Expedia-owned HomeAway has launched a revenue management and pricing platform, MarketMaker, so vacation rental owners and managers will be able to compare pricing with other homes listed on HomeAway’s sites.
This is the latest industry disruptor in the rapidly evolving vacation rental industry, potentially giving HomeAway the freedom to dictate market pricing.
MarketMaker was created to compete with Airbnb’s Smart Pricing, a tool that most managers and owners do not utilise as its suggested pricing for properties is as low as 10% of owners’ own aspirations.
Implementing poorly crafted revenue management strategies can cause genuine harm, as if the owner prices too high, they lose bookings, too low, they miss out and sacrifice their ability to book at a market rate in the next year.
The hotel industry has access to the STAR report, produced by STR Global, which provides hoteliers and their revenue managers with the necessary information to make pricing and marketing decisions, but vacation rental managers have not had access to benchmark reporting in making theirs.