Let’s say you are launching flexible stays and currently onboarding your property, preparing apartments to get them guest-ready. Now would be the time to start marketing apartments and generate advance calendar bookings. Here’s why:
Optimized revenue generation
Of course, advance bookings means generating revenue ahead of the first guest check-in. By opening calendars early, it gives time for pricing and listing optimizations to begin taking effect. Rather than compromising on price to fill apartments, you are maximizing nightly rates from the start.
For a building in Salt Lake City, Utah, advance bookings saw a 7% revenue increase compared to initial projections. The highest price per night achieved was over $263.
Read more: The Power of AI, How Dynamic Pricing Creates Rent Growth
High occupancy rates and guest pipeline
It’s no surprise that marketing apartments sooner rather than later ensures higher occupancy rates at launch. But you may be surprised at how much of a pipeline can be built by marketing apartments in advance.
In Atlanta, Georgia, bookings were made on average 155 days in advance of guests’ check-in dates. One reservation alone was over 279 days in advance of the check-in date.
Read more: Using technology to find, convert and retain the best guests
Advance bookings provide early visibility into booking trends and guest demographics. It allows our in-house Revenue Management team to quickly identify opportunities and adopt optimizations into the strategy.
For example in Atlanta, Georgia, advance bookings had an average duration of 4.6 nights, with Thursday as the most popular day for check-ins.
By monitoring these trends, we’re able to stay ahead of the competition by adjusting rates and inventory quickly with minimal manual efforts.
Read more: How to stay in the know and grow with property technology
No Comments Yet
Let us know what you think