your properties, you can utilize the dynamic pricing tools of Beyond Pricing or Price Labs also located in the channel manager. Keep in mind when creating your rates, as a rule of thumb, you want to have at minimum 2 years’ worth of rates input into the system.
Maybe you have a hard time deciding on what rates to set for your properties. So, what do you do? Well, you can check out the Market Maker tool available on HomeAway. It helps you by offering rate suggestions based on similar housing, close events, high traffic in sites as well as other specialized data HomeAway has acquired.
So, when adding rates, based on where your properties are located, you must be sure the prices you are setting are in line with the current market average. With that being said, you don’t want the rates set too low or high. Achieving a more significant number of reservations daily whether if you’re in low or high season, be sure you’re ahead of the curve. If the rates are up-to-date and consistent you as a property manager or booking agent will produce a significantly higher ROI.