Revenue Management for BnB's & Vacation Rental Apartments
Xotels is a global leader in BnB's & Vacation Rental Apartments revenue management, and with our remote revenue management consulting services we help independent hotels increase their financial performance. Our hotel yield and revenue outsourcing specialists implement Xotels’ innovative and proven methodology to grow the RevPar and GopPar results of your BnB's & Vacation Rental Apartments.
Our international revenue management outsourcing consultants have an extensive experience in both the hospitality travel & tourism industry, and leave no stone unturned to uncover the hidden revenue potential of your BnB's & Vacation Rental Apartments, to increase your bottom line profit. We have a strong business development DNA, and aim to challenge the status quo and established order.
Xotels’ RM and yield experts will be incorporated in your BnB's & Vacation Rental Apartments management structure and operate as a part of your team taking on the responsibilities and duties of revenue management and business development. Working besides your executive management, we will be implementing best practices, proven techniques and the latest travel distribution developments. We will help you outperform your competition and become a leader in your local market.
We would be covering the areas and actions highlighted below when taking over a hotel, either as a turn around project or new opening;
Our Revenue Management Mission
- Adopt a healthy market segmentation for the BnB's & Vacation Rental Apartments
- Assist with budgeting and develop a forecasting model adapted to the market segments
- Increase revenue by stimulating demand and use existing demand for the destination
- Push forward the BnB's & Vacation Rental Apartments on potential distribution channels to enlarge the demand
- Optimize direct sales and distribution via website and phone
- Structure the pricing management
- Set strategic pricing in terms of public and negotiated rates
- Handle all Revenue management tasks on a daily, weekly and monthly basis
Xotels will study the main competitors of the BnB's & Vacation Rental Apartments to assess their price positioning in relation to their products offering. Xotels will build a report comparing the strengths and weaknesses of the main competitors and the BnB's & Vacation Rental Apartments. The report will aim at building the Price – Value relationship that the BnB's & Vacation Rental Apartments can provide in front of its main competitors.
Xotels will benchmark and compare the pricing strategies of the main competitors and the BnB's & Vacation Rental Apartments. The study will look at the public prices but will also try to pinpoint negotiated rates such as corporate rates. The study will look at a year period: day by day pricing by length of stay. The benchmarking will show how the BnB's & Vacation Rental Apartments is priced competitively and create or revise the pricing grid.
Xotels will evaluate the distribution of the main competitors: GDS, IDSs and off line through mystery calls. The study will look at promotion management, length of stay pricing per channels. The study will also look at the distribution management of the BnB's & Vacation Rental Apartments, inventory availability management, rates availability management in periods of low to high demand. The benchmark study will look at the competitive strengths and weaknesses of the BnB's & Vacation Rental Apartments and present an action plan, with a primary focus to contract the right new distribution channels.
Upon the benchmarking studies, Xotels will review the existing pricing grid or build a new one and recommend pricing strategies to stimulate the demand. Both public prices and negotiated rates with multiple length of stay will be assessed and recommended. Pricing will be recommended per period of demand: low to high periods. Negotiated corporate rates will be reviewed in relation to the production and corporate accounts. The sales team input will be needed.
Xotels will review the demand calendar, or create one, and analyze strength of demand day by day per period (with or without events), in view of day by day rate strategies.
Xotels will build market segmentation for the BnB's & Vacation Rental Apartments and create a forecasting model to ensure that existing demand for each individual segment will be targeted most effectively in terms of marketing, sales and pricing strategies.
Rate Strategy Sheet
Xotels will develop monthly rate strategy sheets with the following objectives:
- Day by day pricing strategy for one year will be shown (price value per length of stays day by day will be recommended)
- Pricing strategy per channels of distribution
- Yield strategies with L.O.S. restrictions on peak periods
Xotels will also review or build the rate loading and the rate management through all electronic distribution channels to ensure that all prices including corporate rates are correctly shown and bookable. Two meetings are planned before the start of implementation:
- Meeting at the start of the project with first phase of assessment and meeting with the team
- Final presentation meeting with the pricing strategies and tools
Online Distribution Strategy
Xotels will develop the implementation of the suggested action plan. As the main challenges based on current occupancies seem distribution and pricing oriented Xotels will focus on getting the required results. This includes contracting online and offline distribution channels.
And don't think for a moment this cannot be applied in your BnB's & Vacation Rental Apartments property. With our revenue manager for hire team we manage a diverse international portfolio of top performing hotel companies, ranging from independent boutique hotels, luxury design hotels, beach & ski resorts, innovative hotel concepts, aparthotels, vacation rental properties, tourist apartment blocks, regional hotel firms, and even small country side / rural hotels, modern budget hotels, trendy youth hostels, hip bed & breakfasts, camping sites and holiday parks.
Xotels is an innovative BnB's & Vacation Rental Apartments revenue management consulting company, for a new breed of hoteliers.
Want to improve your top line revenue and bottom line profit of your BnB or your Vacation Rental Apartments?
Bring in the experts!