Statistics have shown vacation rentals that are operated by managers have more revenue streams and often have a higher occupancy than those managed by the rental owner. Reason? Poor revenue management strategies. Owners were found to price their rentals too high ultimately losing booking and too low, thereby leaving money in the table and ultimately sacrificing their ability to book at the best rate.
Finance sites have emerged to help property owners to help build successful revenue strategies. These sites gather and analyze booking data and other information that may come from the market such as events, seasonality and such and comes up with an ideal price solution. They can also anticipate booking behaviour and thereby allowing rental owner and managers to plan.
WheelHouse Reviewed
Wheelhouse is a data-driven tool that allows short term rentals to price their property listing. With this tool, users do not need to keep updating their listing every time there is a change in demand or supply in the market. The software uses market data, such as the number of booking in a given period, the events on the particular region, and other supply and demand factors and automatically set the right price in a given night. It will raise the price when the demand for Airbnb is high across the market and lower rates when the demand is low.
Demand often vary with days of the week, seasons, local events, such as concerts, conferences or special dates like Haloween, Christmas or the new year. Wheelhouse uses this information and other data like the Airbnb occupancy rate from all channels and OTAs, airline states, and hotel process to determine what the optimal price could be for the rental.
Using such a tool, users have claimed to increase revenue by 10%-40%. The platform always updates its price automatically, so every night price is up-to-date. Users also have a chance to understand how the rental market is performing in real-time and use all these aspects to make strategic decisions. The tool has full integration with Tripadvisor, Airbnb, and many more, therefore, it is easy for the user to price their unit across all platforms in a matter of minutes.
WheelhouseRead our Full Wheelhouse Review
PriceLabs Reviewed
Airbnb is very competitive, and many companies are looking for means to have a competitive edge against their competitor. Pricelabs is one of the best revenue management tool designed to help short term vacation rental managers to understand market prices to increase revenue. The tool takes a data-driven approach and customization to manage prices, ultimately saving time and boosting revenue generation.
By predicting supply and demand factors, taking into historical account data, market trends and holiday, the software automatically scans data and provide a solution based on this information. If the user does not agree with the recommendation, or they choose to override them, it is possible to customize pricing based on minimum and maximum price, stay rules, events or even seasonal pricing.
PriceLabs integrate with different PMSs, such as Vreasy to facilitate continuous sync of prices. In addition to this, the tool allows businesses to have an overview of the performance portfolio with the customizable analytics dashboard, which generally provides a report on listing performance, revenue, bookings, and prices of booking.
PriceLabsAvantio Reviewed
Avantio is a professional property management system that connects to hundreds of portals and vacation rental websites. For more than 18 years, Avantio has been working with many B2B’s and other businesses, and therefore understand the changes and trend of the industry and anticipate the needs of the users. This tool allows managers to set up property listing with flexible occupancy and prices.
Avantio aim is to provide cloud-based solutions for properties agencies that manage multiple vocational rental properties. The tool allows these agencies to stay ahead in the market and thereby helps maximize resources and drive growth. By optimizing resources on management using automated admin tools, the tool can ease the management, and ultimately help save costs. With this tool, users can market their property at the right price. While the Avantio revenue product can be used separately, Avantio also has a 360-degree integration, which means less work is having to deal with third parties.
Avantio also comes complete with a mature channel manager to help you get listing on multiple booking platforms.
AvantioEverbooked Reviewed
Everbooked is an online-based tool aimed to help owners of Airbnb rentals to set prices to adapts to changes in demand detected through data analysis. Everbooked is one of the first companies to bring big data concept to the vacation rental industry. Everbooked processes thousands of data points based on your location altering the pricing on the demands and factors of the local area, giving you access to tools that hotels and airlines have used for years. The tool uses an algorithm to scan at the demand factor, and uses data to optimize rates, thereby increasing prices when the demand is high and lowering them during low-demand days.
So prices for rental in the weekend when demand is high will be different from a weekday when there is no demand. Rental owners do not have to manually prices; Everbooking automatically updates these prices. Statistics have shown that by using such as management system, Airbnb hosts can increase their monthly revenue by as much as 40%. On Everbooking site, the Airbnb host sees the listing properties they are competing with or against whether it is apartments, homes or condos, and the average price for each listing throughout the year.
UPDATE: Everbooked is no more and have sold to Evolve Vacation Rental Network
Beyond Pricing Reviewed
Beyond pricing is a professional web-based solution that allows rental owners to price their rentals through an automatic pricing model. The tool uses real-time market data to ensure that their recommended prices maximize revenue as well as occupancy for hosts. Users can link Airbnb, HomeAway and other channels to Beyond Pricing to effectively manage their calendars, and accounts.
Beyond pricing recommends that the calendar must not be 100% booked because the demands since the demand for all the dates may not have peaked yet. Regardless, the tool encrypts any transmission of critical data like the credit card information, so even though booking data will be used not sensitive information will be diverted to the wrong party.
This tool generates algorithm, statistics and data analytics on all properties in a given area to derive the best available price for the property. In this sense, the algorithm dictates how one can maximize nightly rates whether it is by seasonality, the day of the week, and weekend or when there are significant local events.
Beyond Pricing
Payfully Reviewed
Payfully allows short-term vacation rental owners to receive funds from their reservation in advance. When a guest books a rental unit through Airbnb, he or she has to pay a total booking amount at the time of booking. Airbnb will then hold the money until the day the guest check-in, in which the money is paid to the host. Airbnb holds money for sometimes before releasing to the host.
Payfully ensures that the host gets his or her money after receiving bookings. If the guest cancels the booking, Payfully gives you 60 days to land another booking, and the money is recovered without a charge. If you do not receive a booking within 60 days, Payfully works with you to find friendly ways to recover the money.
With Payfully, hosts can effectively cover everyday expenses, unexpected emergencies that may emerge before the guest arrive, and even invest more in their rental businesses. On Payfully dashboard, you get to see the upcoming reservation and transaction history, and you can choose which reservation you want to be paid in advance.
PayfullyOutswitch Reviewed
Outswitch combines revenue management solution with channel management, so rental owner and property owners can do everything in one single platform. The tool helps rental owners to make the most of each rental apartment while achieving real profit potential.
Users can seamlessly integrate their this tool with their vacation rental site and get hold of this data-driven software which allows them to book more nights and get more revenues.
With this yield tool, users can quickly optimize their prices to match with the demand of the market automatically on a nightly basis. Users can reach more potential guests and keep the calendars gaps reduce significantly and more importantly; they can target those guest who stays longer, thereby planning accordingly and cutting costs.
With the channel manager tool, users can enjoy a complementary distribution solution from Outswitch. They can effectively manage property listing on multiple channels such as Airbnb, Expedia, HomeAway and many more. Typically, this saves times and reduces the chances of double bookings. Everything from all other channels is synchronized at an instant and prices are updated on a daily basis, which means users can dramatically increase their revenues in no time.
Beyond Pricing