If you own a short term rental property, you want to maximize the return you get from every booking you make. One of the simplest and fastest ways that can be done is through effective pricing practices.
On this episode, Bob speaks with Marc Peckler, Senior Account Executive with Beyond Pricing. The Beyond Pricing approach to short term rental pricing is nothing short of amazing. They use dynamic pricing technology to find the proper rate for your rental property every single day of the year… not just seasonally. You won’t want to miss this intriguing conversation.
Outline of This Episode
- [2:03] Setting pricing for short term rentals can be confusing and difficult
- [3:30] The challenges facing the short-term rental Market and property owners
- [6:05] Anecdotal pricing information adds additional challenges
- [7:46] How should short term rental pricing be computed?
- [9:59] Dynamic pricing is similar to airline ticket pricing
- [13:22] Can the average or do-it-yourself owner use this service?
- [15:55] Analyze your short term listings by “health” to maximize profits
- [20:45] A powerful calendar tool is important for many reasons
- [22:40] Try out the demo to see how Beyond Pricing would work for your property
Dynamic pricing changes everything when it comes to short term rentals
When pricing short term rental properties, it's important to consider holidays, time of year, special events in the area, attractions nearby, occupancy rates of similar properties in the area, and corporate and community needs that might increase the demand for short term housing.
Resources & People Mentioned
- SPONSOR: Instacart grocery delivery - get connected to personal shoppers and get free grocery delivery if your first order is over $35 using this link: Instacart (affiliate link)
- SPONSOR: Buzzsprout Get a $20 Amazon give card if you sign up for podcast hosting using this link: Buzzsprout (affiliate link)
- Episode Transcript
Connect with Marc Peckler
Connect With Bob Preston
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