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Strap in this week for a value packed episode, of The Accommodation Show where on simplifying revenue management.
Airlines and hotel chains employ entire teams to determine what their pricing and booking settings should be to maximize revenue. But most short-term rental (STR) hosts don’t have access to the same kind of data, nor have the resources to hire world-class data scientists. It is a huge missed opportunity that could be costing you thousands of $ a year.
So, what can you do to make more from the properties you manage?
To answer this, we are joined by the wicked smart, ultra talented Tim Speicher from Buoy. Tim is the Co-Founder/Head of Product at Buoy, a dynamic pricing platform for vacation rentals, offering automated revenue management tools for the global STR market. Prior to founding the company he was an independent revenue manager, and spent 2016-2018 with Oasis Collections. He is a wealth of knowledge on revenue management, is a great operator and he gives insights and tips that you can apply to your business.
0:00 THE FASTEST WAY TO MAKE MORE MONEY! - Are you charging your guests enough?
01:15 Introduction to Tim, his business and how he started working in Accommodation/Hotels
03:30 What skillsets Tim acquired to become a revenue manager
05:01 The similarity between event pricing and accommodation pricing
08:47 Responsive revenue management based on occupancy
10:36 Revenue knowledge applicable to every vertical in accommodation
12:33 Demand predictors for pricing
16:59 How guest behavior affects pricing
19:01 What to pick from historical pricing data
21:22 What's the real impact of having correct revenue management understanding
Resources
Website: https://buoy.us/
LinkedIn:https://www.linkedin.com/in/timothysp...
Instagram:https://www.instagram.com/buoy.us/?hl=en
Twitter: https://twitter.com/tim_speicher
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