Setting Base Rates for Vacation Rentals
Understanding Base Rates
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Rented’s Director of Revenue Management, Kevin Lincicome gives an overview of base rates with great details and insights. Learn the strategy that revenue managers use for review and setting base rates, and get a tour of how Art allows you to manage this in a simple, intuitive but very powerful way!
In this Four Minute Revenue Manager you will learn:
- The importance of evaluating the competition, amenities, quality, and your market - with specific steps our team uses to set base rates.
- How easy it is to review and manage base rates using Art!
Base Rates are the foundation of the pricing strategy for all properties. As a vacation rental manager, you will set your base rate for each listing, and then the adjustments made against that rate are the fluctuations that are determined by demand. Once you set your base rate, the discounts and premiums are essentially layered on top of the rate, and Art makes changes daily depending on the current demand and occupancy trends.