In this engaging episode of Alex and Annie: The Real Women of Vacation Rentals we are joined once again by Ben Coleman, the visionary founder of Rev and Research, alongside the Chief Operating Officer, Rebecca Ballart.
Rev and Research revolutionizes the vacation rental industry with their 100% done-for-you revenue management services. Beyond standard rate adjustments, the team, driven by a passion for data and numbers, conducts a comprehensive analysis of clients' businesses. From revenue discussions to sales budgets and overarching goals, their unique bottom-up approach has halved owner attrition in the first year. With a team of industry leaders and former operators, Rev and Research taps into the brightest minds in vacation rentals, maximizing occupancy at optimal rates. Their services not only pay for themselves but also reshape the landscape of revenue management in the industry.
In this episode, Ben and Rebecca, together with Alex and Annie combine their expertise to dissect the current state of the vacation rental market. They stress the importance of understanding market demand and pricing strategies while underlining transparency and clear communication with homeowners regarding revenue projections and expectations. Dive into the challenges of managing diverse inventory, from urban markets to homes versus condos. Learn how staying informed about local events can be leveraged to boost bookings and adapt to the changing expectations of homeowners.
The discussion concludes with a sneak peek into the upcoming DARM conference. Ben and Rebecca share insights on their sessions covering revenue management strategies and tackling underperforming units. Overall, the episode emphasizes the proactive, transparent, and knowledgeable approach required for success in vacation rental revenue management.
🚀 Don't miss this enlightening conversation that could reshape the way you approach revenue management in the vacation rental industry!
Highlights of the Episode:
00:00:00 Introduction
00:00:23 Meeting and connecting at conferences.
00:02:11 Demand normalizing and technology.
00:06:29 Taylor Swift and booking strategies.
00:10:11 Understanding Different Types of Inventory.
00:11:38 Market research and vacation rentals.
00:13:55 One night stay reservations.
00:16:40 Types of homeowners and ROI.
00:19:51 Trust and transparency in real estate.
00:23:28 Trust in client conversations.
00:28:20 Companies growing inventory through information.
00:29:29 Thinking outside the box.
00:32:02 DARM conference benefits.
00:36:38 Letting go of difficult units.
00:37:31 Setting boundaries with owners.
00:40:25 Deciding what properties to keep.
00:42:41 Being proud of your brand.
00:48:15 Know your brand.
00:49:32 Getting in touch and networking.
This episode is brought to you by Rev & Research!
Connect with Ben Coleman
Email - ben@revandresearch.com
LinkedIn - https://www.linkedin.com/in/benjamin-coleman-6256b156/
Connect with Rebecca Ballart
Email - rebecca@revandresearch.com
LinkedIn - https://www.linkedin.com/in/rebecca-ballart-81a993163/
Connect with Alex and Annie and get more real vacation rental goodness:
Alex Husner: https://www.linkedin.com/in/alex-o-husner%F0%9F%8C%8E-1844306/
Annie Holcombe: https://www.linkedin.com/in/annie-holcombe-vrgal/
Website: https://www.alexandanniepodcast.com/
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#Revenue #RevenueManagement #RevAndResearch #VacationRental
