05/26/2017 | By Jeff Zallaps
Maximizing revenue is about optimizing the rate / occupancy equation. Here are some questions to help ascertain how effectively your property management company is maximizing revenue:
- How many nights of occupancy can I expect for my property? An unusually high occupancy rate could be reflective of an under valued rate structure and an ineffective marketing program.
- How much revenue for your property will come from referral companies (e.g. Homeaway, Airbnb, etc.)? Many vacation rental managers are too heavily dependent on referral channels. As a result, their revenue streams are not diversified and subject to disruption as the industry changes.
- Do you have a customer relationship management and lead management system? The first job of a vacation rental marketing program is to generate bookings - the next job is to have the systems and processes to convert those inquiries into bookings.
- Do you have a loyalty program to help generate repeat visits?
Please call Jeff Zallaps at 720-903-0537 to see how Summit Vacations answers these questions.