In the world of vacation rental management, the difference between a fully booked property and one with empty nights can often come down to the smallest of details of your pricing strategy.
With booking pace decreasing in some markets across the UK and consumer behaviors constantly shifting, Airbnb hosts, Vrbo hosts, and property managers find themselves faced with a perpetual challenge: how to set rates that are competitive and attractive, yet yield the highest possible returns. This is especially a challenge when you have short gaps of availability on your calendar between bookings.
This is where Beyond's Dynamic Gap Price Adjustments can help you save time and earn more vacation rental profits.
Understanding Dynamic Gap Price Adjustments
Dynamic Gap Price Adjustments (DGPA) make pricing easier for your rental property. These automatic adjustments take away the guesswork of figuring out how much to charge for short gaps between other bookings on your calendar. Instead of manually setting prices, Beyond uses DGPA to automatically give small discounts for these short gaps based on how likely they are to be booked.
With DGPA, you can be sure that your prices are set to maximize your occupancy and earnings. It works for gaps in between bookings that are one to three days long and the discounts can range from 3% to 30%. But don't worry, these discounts are set to reasonable amounts so that you won't end up charging too little for your rental and will never go below your minimum price.
The Impact of Dynamic Gap Price Adjustments on Bookings
Beyond's rigorous testing and data analytics have shown significant upticks in booking rates – and associated profits – for customers using DGPA. This feature not only ensures a higher likelihood of filling those otherwise empty nights but also optimizes revenue by maintaining a dynamic, market-responsive pricing structure.
The result? Guests are incentivized to book with the promise of a small discount, while you get to rake in the profits without any unsold nights.
Don’t Want Dynamic Gap Price Adjustments Enabled for Your Account?
You’re always in control of your pricing and settings at Beyond! If you do not want this feature enabled, simply navigate to the Customize Tab, go to Gap Price Adjustments, and uncheck this box next to “Allow Gap Price Adjustments”.
For vacation rental hosts and managers looking to increase bookings, maximize revenue, and stay ahead of the competition, sign up for Beyond today!
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