Revenue Management Tips & Trends for Vacation Rentals in 2023, with Rev & Research
In today’s episode, Alex and Annie welcome Ben Coleman and Rebecca Ballart, Revenue Management Consultants for Rev & Research. They share the trends they observe in today's market, with the most notable being shrinking lead times.
They discuss how to communicate with homeowners, manage CEO-level expectations, and organize the portfolio according to lead time. With more competition and softening demand, Ben and Rebecca suggest being proactive and using a data-driven approach to achieve growth.
Find out more about Ben and Rebecca's top tips and trends for vacation rentals in this latest episode of Alex & Annie: The Real Women of Vacation Rentals.
“REAL” TALK
Ben: Buying vacation homes today has a focus on ROI
"I think the mindset from a rental perspective is changing in that of it's not just a place that I can take my grandkids or a place I'm gonna take my kids, or a place I'm gonna pass down to my grandkids. It's more of a, Hey, we want a good ROI on our asset. We want a good ROI on our investment."
Ben: Manage expectations from the top due to softening demand
"When I say expectations, I think it starts at the property management level, at the owner, the CEO level of creating true sales budgets, of creating true expectations on what is by the unit portfolio, What are those ADRs? As we see demand softening, like we were talking about, I think there is a good potential for RevPAR growth."
Rebecca: Take a surgical approach to see where you are bleeding
"We pulled a key data leaderboard report just for those spring rates and we organized it by the units, what their year-over-year revenue was, and we were able to pull out 10 units that were behind ADR, they were behind occupancy real quickly. And so we look at it and go, okay, occupancy's down. We go over, oh, their ADRs 30% over the year, over year. Well, there's a problem right there."
This episode is brought to you by Casago, Guest Ranger and Good Neighbor Tech.
Visit AlexAndAnniesList.com to view our top picks for the best suppliers in vacation rental technology and services.
Special thanks to Rev & Research for being the presenting sponsor of Alex & Annie’s List.
Check out our previous episode with Ben:
Bee Boppin' with Ben Coleman: Revenue Management vs. Revenue Performance
Find out more about Ben:
Get to know Rebecca:
Connect with Alex and Annie and get more real vacation rental goodness:
If you enjoyed this episode of ALEX & ANNIE: The Real Women Of Vacation Rentals, make sure to visit our socials, leave us a like, a comment, or share our content with the crowd! Don’t forget to subscribe!
Listen On
