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2.11 Revenue Management Plan
CHAPTER 2
• Do they take a commission off bookings you’ll receive from that website? What is the rate?
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Are there any tools available to help me manage all of this? • Yes! I plan to use a channel manager. • A channel manager is basically a tool that you can use to make sure all of your bookings, dates and arrangements remain in one place, so you don’t get overwhelmed managing calendars from several diff erent OTAs you’re using.
When I do get a booking, how will I receive the payment? • PayPal • Bank transfer • Via the OTA I’m using • Cash/card payments directly from guests upon arrival
2.11 Revenue Management Plan
In this section, you’ll have to include information about the rates you plan to charge for your vacation rental. Additionally, plan to include any details about pricing or yield management tools you will use. When running a holiday rental business, you need to keep on top of your income, expenditures, and general overall fi nances.
My recommendation is to purchase and deploy a VRM Software Solution. There are a lot of tools and software out there to help. To start, I have some quick questions to cover the basics of your revenue management plan to make sure your accounts and business stay well in the black:
How much will I charge per night? • Fixed price: $ per night • I’ll use smart pricing, increasing the amount during busy periods. • I’m still undecided.
