Jul 16 2024 38 mins 12
Curious what your portfolio’s potential is? Apply for RPM at https://freewyldfoundry.com/rpm/.
In this episode, Jasper Ribbers is interviewed by Kaye Putnam about RPM (Revenue and Pricing Management) service. They discuss the importance of revenue management for short-term rental operators and how it can significantly impact their bottom line. Jasper explains that RPM is a service where they take over the revenue management for clients, setting pricing parameters, developing strategies, and making adjustments based on market data. They also consult on other aspects of the business that impact revenue, such as marketing and messaging. Jasper shares success stories of clients who have seen significant improvements in their revenue after implementing RPM.
Takeaways
- Revenue management is crucial for short-term rental operators to maximize their revenue and profitability.
- RPM is a service that takes over revenue management for clients, setting pricing parameters and making adjustments based on market data.
- Every part of the business, from marketing to messaging to cleaning, impacts revenue and should be optimized.
- Operators with a larger portfolio can benefit from outsourcing revenue management to a service provider.
- RPM can lead to significant improvements in revenue, with some clients seeing a 40-43% increase.
- It's important to evaluate performance and compare it to the market to identify areas for improvement.
- RPM is not a one-size-fits-all solution, and each client's strategy is tailored to their specific portfolio and market.
- Operators below the million-dollar mark can still benefit from education and resources to improve their revenue management.
- Freewyld Foundry offers a snapshot analysis for operators interested in RPM to assess their performance and potential for improvement.
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