Vacation Rental Bookings – Book Direct with Property Manager

How does Revenue Manager work?

One of the essential tasks for any Property Manager or Vacation Rental Company is having successful Revenue Management. To understand how a Revenue Manager can help your business, it is crucial to understand what a Revenue Manager is.

Like a module that can significantly affect your revenue streams, being a successful and up-to-date Property Manager, revenue management should be an essential task for successfully developing a business.

What is Revenue Management?

Revenue Manager is a tool that strategically uses performance data, competitor rates, local market information, and other analytics that optimizes property availability and its price to maximize your revenue growth. What a Revenue Manager does is that it anticipates the demand 365 days in advance so that during high seasons you do not have to stress whether the selling price should be increased or decreased to optimize the sales for each property.

When appropriately used Revenue Manager module can increase your revenue and boost your business to a higher level in the long run.

Setting price for Revenue Manager – You will define the standard selling price for your property as a Property Manager. In your Revenue Manager, you will define the deviation of the price to which level the price can go down and to which level the price will go up. The module will follow the market trends and, according to your predefined information, will automatize the selling process

Setting Stay Restrictions (LOS) – LOS pricing model defines rates per length of stay. Some properties will demand a minimum length of stay of 4 nights, while some properties will be fine to accommodate travelers for two nights or less. Revenue Managers will strategically target to have a consistent occupancy pattern during high demand periods or special events. Travelers will be able to make reservations for shorter periods by paying higher rates or having a discount if they book a more extended stay.

Why is a Revenue Manager important?

Using a Revenue Manager should be an essential factor in any professional development in the Vacation Rental Industry. The goal of working with Homeowners is to increase their revenue and provide them with a successful business model.

Furthermore, this module can help you lower your operating cost as automation tools will do operating processes.

It is precisely the task of the Revenue Manager to raise average prices in addition to the maximum number of days sold so that the end result is the best possible.

How does Revenue Manager work?

Booker Tools has developed a Revenue Manager module that can help you automate the process and help you increase the revenue for your properties with less time invested.

Revenue Manager module makes regular calculations where the software will do three things for you:

  • Change rates and restrictions on all sales channels by the predefined rules and market trends
  • Sends you reports in case of excessive booking deviations
  • Sends reports to your Homeowner regarding the modifications (if preferred)

Furthermore, by using Booker Tools Revenue Manager, you will be receiving:

  • Optimization report – you will receive the request (ideally after the season) to make adjustments to initial rates & restrictions based on data and experience created in the previous season
  • Statistical report – your Homeowners will receive the report about their property market status (if preferred, according to your business model)

If you would like to get more information on our Revenue Manager module, Booker Tools Team stays at your disposal.

info@booker-tools.com

Why should you start with Direct Booking?

2020 was the beginning of new trends that shifted traveling to different levels and made it unpredictable so that both travelers and service providers had to learn how to adapt to the new normal.

In 2020, we saw a sharp increase in direct bookings. On average, almost 20% of all bookings happened directly. That is an increase of 65% compared to 2019. (source: Stardekk)

Direct Booking is a global trend in the Vacation Rental Industry where travelers prefer to make a reservation for their stay directly with the Property Manager or a Homeowner. This trend has been on the rise for several years, especially since the previous pandemic year. In the following, you can find more details on how having your website can help your business and what are different models of generating direct bookings on your website.

  • Create Your Website

Having your website can be a powerful tool in building your brand. Your rental website can help travelers find all information that they need before making the reservation while keeping the contact after the reservation was made will be the first step in building your customer loyalty. 

If in the offer you provide Promo codes for your guest’s travel or your guest friends, it will be a great option to convert travelers into your regular guests. 

It is no secret that many fees for Property Managers include paying OTA commission fees for reservations generated via their distribution channels. Your rental website will boost your revenue, and being a property manager, it is your business goal. 

Booker Tools Direct Booking tool can help you to boost your business by creating your website directly from the software. A generated website can include all details of your properties together with a booking engine that will allow travelers to make the reservation directly with you. Adapting your rental website to your brand with high-quality images will make a great first impression on your guests. Demonstrate your company brand and what you provide to the customer, and how value is created.

The benefits that travelers get when booking directly with you: 

  • Best prices guaranteed
  • Guaranteed payment security
  • Personal verified properties
  • Personal approach
  • Direct communication
  • Local suggestions and help

 

  • Booking Engine

Booking Engine is a crucial component of generating direct reservations. If you create your rental website from the system, it will include Booking Engine as well. Suppose you already have your existing website with property content. In that case, Booker Tools can provide you the option of using an integrated booking engine that will enable travelers to book directly on your website. Automatic synchronization of prices, availability, and restrictions will allow you to have the best offers on your website while enabling your customers to have real-time rates and availability without the need for prior inquiries.

  • API Integrations

Using API integration, an existing website can be linked using the iframe components (booking form, calendar, search engine, etc.) – the possibility of API connection means full connection with your website, including automatic synchronization of inventory (reservations, prices, restrictions, and availability) and synchronization of content (photos, description, guiding content of property units…). Connecting your existing website with Booker Tools also provides your customers with real-time rates and availability to book directly on your website.

Regardless of creating a new website from the software or connecting the existing one, Booker Tools central calendar will keep all reservations organized in one place so you can have an overview of all reservation details, both on your desktop version and your Booker Tools mobile app.

Create your website directly from Booker Tools software, start generating direct reservations and make your business more successful. 

If you would like to have more information on how Direct Booking can help your business, we stay at your disposal.

Try Booker Tools for free 15 days.

Why now is the time to respond to every review?

As we have seen, guests now are spending more time searching and checking for an apartment. Safety and cleanliness became a priority for travelers and they will look for accommodation that will fulfill their requests. It is now more important than ever to have excellent communication with guests. If you didn’t have time or knew how to respond, now is the time to check all the reviews and respond properly to each of them.

Did you know that today 84% of people trust online reviews as much as personal recommendations?

Reviews of the guests who were staying at your accommodation play a big role in attracting new guests. It is best to respond to all reviews you receive, whether they are positive or negative.

When guests were looking forward to vacation and it does not turn out as they imagined, it is likely that they will write a negative review.

For a homeowner or Property Manager, a negative review can be a huge discouragement. You should always keep in mind that you are not only responding to a comment to that one guest, but to all potential future guests who are likely to read that response.

If the guest wrote something that is not true, then of course you will politely deny it and let everyone know what really happened.

Rule number 1. Always thank guests for leaving a review

By regularly and honestly responding to all reviews, you are showing that you care about your guests and that you care about their opinions. Through guest reviews, you can get an insight into what potentially needs to be changed to improve the quality of your property and services.

Since guest comments are not always positive, this is an additional reason to respond and explain the situation from your perspective. Do not forget that in this way you create a positive reputation with potential guests. Start each response by thanking the guest for staying in your accommodation and leaving a review. For example, “Dear xy, Thank you for staying at our apartment and for taking time to write this review…”

Rule number 2. Never start an argument

Whether the guest’s comment is true or not, your answer must always be professional, as objective and friendly as possible, as it suits the host. Do not engage in quarrels with guests, just briefly and simply describe your view of the event.

Rule number 3. Remind the guest of the offered solutions

When responding to negative comments, do not forget to mention that you did your best to solve the situation. Describe all communication, the compensation offered quick fixes, replacement of broken devices – briefly all the solutions you offered them while they were staying with you.

Rule number 4. Communication is the key

The worst-case scenario for a homeowner/Property Manager is that the guest does not inform him about the problem while he is staying in the accommodation, and the homeowner/PM finds it out from the review. In that way, the host doesn’t even get a chance to resolve the situation. It is best to point out on check-in that they can contact you always for help in case of any problems.

With a helpful and prompt response to a negative review, you have the opportunity to show what kind of a host you actually are. From your engagement, potential guests will see that you take guests’ comments seriously and that you wish to offer excellent service.

Since people usually are most interested in negative reviews, there is a big chance that they will read your answer, too. Use this possibility and turn the situation around to your advantage.

Advice:

Guests usually leave comments on booking pages like Booking.com and Airbnb. They also use Google Maps to leave reviews. Regularly check reviews for your accommodation on all platforms and respond to them.

Booking.com Premier Connectivity Partner 2021

The travel industry has been going through a rough time this year, because of that we know that strong and productive partnerships are more important than ever.

Booker Tools, software which is used to manage more than 8000 accommodation units and which was made and developed in Dubrovnik, Croatia, is announced as 2021 Premier Connectivity Partner by Booking.com, one of the largest booking platforms in the world. The ‘Premier’ category is part of the Booking.com Connectivity Partner Program 2021; a new incentive program to stimulate the performance of its partners. Premier partners are top and highest-value connectivity providers. These providers offer the most advanced systems with the widest range of products and services.

There are three tiers in this program ‘Standard’, ‘Advanced’ and ‘Premier’. Depending on the number of points accumulated in the year, the providers are classified on the relevant tier.

Booking.com has recognized the efforts and commitment we put into our work. This is just one more step that will motivate us to do better every day and reach for the stars!

Booking.com – Recovery guidelines and tips

Since this is a rough and uncertain time for tourism caused by Covid-19, one of the biggest online reservation platforms, Booking.com, has created Recovery guidelines and tips which you can read here.

Through the special offers, you can increase your early bookers, last-minute reservations, as well as encourage guests to make their reservation for a longer period. Booking.com offers different options when it comes to special offers, but depending on the terms which your vacation rental unit has to satisfy for a certain type of promotion. Booking.com promotes those objects which use promo actions in their global campaigns via emails and partner sites. Using this type of strategy, your vacation rental becomes more visible and accessible to potential customers.

Take a look at the special offers to increase the number of your reservations on the Booking.com platform.

Early bookers – First-minute offer 

Attract those guests who book their accommodation far ahead of the others. One of the ways how to attract this type of guest is by setting discounted deals for the upcoming period like a next season or a year.

Genius – Loyalty program 

An exclusive loyalty program that brings vacation rental owners closer to Booking.com`s most frequent bookers. As a Genius partner, your property will get a special Genius tag with which you will accomplish better visibility and a ranking boost in search results on the Booking.com website. Your property will be displayed to the type of travelers who travel more often, book further in advance and spend more when booking.

Last-minute bookers – Last-minute Deal

One of the most effective ways how to easily fill up empty rooms and attract bookers searching for properties up to seven days in advance or closer to arrival. Setting up options like no address details or no credit card will make bookings through mobile devices more agile and easier.

Mobile rate – Mobile rate 

Bookings made through Booking.com mobile application continuously exceed those made on the desktop. This is an ideal option for attracting the fastest-growing segment of bookers. All you have to do is offer a discount of at least 10% for all mobile users.

Country rate/GEO rate – Rates for specific countries 

The best way to attract guests from specific countries and tap into new markets. Country rates represent targeted discounts which you can offer to guests from the market of your choice.

Preferred – Preferred partner program

The preferred partner program is an exclusive program that brings greater visibility to the top 30% vacation rental owners. There is a specific set of criteria that must be fulfilled to join. Properties listed within this program get greater visibility in the search results and receive a special “thumbs – up” icon which acts as the Booking.com certificate of approval.

Property Page Score – Page quality ranking 

The content of your property page has to tell a story and persuade a potential guest that you are worth staying with. Showcasing the right information you are setting the real expectations for the guests, which in turn brings satisfied guests, exquisite reviews, and new bookings.

Flexible policy – 5 days 

Choosing this option helps your bookings grow since the cancellation policy is flexible. It is used in times of uncertainty to give a little push to travelers to book since this option enables free cancellation up to five days before the arrival.