Setting short term rental rates has come a long way over the years, evolving from flat pricing to a few static seasons, to the new age of constantly updating rates. However, as the precision of rates has increased, so has the pressure on PMs to get the rates right, which requires constant analysis of market trends and dynamics. PMs find themselves with the daunting task of pricing an entire year without the benefit of knowing how trends will play out; how events will change; or how prices will resonate.
Here at Beyond Pricing, we understand this challenge and offer Rolling Calendars as the tool for PMs to have the advantage they need to stay responsive and successful.
Bye Bye to Setting Rates for Next Year
Most PMs sit down after a busy and exhausting high season and spend a painful week setting rates for next year; or worse, copying exact rates from last year and then fretting for the rest of the year. In years' past, this also would have meant PMs were leaving money on the table by not increasing rates year over year with the market. With Rolling Calendars, setting rates becomes an ongoing exercise versus a mammoth annual task. When rates are updated on a rolling 365 day basis, PMs can rest easy knowing their rates are relevant and accessible.
Events are Automatically Updated
This year proves what we all know: rates need to change year over year. Let us save you the time spent researching which day a holiday falls on next year; which schools have which Spring Break and when; what local conferences and events have been rescheduled. You can then spend your valuable time on other higher-value activities. With an automatically updated rolling calendar, these events are already located, labeled and priced, even spotting events that may be new or previously unknown.
The longer you wait to plan your calendar, the more reservations you will miss: in Hilton Head 11% of reservations come in over 9 months in advance, and it can reach 17% in South Florida.
To understand more about how rolling calendars work, fill out this form and ask our team member to take you for a spin through the tool.
In summary, a rolling calendar means there are no blocks while you decide on next year’s rates. The way Beyond Pricing’s algorithm creates a rolling calendar means that in many cases, it can be extended beyond next year. For example, when guests check out and already want to book for next year, having readily available and reliable rates is key. Opening up your calendar 14 or 18 months in advance can make it easier to take those reservations farther out, but also gives you additional time to get a higher premium on those nights — all with no extra cost or time to you.
"The price fluctuation based on market demand is super helpful! It takes the guesswork out of it and also means we don't need to research all the big events in town."
- Beyond Pricing Customer
Not using Beyond Pricing yet for setting your rates on a rolling basis? Contact us now to learn how we can help save you time and stress!
Are you gonna roll with us?!