Did you know that you are probably already implementing a revenue management strategy? Well, if you are using any property management system (PMS), most of them have built-in tools that allow you to strategically manage your revenue!
Leverage the PMS You Already Have
There are many vacation rental software tools that are used as a part of property management operations that also have fantastic revenue management applications. Inventory and pricing controls within a PMS can help define a revenue management strategy, alongside other distribution features that may be unique to specific systems.
Any use of a channel manager is also directly related to revenue management, since the distribution of inventory can sometimes be more important than something like pricing.
Dynamic Pricing Software Takes it to the Next Level
Dynamic pricing software has become popular in the vacation rental industry over the past few years as managers look to gain competitive pricing advantages in their market. This tool is the closest thing that the vacation rental industry currently has to a true Revenue Management System.
Hotels and airlines use dynamic pricing alongside a PMS to manage all the strategic levers available to revenue managers. These systems take a lot of the manual work out of pricing and reacting to market shifts in supply and demand, allowing property managers more time to focus on other parts of the business. Most property managers using a dynamic pricing tool are also able to use custom pricing settings and features to maintain a more advanced strategy in a more efficient manner.
Key Takeaway: You already have the ability to implement a revenue management strategy with your property management system software. Take it to the next level with Dynamic Pricing Software!
For a deeper dive into the latest trends for your market, check out our Insights tools by creating a free account today! If you'd like to learn more about how Beyond Pricing's dynamic pricing solution can help your business navigate these uncertain times, be sure to give us your information here and we'll set up a time to chat.