** Seasonal rental: the 3 questions I get asked most often **
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Hello, and welcome to the “I display Complete” channel. I hope you're doing well. J'annonce Complet is the channel that helps seasonal rental companies, professional sub-renters, and seasonal rental concierge services to increase their turnover. If you are not yet subscribed to my channel, do not hesitate to click on “subscribe”, as well as on the bell so as not to miss any of the Lives that I do from Sunday to Thursday at times which, in fact, , vary according to the possibilities of my diary. So, having the bell and being alerted will allow you to join me live, and to be able to participate with me in the creation and design of these Lives. If you arrive now, please feel free to say hello. It's always a pleasure to see you and talk.
Today, we're going to talk about the three questions that I get asked most often. So, in seasonal rental, I tell myself that it might be interesting to make a video on these three questions, since if I am asked them most often, it is very probably also because these questions will help you, and you may be wondering these too. If you're interested, stay with me. I will answer each of the questions.
The first question I get asked most frequently is: “Do you think I can do better?” »
− Hello to you. Welcome. I don't have your first name, but welcome to the live.
When people come to see me, when they come to ask me questions, it's generally because they're going to start reading the content of J'poster Complet online, either on the YouTube channel or on our website, or on social networks. We also have, if you are not there yet, a private Facebook group called seasonal rental prices and maximization of turnover. If you are not there, do not hesitate to click on the link in the information bar to allow you to find us. Once you know this, you can take coaching with me. You will see on our website that it is possible to do this. And one of the questions I'm often asked is: "Am I going to be able to increase my turnover?" »In other words: “Will this work for me? » The first point I generally answer this question is that obviously no one can sign with their blood in stone on the heads of their children that yes, obviously you are going to do more than 70%. of turnover. That would actually be called being a charlatan, and that's not what I'm talking about.
− Hello Mélanie, welcome to the live. I hope you're well. It's nice to see you today.
So, obviously my answer is not this, and no one can sign with their blood. On the other hand, if we start, in fact, to be interested in all these subjects, and we realize that there are certain things that we do not do, that we do not put in place, then , it is frankly extremely likely that if you look into these pricing issues, if you put the methodologies in place, it will bring you turnover. Because in fact, revenue management, this science of getting your price right, has the advantage that behind the different methodologies which are still relatively simple, you just have to know them and put them in place, and well that produces the results immediately. That’s why I do this job. I am someone who is a little impatient, it must be said, and as a result, the fact of having something which is immediately ultra-reactive, allows on the one hand, to have the results of this that we do, and then also to have something extremely satisfying to do, since we act, it gives results. So, to answer the question: “Do you think this could work for me?” » ; “Do you think that I, personally, will be able to increase my turnover? » ; If you're at that point where you're wondering, it's very likely yes. Because otherwise, if on the contrary I take the question in the other direction, if you were for example an expert in this field, and you had put in place all the methodologies, by looking at the content, by taking an interest in on this subject, each time, you would check the boxes by saying to yourself: “I already do that; I already do that; I already do that. » ; so you might not have that question.
What are the different denominators that can make you say: “Hey, I’m not doing that”? If, for example, you don't have a pricing strategy strictly speaking. If you perhaps have an award for the year, for example; if you do not have a strategy linked to the minimum length of stay required; if you don't have a strategy on that, the same, we put it in place, it's something that will mechanically increase your financial performance. If you do not know how to determine promotions, when to do them, whether to do them, at what price to do them, it is also very likely that you will lose money. money, either because you don't make any at all, or because you do them, but not at the right time, or not in the right amounts.
Here are three examples. I can still give you a plethora of examples: are you working on your cancellation conditions? Do you have a medium-term strategy? Do you participate in the “booster” program on Booking, and how do you do it? Are you doing it correctly? All of these elements, in fact, will allow you to say to yourself: “Hey, there’s this and that thing that I don’t do. » So in fact, mechanically, it is extremely likely that focusing on these subjects will allow you to increase your turnover.
Last point on that, and then, I'll stop with these questions, because otherwise, this video will be three quarters of an hour long... I forgot. Thin. Oh yes ! What I meant was that there are actually very few methods that don't increase revenue. That is to say that in all the methods that we put in place, sometimes we can test, and see that the market does not respond, that happens, but overall, 100% of the methods put in place on this subject of Revenue management, which is the science of getting your prices right, are methods which aim to immediately increase turnover, so there is no reason why this cannot happen for you. It happens to everyone except you. It wouldn't make sense.
The second question I get asked extremely often is: “Is it worth it for something?” » There are two variations to this question. The first is: “Is it worth having a channel manager for just one property?” » And the second is: “Is it worth it to do revenue management, therefore to work on this pricing strategy for a single product? » In both cases, for both questions, the answer is yes. In fact, this question, I must say that it leaves me a little doubtful, often, because I tell myself that people are well prepared to work on their project, do all the calculations, choose the right property, decorate well , and then, all this just for one thing, in the end. Negotiate a loan at the bank, or even negotiate with the owner, when subletting, but all that is an entire process for a single property. And then suddenly, at the moment of exploitation, that is to say the most important moment, since it is at this moment, the exploitation, which will actually produce the fruits. So, if it is done poorly, even if we have done everything we have done before, it will not provide the expected profitability. At this crucial moment, we would ask ourselves the question: is it worth it for a single good? To me, this is nonsense. In the same way that it was worth carefully researching the location for a single property, that it was worth carefully negotiating your real estate loan for a single property, that it was worth decorating well for a single property, that's it. It is worth it to get your prices right for a single item, because that is what will ensure that you have the expected turnover and profitability, or necessary for the sustainability of the project. So yes, it's worth it for just one good. A little digression also for the subject of the channel manager, it is a cost, it is true, but some channel managers are relatively inexpensive. This is particularly the case with Beds24, which I believe is one of the cheapest on the market. It's true that it's not easy to set up, but it's not expensive, and frankly given the benefits it produces, for me, it's once again almost nonsense, ultimately, to ask yourself this question. Because it is not because we only have one property that we have to put up with a less professional service, that we have to put up with a less professional way of operating. It is precisely the fact of being as sophisticated and as advanced as possible in its mode of exploitation, that is what will mean that, in fact, we will not be able to stop at just one property, but have two, three, four, five, or in any case, use the profitability of this good to serve personal projects that we have, or desires, moreover, that we have. If we say to ourselves: "I only have one good thing, so I'm doing something mediocre", ultimately, or acceptable, average, in fact, we cut ourselves off from all the projects we have. That's it for the second question.
So, first question: do you think I can do better, that I will be able to increase my turnover with revenue management? » Second question: for a single good, is it worth asking the question of prices, having a pricing strategy? Is it also worth having a channel manager?
And then, the third question, when people come to see me, it’s often with this question: “How do I fill my calendar?” » I think my fairest and most concise answer would be: well, do revenue management. I take advantage of this, if you don't know what revenue management, also called yield management, is, I just made a video about it yesterday. So, don't hesitate to go and watch. This is the video called revenue management, yield management definition. I think that's the title I gave to the video. Don't hesitate to go and watch. This will shed some light on what it covers and what it is. I think my best answer to this question is really this: do revenue management. When you have an empty calendar, have the most appropriate pricing strategy for the times t, know whether or not to launch promotions, adapt your strategy for the minimum length of stay required, adapt your cancellation conditions, implement implement a medium-term strategy, use Booking programs, in particular, there is no better method than that to improve the filling in your calendar. And in the end, I don't have a single key point or a divine truth that will suddenly, magically, fill the calendar, for the simple reason that if it were that, in fact, I would be a bit of a charlatan. It is a sum of methods which are not particularly complicated, but which you just have to put in place in your activity. And it is this sum of methods that will ensure that we will have good filling and good turnover performance in our activity. And it's true that in times of pandemic, in difficult times, when we have exceptional events like these, having in mind and in one's abilities the knowledge and mastery of these methods is like a shield, in fact. It makes you stronger. That is to say that it is certain that in the face of adversity, it will not be easy. No, it's difficult. It's the pandemic, it's complicated for everyone. But in any case, it is better for it to be complicated by mastering revenue management methods, rather than complicated without mastering revenue management methods, because not only is it complicated, but we are also helpless. When we are helpless, we don't know what to do, how to act.
There is one point that is also important: in general, people come to ask me this question, because they see that their calendar is empty, and it is frustrating. I understand, but there is also the situation which is less visible at first glance, where in fact, the calendar is not empty. We fill in, so overall, we could say to ourselves: “It’s okay”. Even sometimes people say: “Me, I am 100% filler. Frankly, I manage very well. » Well, even when you are at 100% full, you can be missing out on money every day. For what ? Because we are filling in amounts that are too low. We have financial potential, we could say vulgarly that we still have some under our feet. And there, we have a price which is very low. So, we have a schedule that is 100%, we have the impression that everything is going well in the best of all possible worlds, and that we are performing extremely well, except that in fact, in reality, our situation is d The appearance is much more glorious, but it is the same as for one who has an empty calendar. That is to say, we are missing out on money, and we can improve this situation by implementing revenue management methods, therefore by having a strategy on all the items that I have described to you.
So. I hope this helps, because I figured if these are the questions I get asked most frequently, they're probably questions other people are asking. Might as well answer it on video. I'll see if you have any questions about all of this. Do not hesitate to ask me your questions on these subjects, or on other subjects that you may have in mind.
– Delphine: “Hi Élise. Thank you very much for your videos. You can tell us how to properly calculate a price for the medium term. »
It's a very nice idea. I'm going to make a video on this: “How to correctly calculate your price for the medium term? » I'm going to make a video on that, no problem. This is well noted.
– Hello Romain. Welcome to today's live.
Look, right now I don't have any further questions about this. I would like to take this opportunity to tell you that if you have subjects, like Delphine, which are thorns in your side currently, if you are thinking of things on which you would like there to be a video or content that would be made soon , do not hesitate to write me a comment. This problem, this question that you have, I would be happy to make a video of it in the coming days. If you are not yet subscribed to the YouTube channel I am showing full, I will tell you again, but it is important, click on “subscribe”, and click on the bell to be alerted when I arrive live. It's also important for me to see the subscriptions on the channel, because it also gives me the momentum to continue with these daily videos that I make. It’s definitely not my job to make YouTube videos. It's more of a conviction, and values that are strong, because I find it important to share information to help as much as possible. So, there you go. Don't hesitate to encourage me, click on subscribe, and as I told you, I make videos from Sunday to Thursday.
– Mélanie: “By putting in place the little nuggets, we can already see an improvement. »
Yes, it's true that you shared in a previous live that you had implemented a method that I had shared in a video, and that it had already given you a great performance. This is also why I share all this in the videos, to allow everyone to say to themselves: “I have put things in place, and I see the effects. » This is a testimony that you bring to us, because you say that by putting in place the little nuggets, we can already see an improvement.
– “Waiting to move on to revenue management. »
That's really my goal. It is to show that with small things, we can already have effects, that it is accessible to everyone, that it works, and that as a result, we will really have significant gains if we focus on the question of revenue management. So, thank you, Mélanie, for your testimony.
– Onyx: “I have a question. What do you think of the super host channel? And yield management, should we do it manually, or is there software? »
On the super host channel manager, I believe that today, it is backed by Beds24. Beds24 is one of the channels on which, in terms of revenue management, we can do the most things. Afterwards, great host, I know that it's a channel that completes a lot of operational things. So, there you have it. I have never had the opportunity to use it personally, but I think it has lots of qualities. From a revenue management point of view, for us, in any case, I believe that in super host, today, we cannot do revenue management. There are not the elements to do it, but the fact that it is backed by Beds24 allows you to do everything that is necessary to do in the system. Yield management, in fact, I made a video on that which says: why are people lying to you about automation? Because a lot of people, in fact, were talking to me about pricing software, and therefore pricing algorithms. I made a detailed video which explains why, in my opinion, these software have virtues, for sure, but you cannot limit yourself to that, and all the risks you take if you limit yourself, in fact , with these revenue management software. So, I made a video about it called: “Why are people lying to you about automation? » Don’t hesitate to go watch it. This will enlighten you on my opinion on this. As people often talk to me about it, I think I'm going to put it on a specific Play List, so I can find it more quickly.
I hope I answered your questions. In any case, I wish you an excellent day, and I'll see you tomorrow for the next video.