Top 10 Revenue Management Terms Every Property Manager Should Know
In this episode, Steve interviews Desiree Garcia, the co-founder of RevMax. The discussion centers around the top 10 revenue management terms vital for property managers. The conversation begins by highlighting Desiree's extensive experience in the industry and how she partnered with Carlos and Streamline to create RevMax. The terms covered include Revenue, Occupancy, ADR (Average Daily Rate), RevPAR (Revenue Per Available Unit), Pace, Paid Occupancy, Availability, Booking Window, Length of Stay, and Forecast, Goal, and Budget. The episode provides valuable insights into understanding these metrics and their impact on revenue management strategies. Additionally, a bonus term, Opportunity Loss, is discussed, emphasizing the importance of optimizing availability and preventing occupancy gaps.
00:00 Introduction and Guest Welcome
00:57 Desiree Garcia's Journey in Revenue Management
03:00 Understanding Revenue Management Terms
03:05 Revenue and Occupancy
06:47 Average Daily Rate (ADR)
10:56 Revenue Per Available Room (RevPAR)
17:09 Pace and Paid Occupancy
23:26 Availability and Booking Window
32:45 Length of Stay and Forecasting
40:14 Conclusion and Final Thoughts
