Maximizing Bookings and Revenue: A Guide

In our previous discussion, we explored strategies for increasing bookings when you're not receiving the desired number. We examined base pricing, neighborhood data, market pricing, and occupancy rates. Now, let's shift our focus to what actions to take if you're receiving more bookings than expected or performing exceptionally well.

Adjusting Base Price for Optimal Performance

If you're experiencing a high volume of bookings, it's crucial to reassess your base price. This is a key factor in maximizing revenue. Here's how to proceed:

1. Review your current base price. For example, if your current base price is $378 and the market suggests $389, consider adjusting to $383 as recommended.

2. Confirm the new base price to potentially increase your rates due to high conversion rates and great occupancy.

3. Consider experimenting with the market base price if you're performing exceptionally well.

Analyzing Market Rates

Understanding where your rates stand in relation to the market is essential:

• Weekday rates should ideally fall within the 25th to 50th percentile, which is favorable.

• Weekend rates can reach the 50th to 75th percentile, with potential spikes into the 90th percentile during high demand periods.

Monitoring Market Occupancy

It's important to keep an eye on market occupancy trends:

• Compare current occupancy rates with last year's data to identify trends.

• Note any significant drops or increases in occupancy, especially around key dates like Thanksgiving.

Market Insights and Customizations

To further optimize your strategy, consider the following:

• Regularly check market history and occupancy rates to adjust your base price accordingly.

• Analyze booking windows and length of stay to understand market behavior.

• Monitor Average Daily Rate (ADR) trends, especially during peak months like June, July, and holiday seasons.

By following these steps, you can ensure that you're maximizing your property's potential and staying competitive in the market. Thank you for your attention.