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In this episode, Jasper Ribbers interviews Jordan Locke, the founder of RevParty Consulting, about revenue management strategies for short-term rentals. They discuss the importance of revenue management, understanding guest avatars, pricing strategies for special events, adjusting pricing for high-demand dates, and utilizing OTA promotions. They also cover practical tips for increasing revenue and the importance of scheduling time for revenue management. Jordan provides his contact information for those interested in learning more about his services.

Takeaways

Revenue management is the practice of maximizing revenue by constantly improving how much money you make. Understanding guest avatars and their preferences can help you tailor your pricing strategy and attract the right guests. Utilizing OTA promotions can increase visibility and attract more bookings. Setting minimum night stays can help optimize your calendar and prevent undesirable bookings. Scheduling dedicated time for revenue management is crucial for monitoring pricing, adjusting strategies, and staying on top of market trends.

Chapters

00:00 Introduction to Revenue Management 01:19 Background and Experience in Revenue Management 04:29 2024 Revenue Trends 06:13 Pricing Strategies for Special Events 09:48 Adjusting Pricing Strategy for High Demand Dates 12:56 Factors Influencing Booking Behavior 14:49 Getting Started with Revenue Management 15:40 Understanding Guest Avatars and Pricing 22:18 Optimizing Minimum Night Stays 25:41 Scheduling Time for Revenue Management 28:53 Understanding Pacing 30:39 Practical Tips for Increasing Revenue 32:49 Contact Information 33:35 Conclusion

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