Have you ever watched Marcus Lemonis in a television program called “The Profit”? Lemonis is an entrepreneur that invests his time, expertise, and yes, money to assist in turning around struggling companies. He takes ownership of a portion of the company, but, as he says, “He is 100% in charge”. I would recommend this program to any business owner looking for ideas to improve their business. You can watch episodes of the show here.
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Yield Management/Dynamic Pricing/Revenue Management...you can call this many different things, but as our business changes, we need to look at how to maximize our revenues to both your Vacation Rental Management company, and to your owners. There is an excellent article that I found on VRMA weekly newsletter titled How to Make Yield Management Work for Your Vacation Rental Business CLICK HERE. Managing rates is an ever changing business, and you need to be aware of what is happening in our industry.
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I have been in this industry for over eleven years now, and I have seen many changes with companies like Home Away, Wyndham, Resort Quest, and regional companies using their presence to really shape our industry as we move forward. From the standpoint of software, we have seen tremendous consolidation. Believe it or not, after 16 years, Barefoot Technologies has outlasted almost all of our competitors, and we are stronger than we have ever been. As the industry changes, so does the technology needed for the success of the vacation rental websites.
Read MoreI just recently read a blog regarding Different types of API integrations for Vacation Rental Systems. The blog was written in late 2014, and while the information was interesting, it really was a bit dated.
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When you log onto the internet, and you get the log in screen for any cloud based system, do you ever wonder where that data actually is? When folks go to your website, and click on "book now", do you ever wonder where that data is stored? For those of you with a "smidgen" of curiosity, allow us to offer some information that can give you the confidence your data is in very safe hands.
