What is Revenue Management?
Revenue Management, or RM for short, is an expression that is used within the world of property sales and rentals to refer to the administration necessary to ensure that the transaction reaches the highest level of optimization in all the factors involved. That is, the right property is sold or rented to the right customer and for the optimal price, as well as at the right time and through the right channel.
The type of property can include several different things, such as a hotel room, a plane ticket, or a car.
In this case, when we talk about property we are referring to apartments or houses that are rented for short stays for tourism, recreational, work purposes, or even for health treatments or carrying out errands.
The objective here is to maximize the income generated by a place intended for Short Term Rentals through the best possible management of price and availability.
Any property that is intended for temporary rental requires revenue management work in order to be managed optimally. Depending on the size of the business and the time availability of those who manage it, this work can be carried out by the same person who owns the property, by the person or team that brings together the management of several properties, or by a specialized company. which is outsourced to guarantee the best management of income.
When it comes to properties located in Spain, ListingOK has been a reference in the world of revenue management since 2015, offering all the necessary services to increase rental profits with professional price management.
At this point it is important to take a brief tour of the key notions within income management in the area of temporary rental of apartments and houses to understand the reference of each term used in this landscape, which may differ from the meaning assigned in other areas.
Likewise, we can see specifically the functions of the Revenue Management companies to have an even more complete notion of their reach.
