Revenue Management Strategies

This podcast episode interviews Jordan Locke, a revenue management consultant, about strategies for maximizing income in the short-term rental market. The discussion covers current market trends in 2024 (slower January, strong February/March bookings), pricing strategies for peak events (like solar eclipses), and the importance of understanding guest demographics to optimize pricing and minimum stay lengths. Locke emphasizes the use of pricing tools, daily monitoring of calendars, and the psychological impact of pricing (e.g., using "charm pricing" with numbers ending in 4 or 9). Listeners gain practical advice on improving revenue management, including daily time allocation and the use of OTA promotions for increased visibility.