Updated : Nov 26, 2024
Our November RevLabs Masterclass brought together a panel of experienced revenue managers to tackle the coming year’s most pressing challenges: shorter booking windows, evolving traveler demands, rising supply, and new regulations. Ready to see what the experts had to say? Let’s dive into the key takeaways that could shape your revenue strategy for 2025!
Panelists:
- Ben Coleman, Founder, Rev and Research
- Richard Vaughton, Industry Leader, Yes Consulting
- Becca Madigan, Manager, Solution Consultants – US, PriceLabs
Host:
- Thibault Masson, Head of Product Marketing, PriceLabs | Founder, Rental Scale-Up
Leveraging Data to Stay Ahead in 2025
- Start with your internal data: Focus on year-over-year trends in occupancy, revenue, and ADR to pinpoint areas of strength and improvement.
- Use tools like PriceLabs’ Report Builder to simplify data collection and analysis. Tools that integrate PMS and market data can save time while providing actionable insights.
- Think beyond the basics: Consider market-specific factors like regulations and seasonal patterns when interpreting data. Segment your portfolio by geography or property type to uncover strategic opportunities.
Navigating 2025 Booking Trends
- Plan for shorter booking windows: Use dynamic pricing to capture last-minute demand and focus on pricing further out to secure early bookings.
- Collaborate locally: Partner with Destination Marketing Organizations (DMOs) to stay updated on key events and demand drivers in your area.
- Leverage tools: PriceLabs’ algorithm tracks high-demand days, such as events and holidays, and adjusts prices automatically to boost revenue while saving you time and effort.
- Don’t rely solely on market data: Tap into local knowledge from your team or networks to uncover trends and events that may not show up in data dashboards.
- OTAs have highlighted key 2025 trends, including shorter booking windows, increased demand for multi-generational and wellness-focused travel, and a rise in experience-driven stays near unique or themed locations.
- These shifts emphasize the need for flexible pricing, tailored amenities, and creative marketing strategies to attract evolving traveler preferences.
Managing Supply, Regulations, and Diversification
- Focus on profitable growth: Before adding inventory, evaluate acquisition costs and long-term profitability. Not all properties will contribute equally to your bottom line.
- Stay local: Avoid spreading resources too thin by expanding into unfamiliar markets. Diversify within your existing market instead, exploring options like mid-term rentals or multi-unit buildings.
- Look at regulation as an opportunity: Established rules can provide stability, making regulated markets less volatile for experienced managers.
Airbnb’s Co-Hosting Feature: Opportunity or Threat?
Airbnb’s new co-hosting feature connects property owners with co-hosts to manage tasks like guest communication, cleaning, and pricing, offering potential lead-generation opportunities for property managers. However, it also introduces new challenges.
- While it may provide lead-generation opportunities, it can lead to increased competition from less experienced operators.
- Stand out as a professional: Highlight your ability to manage assets effectively and drive revenue to differentiate yourself from smaller, less experienced co-hosts.
- Be aware of legal implications: In some regions, the line between co-hosting and property management is blurred, which could lead to licensing or compliance issues.
Look beyond revenue management to boost margins
- Popular strategies: Offer early check-ins, late check-outs, and mid-stay cleaning services to increase incremental revenue.
- Tap into local partnerships: Collaborate with activity providers to earn commissions on tours, adventures, or other experiences.
- Get creative: Use segmentation reports to identify new upselling opportunities tailored to your property types or guest segments.
- Explore additional revenue streams: Booking fees, travel insurance, and operational efficiencies can all contribute to higher margins.
Watch the Replay
You can also listen to the episode at your convenience on Spotify or Apple Podcasts!
