{"id":56858,"date":"2022-02-24T13:20:56","date_gmt":"2022-02-24T12:20:56","guid":{"rendered":"https:\/\/www.ovonetwork.com\/blog\/?p=56858"},"modified":"2023-01-25T15:18:39","modified_gmt":"2023-01-25T14:18:39","slug":"revenue-management","status":"publish","type":"post","link":"https:\/\/www.ovonetwork.com\/blog\/revenue-management\/","title":{"rendered":"Revenue management best practices for your short-term rental business"},"content":{"rendered":"\n<p><strong>Looking to optimise the revenue of your short-term rental business, but not<\/strong> <strong>sure of the best approach?<\/strong><\/p>\n\n\n\n<p><strong>In this post, we\u2019re talking about vacation rental <a href=\"https:\/\/www.ovonetwork.com\/blog\/revenue-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">revenue management <\/a>for short-term rentals. At OVO Network, we use a variety of analytics to inform pricing decisions. Our revenue managers utilise and collect both historical and ongoing data to maximise bookings and revenue for our owners. <\/strong><\/p>\n\n\n\n<p><strong>Read on to discover best practices when it comes to effectively managing the revenue of your rental business.\u00a0<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<div class=\"wp-block-cover is-light\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-30 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1440\" height=\"1080\" class=\"wp-block-cover__image-background wp-image-55084\" alt=\"A lake view from double windows\" src=\"https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ.jpg\" data-object-fit=\"cover\" srcset=\"https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ.jpg 1440w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-300x225.jpg 300w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-1024x768.jpg 1024w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-768x576.jpg 768w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-150x113.jpg 150w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-250x188.jpg 250w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-350x263.jpg 350w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/1907-Lomatika-210615-JG-int17-RJ-1140x855.jpg 1140w\" sizes=\"auto, (max-width: 1440px) 100vw, 1440px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"has-text-align-center has-sitka-white-color has-text-color has-large-font-size wp-block-heading\"><strong>How do I optimise my revenue?<\/strong><\/h2>\n<\/div><\/div>\n\n\n\n<p>If the main focus of your rental business is to achieve the highest possible income, there are a range of steps you can take. These include:<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. <strong>Making your property available<\/strong><\/h3>\n\n\n\n<p>One of the easiest ways to ensure you achieve a maximum yield on your investment is to make your property available at times when the rental prices are the highest and it is in the most demand. This means:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Ensuring your property is available for guests\u00a0<strong>as much as possible<\/strong>\u00a0in general.<\/li>\n\n\n\n<li>Planning\u00a0<strong>renovation work<\/strong>\u00a0or upgrades to take place\u00a0<strong>outside of peak weeks<\/strong>.\u00a0<\/li>\n\n\n\n<li>It\u2019s also advisable to\u00a0<strong>book owner stays outside of peak season<\/strong>, too.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-2-being-flexible\">2. Being flexible <\/h3>\n\n\n\n<p>Potential guests who are presented with more flexible options will be more likely to book. Here are some options to use this\u00a0vacation rental <strong><a href=\"https:\/\/www.ovonetwork.com\/blog\/revenue-management\/\" target=\"_blank\" rel=\"noreferrer noopener\">revenue management<\/a><\/strong>\u00a0technique to your advantage:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>In\u00a0<strong>low season<\/strong>, make your calendar\u00a0<strong>as flexible as possible<\/strong>, with\u00a0<strong>any day arrival<\/strong>\u00a0and\u00a0<strong>any length of stay<\/strong>, for example. You could also look to amend your cancellation policy to reflect more flexible conditions and thus encourage more bookings.<\/li>\n\n\n\n<li>In\u00a0<span style=\"background-color: rgba(31, 32, 37, 0.2);\"><b>high-<\/b><\/span><strong>season, <\/strong>try and achieve\u00a0<strong>week-long bookings\u00a0<\/strong>if you can. If the property is still empty a few weeks before arrival, you can then go in and adjust your terms to allow for greater flexibility. Keep an eye on your calendar and aim to remain one step ahead at all times.\u00a0<\/li>\n\n\n\n<li>To maximise bookings, set the\u00a0<strong>shortest booking notice possible<\/strong>\u00a0\u2013 one day is best, or a maximum of three.\u00a0<em>(Remember, before making this decision, do confirm your property manager and cleaning team\u2019s availability!)<\/em><\/li>\n\n\n\n<li>Be<strong> dynamic<\/strong> with your pricing and adjust it when required.<\/li>\n\n\n\n<li>Aim to <strong>optimise your booking volume in the low-season<\/strong> and <strong>focus on profit in the high-season<\/strong>. To attract low-season bookings, make sure your minimum price is attractive, or that you invest in attractive extra facilities such as a hot tub.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">3. Make guest experience a priority<\/h3>\n\n\n\n<p>Happy guests often turn into repeat guests, and spread the word to others via online reviews and word of mouth. So make sure you do everything you can to ensure that they thoroughly enjoy their stay. This includes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Carefully checking your property\u2019s\u00a0<strong>presentation<\/strong>\u00a0(including photography and descriptions) and making sure that it accurately represents your offering.<\/li>\n\n\n\n<li>Boosting your online ratings by\u00a0<strong>giving people what they expect<\/strong>\u00a0and therefore increasing the possibility of both new and repeat guests. (Chase guests to upload a review online and make sure you reply to each review online.)<\/li>\n\n\n\n<li>Working with an experienced guest and property manager, who prioritises guest satisfaction and contributes to the overall success of their holiday and, in turn, your rental business.<\/li>\n<\/ul>\n\n\n\n<div class=\"block-ovo-cta-button\">\n  <div class=\"wp-block-button\">\n    <a href=\"https:\/\/www.ovonetwork.com\/en\/complete\" target=\"_blank\" class=\"wp-block-button__link\">See how much you could earn<\/a>\n  <\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-cover is-light\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim-30 has-background-dim\"><\/span><img loading=\"lazy\" decoding=\"async\" width=\"1920\" height=\"1440\" class=\"wp-block-cover__image-background wp-image-54987\" alt=\"A snowy chalet at dusk\" src=\"https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ.jpg\" data-object-fit=\"cover\" srcset=\"https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ.jpg 1920w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-300x225.jpg 300w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-1024x768.jpg 1024w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-768x576.jpg 768w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-1536x1152.jpg 1536w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-150x113.jpg 150w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-250x188.jpg 250w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-350x263.jpg 350w, https:\/\/www.ovonetwork.com\/blog\/wp-content\/uploads\/2022\/01\/2103-Gueret-181221-ext01-RJ-1140x855.jpg 1140w\" sizes=\"auto, (max-width: 1920px) 100vw, 1920px\" \/><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<h2 class=\"has-text-align-center has-sitka-white-color has-text-color wp-block-heading\">Why should I work with OVO Network?<\/h2>\n<\/div><\/div>\n\n\n\n<p>There\u2019s a wealth of ways in which OVO Network can help you with\u00a0vacation rental revenue management.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Firstly, we\u00a0<strong>know our guest base<\/strong>\u00a0incredibly well and are always on hand to advise on facilities we know they\u2019ll enjoy.<\/li>\n\n\n\n<li>We collect and analyse a\u00a0<strong>diversity of data<\/strong>\u00a0to help inform our decisions and optimise owners\u2019 revenue. This informs things like timely\u00a0<strong>pricing recommendations<\/strong>, based on\u00a0<strong>occupancy rates<\/strong>,\u00a0<strong>demand<\/strong>\u00a0and<strong> booking pace<\/strong>.<\/li>\n\n\n\n<li>We advertise rental properties on a\u00a0<strong>variety of popular platforms and OTA\u2019s<\/strong>\u00a0for maximum visibility and exposure. These include <strong>Airbnb<\/strong>,\u00a0<strong>Booking.com<\/strong>, <strong>Vrbo<\/strong>, (Abritel and HomeAway), <strong>TripAdvisor<\/strong> and <a href=\"https:\/\/www.ovonetwork.com\/en\/home\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>OVO Network<\/strong><\/a> itself.\u00a0<\/li>\n\n\n\n<li>We also use\u00a0<strong>additional listing sites<\/strong>\u00a0such as <strong>Chalet Montagne<\/strong>, as well as <strong>social media platforms<\/strong> such as <strong>Instagram<\/strong> and <strong>Facebook<\/strong> which redirect to OVO Network for bookings.\u00a0\u00a0<\/li>\n\n\n\n<li>Our channel management system automatically synchronises property information, prices and calendars between the OVO Network system and the third-party platforms we connect to. This ensures a <strong>consistent presentation of our properties <\/strong>across these platforms and <strong>synchronises availability <\/strong>which avoids the risk of double bookings.<\/li>\n\n\n\n<li>Our\u00a0<strong>experienced marketing team<\/strong>\u00a0work closely with both\u00a0<strong>SEO and PR specialists<\/strong>\u00a0to expertly optimise our content.<\/li>\n\n\n\n<li>Our <strong>account management team<\/strong> collect guest feedback and presents it on your property\u2019s website to encourage bookings and showcase guest satisfaction.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-css-opacity\"\/>\n\n\n\n<p><strong>If you want to earn more from your Alpine rental property, OVO Network can help. Learn more about our offering and try our rental calculator on our <a href=\"https:\/\/www.ovonetwork.com\/en\/add-your-property\" target=\"_blank\" rel=\"noreferrer noopener\">add your property page<\/a> or <a href=\"https:\/\/30-minutes-ovonetwork.youcanbook.me\/\" target=\"_blank\" rel=\"noreferrer noopener\">get in touch with one of our friendly sales team advisors<\/a> who are happy to help.<\/strong><\/p>\n\n\n\n<p><strong>Want to learn more about running a holiday rental business in the Alps? <a href=\"https:\/\/mailchi.mp\/84b7365ad4bb\/owner-lead-newsletter-sign-up-page\" target=\"_blank\" rel=\"noreferrer noopener\">Sign up for our Alpine Property Newsletter<\/a> to receive tips on running your holiday rental business, expert opinions and the latest industry news.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking to optimise the revenue of your short-term rental business, but not sure of the best approach? In this post, we\u2019re talking about vacation rental revenue management for short-term rentals. At OVO Network, we use a variety of analytics to inform pricing decisions. Our revenue managers utilise and collect both historical and ongoing data to maximise bookings and revenue for our owners. Read on to discover best practices when it comes to effectively managing the revenue of your rental business.\u00a0 If the main focus of your rental business is to achieve the highest possible income, there are a range of steps you can take. These include: 1. Making your property available One of the easiest ways to ensure you achieve a maximum yield on your investment is to make your property available at times when [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":56876,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"mc4wp_mailchimp_campaign":[],"footnotes":""},"categories":[951,950],"tags":[655,663,541,723,313],"class_list":["post-56858","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earn-more","category-starting-out","tag-advertising-your-property","tag-property-investment","tag-property-rental-business","tag-revenue-management","tag-top-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.9 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Revenue Management Tips for Short-Term Rental Business | OVO Network<\/title>\n<meta name=\"description\" content=\"Looking for tips on vacation rental revenue management for your property to ensure maximum returns on your investment? We can help!\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ovonetwork.com\/blog\/revenue-management\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Revenue management best practices for your short-term rental business\" \/>\n<meta property=\"og:description\" content=\"Looking for tips on vacation rental revenue management for your property to ensure maximum returns on your investment? 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