Happy 2024 from Wheelbase!
In this morning's webinar we kicked off with some fun points that were covered in a Predictions for Travel in 2024 article published back in November (we certainly found it interesting that data showed nightly pricing was just $2/night higher in 2023 vs. 2022)
We then kicked off into a 'resolution-y' checklist of items that are worth reviewing ahead of busy season. Generally speaking, it's never a good idea to 'set it and forget it' (have you taken the time to assess and think creatively about how to effectively run and optimize your business lately?)
We're hoping some of the 'pro tips' outlined below might help.
Rules (dynamic pricing)
Airlines, hotels, concerts, sporting events, and Uber are great examples of businesses that heavily utilize dynamic pricing to optimize revenue. It's not just about charging more for those peak times, but also potentially charging less for those lower peak stretches that might not otherwise get booked at all.
Reservation Preferences (global settings)
There are so many components to review/assess on this page. Are your pick up and drop off times effectively aligned with charging by day vs. charging by night? Is your minimum night setting optimized (along with 'allow renter to submit request regardless' option)? Have you always charged the same for reservation deposit/remainder? Make sense to proceed status quo (or make some tweaks)?
Vehicle Specific (vs. global settings)
Under each vehicle there are vehicle specific settings that mimic the global settings. It’s important to note that these vehicle specific settings override global settings. To reduce confusion, it is best to 'use accounts settings' when possible. Reminder: the 'vehicle specific pricing tab' is the only place you will find the Prep Fee.
Add-Ons (icing on the cake)
Add-ons are a great way to optimize revenue for your business. Have you thought creatively about add-ons recently? This is a great way to empower your guests to tailor their experience. Choice is king!
Policies & Documents
Have you taken the time to 'add files' and fully utilize the e-signature feature? Which cancellation policy have you selected (did you know that hosts who go with 'flexible' or 'moderate' have an 80% higher conversion rate than those with 'strict')? Is your 'Rules of the Road' section populated? Terms of Service link added?
Reservations (check out /check in!)
Taking the time to check out and check in each and every reservation is integral; not only to keep your business/house in order (per se), but also to ensure the system behaves as expected (there are several issues and escalations that can arise as a result of this best practice not being followed).
If you are interested in more details on any of above please click here (the webinar is a great place to gather additional context and color!)
Chargebacks (guide to success)
Chargebacks have been on the rise. For those of you who have not had the chance to review the information that was sent in early December, please keep the following in mind to ensure we're keeping disputes at a minimum moving forward:
- provide exceptional service
- transparent charging practices
- comprehensive vehicle inspections
- clear cancellation policy
- verify guest identity and ID
- documentation and record keeping