Property owners can boost bookings by adjusting prices across different booking windows, from six months out to last-minute. The video introduces two metrics: HIT rate measures when your price matches market demand, while RAC rate sets a minimum floor to avoid problem guests. A Philadelphia example shows how nightly rate minimums prevent party rentals in urban markets.
Find out if you're getting any bookings six months into the future or later and find out at what prices those are. Find out if you're getting any action between three months and six months, for example, or for a month and a half to three months out. Your zones are actually going to look a little bit different depending on property type. If you're urban, if you're a destination, we're going to cover that. But HIT rate allows you to document what percentage of the time a certain price is meeting the market within a range of dates. A risk adjusted RAC rate is an adjustment to what we consider to be the lowest price we're going to go. When I give you that example of like zone 5 from 25 days out to 10 days out or maybe even to today. Your hyper, hyper last minute dates. In a vacuum, you would charge whatever you could to get bookings as long as you covered your cleaning fee. But some markets cannot stomach that risk. For example, when I was in Philadelphia, there was no way for me to charge less than $100 a night without having parties.
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