The Beyond team was thrilled to participate in the Short Stay Conference in Greece event alongside industry leaders in the short-term rental industry. Our team engaged with property managers and hosts, delving into in-depth discussions on all aspects of revenue management.
Throughout the conference, we shared insights into market trends and actively participated in discussions about innovation in the short-term rental (STR) sector. Here are our top takeaways, encapsulating the key highlights and learnings from this enriching experience.
Greece, an emerging (and competitive) short-term rental market
In the last year, the supply increased in Greece by +19% and 48% in the last two years. There are 131,000 listings on Airbnb, and 86% are entire properties.
To stay ahead of the competition in the short-term rental market, there are several key tips to consider.
- Amenities and guest experience: Investing in your guests’ experience is crucial for ensuring that your rental property stands out and maintains a high level of bookings. Market analysis is essential, as it provides insights into trends and allows for optimization of listings. Analysing competitors also plays a significant role in understanding the market landscape and making informed decisions.
- Pricing: Setting competitive pricing based on data analysis is also an important strategy for maintaining a competitive edge in your market. Year over year, the occupancy rate remains quite stable, however, the prices are slightly increasing in both summer and urban markets.
Urban market trends
The events in urban markets play a significant role in increasing occupancy rate as guests flock to these cities full of vibrancy and cultural richness. Having access to occupancy data is crucial for revenue managers to make informed decisions regarding pricing and more advanced revenue strategies, such as gap-filling, yield management, and minimum stay strategies.
For instance, let’s check the impact on the occupancy of the upcoming events in Athens and Thessaloniki. The occupancy pacing rate shows the occupancy rate over a specific period, providing insights into the pace of bookings about the same time in previous periods.
In Athens, occupancy rates are already high for the UEFA Conference League Final and the Coldplay. In Thessaloniki, the Agrotica event is reaching the 80% occupancy rate up to date.
And let’s analyze the occupancy pacing in Mykonos and Santorini, both summer markets.
Mykonos and Santorini are summer markets with high occupancy rates during this season. We can notice peaks on the weekends and some events, like Dekapentaugoustos in August.
Property managers and hosts must consider these events when formulating pricing strategies and optimizing revenue based on market trends. By staying informed about the various events and festivals taking place throughout the year, you can capitalize on increased demand and optimize your revenue during these peaks of demand.
Leverage your guest's preferences
Knowing your guests helps to stand out from the competition and define your revenue strategies. In Greece, the principal channel distribution for reservations is Airbnb (47%) and Booking.com (36%).
With an average length of stay of 4.8 days, adjusting your minimum length of stay requirements based on this data can ensure the occupancy of your accommodations. Additionally, with a booking lead time of 68 days, it's evident that visitors to Greece are planners, so focusing on pricing strategies for bookings 2-3 months in advance can be advantageous.
Key takeaways in revenue management
Revenue Management is constantly evolving. That's why it's crucial to keep your team engaged and invest in ongoing training, automation technology, and adopt new strategies based on search data and market trends.
Detecting trends and staying updated on changing guest preferences is key to staying competitive and making informed decisions. Understanding booking trends, the services potential guests seek, the minimum length of stay in the area, or the average booking lead time will help establish advanced revenue management strategies.
The supply has grown, so detecting changes in market trends and optimizing occupancy is more important than driving ADR in low and mid seasons. This year, prepare with up-to-date and detailed market data to stay informed of trends and act quickly.
Find out how Beyond can help you! Book your demo with our experts
.png){kind=small}
.png){kind=small}
