Everything You Need to Know About:
YOUR EVOLVE RATES
FEELING NERVOUS ABOUT RATES? WE COMPLETELY UNDERSTAND.
Your rental income is important to you, and setting the right rates is essential to your vacation rental’s success.
Trust us: we get it. That’s why we aligned our service with your goals - we’re here to help you make the best possible rental income while you’re an Evolve owner.
Let’s talk about how dynamic rates can help you achieve that goal.
DO EVOLVE’S RATES
First things first: let’s talk about our goals regarding your rates.
We start with a single assumption: you’d like to make the best possible rental income for your property.
Not the most bookings. Not the highest nightly rate. At the end of the year, whether or not you feel your rental is successful will come down to one number: your total income for the year.
With that goal in mind, our rates work exceptionally well. Our owners consistently double, triple, and even quadruple their previous year’s income using our rate structure.
WHY DO EVOLVE'S
RATES WORK BETTER?
Simply put, we factor in more parameters than your average owner.
Rather than setting your rates based on seasonality alone, we start by determining how well a property like yours can perform in your area.
We dive into your area and seek out properties comparable to yours, incorporating factors like size, property type, number of bedrooms, total occupancy, major amenities, and proximity to area attractions.
We then conduct a rate analysis of those “comp” properties, analyzing their calendars and guest reviews to better understand the rates that are being used by the top performers in your area.
Once we’ve factored in all of that information, we’ll establish your baseline rates for a variety of date ranges throughout the calendar year.
THE HIDDEN FACTOR:
YOUR LISTING SITE RANKING
When you create a new listing on sites like VRBO or Airbnb (which we’re doing for you right now), you have a limited window to lock in a high search ranking.
A high ranking means your property will appear among the first listings in the search results for your area - garnering more views and more bookings.
How do you lock in that high ranking? You need to get more bookings than your competition.
Which means your initial rates need to be set a bit lower than average. Other listings that are more established, with a full calendar and great reviews, may be more enticing to a potential guest - unless we set your pricing competitively.
HOW COMPETITIVE RATES
GET BETTER RESULTS
You may be nervous about setting a slightly lower rate initially, and we completely understand - but we’d like to show you why it’s a sound strategy not only to secure a high ranking, but to bring in more rental income overall.
Let’s say you have a property that’s priced at $400/night. You’ve made bookings at that rate before, so you feel pretty comfortable with it. Your neighbor prices his property 10% lower, at $360/night, and you think he’s probably leaving money on the table.
Over the course of the year, you book 100 out of 365 nights. You feel pretty good about it - that’s $40,000 you earned that year.
Your neighbor, with his more competitively priced property, books 140 nights, and earns $50,400 in the same time period.
Bottom line? A slightly lower nightly rate can earn you a higher income overall.
WILL YOU RAISE
Yes! The better your property performs, the higher we can price it while still securing bookings. Your competition may be priced lower, but if you appear much higher in the rankings and have lots of satisfied previous renters, you’ll command a higher nightly rate nonetheless.
Initially, you’ll make the most income with a slightly lower rate. As your property gains maturity and reviews on each listing site, you’ll make more income with a higher rate.
Our goal is to consistently book your home at the highest possible rate, which means we’ll always be adjusting, refining, and improving your rate over time.
This is another reason those initial bookings are so essential. If we make you lots of bookings right out of the gate, we can quickly raise your rates as your listing earns a high ranking and great reviews from those first renters.
WHAT WILL MY
RATES LOOK LIKE?
You’ll see your rates populated on your calendar when you log in to your Evolve Owner Account. The rates on your calendar will look something like this. PLEASE NOTE: THIS IS A SAMPLE. YOUR RATES WILL BE DIFFERENT THAN THE BELOW RATES.
You can click through to any date range in the calendar to see your rates for those dates. You’ll see that we’ve priced your property higher for holidays and high-demand seasons.
You’ll also see your maximum discount outlined on your Listing Approval page under the “Rate Calendar” tab. Our dynamic rate engine will reduce your rates when it perceives there is lower than average demand for a period of time, so the rates you see on your calendar may be discounted if our dynamic pricing engine thinks it is unlikely you will be able to get a booking at your current rate.
Your rates will never be discounted more than the maximum discount listed, and the dynamic pricing engine will always work to get you the highest possible rate on any given night.
All of this information is to provide you with a birds-eye view of how we construct your rates. We conduct a market analysis, rate analysis, and full assessment of competitive properties in your area.
We also factor in industry strategies such as ensuring your initial performance secures you a high ranking on the major listing sites, thus setting your property up for long-term success.
When you receive your rates, we hope this page gives you a better understanding of the strategy that went into creating them. If you have any questions in the meantime, give us a call at 877.773.1017, and we’ll be happy to discuss rate strategy with you.