10 Replies Latest reply: Jul 26, 2019 12:38 PM by margaret RSS

    How to succeed on HomeAway

    amanda_ha HomeAway Employee

      Make your property stand out with the “Big 4” — a framework to help improve your overall performance and create amazing end-to-end traveler experiences.

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      Create quality content

      • Post up to 50 photos per listing.
      • Showcase your amenities.
      • Keep your content current.

       


       

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      Set competitive rates

      • Take advantage of MarketMaker.
      • Respond to changing market conditions.

       

       

       

       

       

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      Accept and honor bookings

      • Turn on Instant Booking.
      • Follow through from confirmation to checkout.

       

       

       

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      Earn great reviews

      • Look and learn from reviews of all stars and sizes.
      • Deliver experiences that earn five stars.
      • Review your travelers.
        • Re: How to succeed on HomeAway
          scottr Active Contributor

          Is Expedia going back to HomeAway for branding?  I thought everything was Vrbo going forward?

          • Re: How to succeed on HomeAway
            u0999 Premier Contributor

            I have a MM question. I have been watching closely the suggestions and it is definitely slanted in HA's favor. Like I have some unbooked dates, I look at "booked" price of my competition,. and "unbooked" price, and my price. My price is somewhere in the middle between "booked" and "unbooked". So competition is booked at HIGHER price than mine per MM. And yet MM suggest that I drop price below that of both booked and unbooked?!. Uh, no thanks. Because if I do, next time it will suggest even lower price. is this "how low can you go"?

              • Re: How to succeed on HomeAway
                feibus Senior Contributor

                Also has to do with occupancy expectations.  If you're nearing the occupancy rate for that night, you'll want to drop the price expecting that it's going to get harder to find someone to book; if occupancy still shows a lot of gap between current and expected rates (as well as search volume to see if anyone is really looking), then you might be able to increase your rates because there's still a lot of people looking to book.

                • Re: How to succeed on HomeAway
                  amanda_ha HomeAway Employee

                  Hi u0999,

                   

                  MarketMaker provides suggestions based on the strategy you chose to meet your goals, so if you chose a strategy like "I want to maximize my bookings" it will provide a suggestion to lower your rates for available days if demand is low. You can read over the descriptions of the revenue management strategies that MarketMaker uses to provide suggestions. The great thing about MarketMaker is it allows you to adjust your strategy and competitor list at any time.

                   

                   

                  Read the full MarketMaker article here

                   

                  Best,

                  Amanda

                  HomeAway Marketing Manager

                    • Re: How to succeed on HomeAway
                      feibus Senior Contributor

                      The problem is opaqueness.  How are we supposed to trust its recommendations if we have no idea how it makes decisions?  I certainly wouldn't and I'm a software developer who has a pretty good idea what's going on behind the scenes, just consider how a non-techie views the MM black box.

                       

                      Better is to develop strategies for testing whether the recommendations MM provides are actually valid ones.  For example, I look at where it defines "opportunities" as possible places to consider adjusting, but then follow that by looking at occupancy levels and the average rate of unbooked vs my rate to decide whether supply/demand is out of balance in my favor or not in my favor and go from there.

                      • Re: How to succeed on HomeAway
                        u0999 Premier Contributor

                        My strategy is defined as maximize revenue. Thanks

                    • Re: How to succeed on HomeAway
                      kmcbhense Contributor

                      My suggestion is that you as a home owner of your property have a lot better idea of what rates you can bring in than some computer somewhere. Learn and research your market, and you'll be successful. By hands on.

                      • Re: How to succeed on HomeAway
                        u0999 Premier Contributor

                        I still submit that once the basics are out of the way ( professional photos, quick replies, acceptance, reviews), the rest does NOT depend on the owner. All these things being equal one listing may be successful and other not, all dependent on workings of HA algorithms and not on owner. I am pretty certain there are some owners with examples of very similar properties in the same location where one succeeds and the other trails.

                          • Re: How to succeed on HomeAway
                            margaret CommunityAmbassador

                            This is true. I notice many owners who claim one site brings them bookings while another brings nothing for the same property. I believe this is because the sites do not promote properties that are well booked but not bringing in service fees. I find this a bit short sighted. If the property is booking well through other sources, it will probably book well through any source. If it is not promoted the site is losing the opportunity to capitalize on that property. If no one see the listing, no one will book through that site, no service fee from that property. I would think promoting a proven money-maker would be a wise move. When opportunity knocks open the door!