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By William May
Published: 06/03/20 Topics: Software, Sunspots Vacation Rentals, Vacation Rentals, Vortex Managers Comments: 0
Although the Vortex Organization first inserted yield management tools into their HelpBookMe lodging management system years ago, today they announced release of version 3.0 of tools referred to as S2D2 for "Seasonal, Strategic, Dynamic and Distributed".
Salman Arshad, chief engineer notes, "Artificial Intelligence pricing is based on the simple idea of Supply and Demand. But predicting supply and demand is a complicated undertaking because variables change frequently and quickly."
Yield Management, sometimes called "Dynamic Rates", increase or decrease based on the general economy, local and regional economic factors, the features and amenities of each property, local events and circumstances, prior day, week, month and quarter pricing, competitor rates and, even, the weather.
S2D2 rates are based on artificial intelligence that queries over 8 billion dollar points every evening, chooses the factors affecting every individual property, and then applies them to our geographic markets right down to the individual vacation rental home or lodging unit.
"Of course our pricing is based on sophisticated and ever changing algorithms, but we still apply manual review, oversight and, sometimes, intervention," said Kate Quinn, account manager at Vortex. "That is why our product name acknowledges all of those important factors."
"Studied" means constant inspection of what competitors are charging for similar and dis-similar properties. "Strategic" rates are set differently depending on time of the year, the season, and in accordance with local events.
"Dynamic" means that rates are adjusted regularly based on occupancy, advance notice and other factors. "Distributed" requires properties be widely advertised on every productive website and through conventional media to ensure that those who might demand the property know it exists.
You cannot have one of those elements without the others, otherwise the science of yield management would be incomplete. After extensive testing, results show that S2D2 version 3.0 can increase both occupancy and rates, resulting in more profit for property owners.
"It is counter-intuitive to recognize that S2D2 does not care what the day of the week is, what the season is or even if there are holidays." explained Arshad. "Instead, with constant calculation, the software foresees trends and adjusts rates to be at the sweet spot that fosters both occupancy and optimal rate."
Another reason yield management works so well is that, surprisingly, travelers have become accustomed to it and, in fact, learn to use variable rates to change their behavior. In other words, demand for lodging ebbs and flows based on rates.
The HelpBookMe technology and especially version 3.0 help charge the highest possible rate on the most popular dates. Modest rates are charged during shoulder seasons. And low rates are set for slow seasons to attract guests who would not otherwise consider booking.
Yield management shines during good economies, but quickly recognizes and reacts to negative events such as economic downturns, regional weather, and any happenings beyond anyone's control.
William May, a Vortex leader admits, ""Every owner loves the idea of high rates, but pride of ownership can be wounded when they look at lower seasonal rates. But once they see the growth in annual income, owners become quick converts to our S2D2 dynamic rates."
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Vortex Managers is a network of trained vacation rental management companies and provides its clients with the resources of giant lodging corporations without the cost or delay. HelpBookMe is a proprietary lodging management software system perfected with thousands of hours by expert engineers. For more information on Vortex, call or Email: Info@VortexManagers.com, or Website: www.VortexManagers.com
Author: William May – Manager, Vortex Managers
Blog #: 0746 – 06/03/20
By Libby Rogers
Published: 04/22/18 Topics: Hood Canal, Timeshares, Vacation, Vacation Rentals Comments: 0
Yourshare.biz which offers resort and owner direct vacation rental bookings for timeshare properties announced today that it has opened a new website for the Blue Heron Condos on Washington State's pristine Hood Canal. Read more
Sponsor: YourShare.biz – Yourshare.biz makes it easy for guests to find quality timeshare vacation rentals, for owners to rent out unused weeks, and for resorts to generate income and attract buyers for their available weeks. Everyone wins with these well maintained properties in attractive locations. – http://YourShare.biz
By Wm. May
Published: 09/01/17 Topics: Property Management, Vacation Rentals Comments: 0
What do Picante Sauce and Vacation Rentals have in common? Well they gotta be fresh and tended to. Can managers from hundreds and thousands of miles away provide adequate service to discerning property owners. Not hardly. Read more
By Ron Lee
Published: 09/01/17 Topics: Inns, Mexico, Vacation Rentals Comments: 0
Although still a fishing village, the government declared the reef area and mangroves an ecological preserve with the intent to locals to keep development to a minimum. But comfort and fun are at a maximum. Read more
Sponsor: Caribe Suites – Nearby but far from Cancun Mexico, in the sleepy fishing village of Puerto Morelos sit family run, family fun condos just a block from the beach. Great rates. Great Stays. – CaribeSuites.com
By William May
Published: 03/01/17 Topics: Housekeeping, Vacation Rentals Comments: 0
Not all job applicants will be dedicated to our industry. Many applicants just want a quick buck to pay for their habits. That is more common than you might imagine. And home owner will never know until the druggie goes missing along with assets from their home. Read more
Sponsor: VRAI – Banding together, Managers and Owners work together to better the industry. Better homes, hospitality clean, happy guests and a rightful place in neighborhood.
By April Klazema
Published: 10/12/15 Topics: Insurance, Property Management, Vacation Rentals Comments: 0
Say you own a condo in Florida that you have been visiting every spring break for ten years now. Next spring, you have a different trip planned and won't be able to make it down to the condo at all. However, the condo is in an area that is a hot tourist destination during the winter and spring months. If you aren't going to be using it, you figure someone else would pay good money to rent it out for a few weeks. Who knows? You might even be able to finance most of your other trip just by renting out your condo to other Florida tourists! Read more
Sponsor: Yes We Insure Rentals – Say you own a condo in Florida that you have been visiting every spring break for ten years now. Next spring, you have a different trip planned and won't be able to make it down to the condo at all. However, the condo is in an area that is a hot tourist destination during the winter and spring months. – YesWeInsureVacationRentals.com
By William May
Published: 04/01/15 Topics: Ocean Shores WA, Vacation, Vacation Rentals Comments: 0
Since 1996, OceanShores.com has been the center of everything about the city of Ocean Shores and the North Beaches of Washington State. Now it is getting bigger better, and faster. Read more
Sponsor: Oyhut Bay Resort – The first new resort development in Ocean Shores in Decades. Classic cottages, houses and condos directly on Oyhut Bay wildlife present on the far south end of Ocean Shores. Restaurants, shops, pool, gym, community center, sports, activities, kids club and more. Buy a home. Rent a home. Come for the fun. – OyhutBay.com
By Joseph Romain
Published: 02/01/15 Topics: Marketing, Photography, Vacation Rentals Comments: 0
Matt Landau, founder of VactionRentalMarketingBlog.com has some surprising insights into the top 10 steps that can help property owners and managers increase bookings and revenue. His research reveals much about photography. Read more
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