Sean Rakidzich delivers a Revenue Management Masterclass at the Book Direct Virtual Summit

Hello, everyone. Welcome to the Book Direct Virtual Summit. My name is Sean Rakijic. Today I'm going to be teaching you revenue management from my new book, the Revenue Manager's Handbook. And I've got something special for you all because this is about direct bookings. Normally, revenue management is something we talk about channel to channel. There's an Airbnb strategy, there's a VRBO strategy. We're going to include direct bookings into this talk today. I'm very excited to give it to you. So let's cut right in and and let me teach you revenue management from my new book. Those of you who may not know me, I've been teaching Airbnb and short term rentals for a great while now. And I've been coaching since 2018. Since 2018, I have had over 2,300 hours of one on one coaching with Airbnb host. So everything I'm teaching you today is going to be from the field experience that I've had with people who've had problems booking their properties up. So I am one of the most experienced coaches in the world. And if you want more of my content, you can just type Airbnb into YouTube and look for the beard. And as we know Mark would tell you, he wants us to stop calling them Airbnb properties. And, you know, maybe by the end of the summit, you'll be doing exactly that. So let's begin with the lesson. Bill has 30 apples, but he gives three apples to Mike. Are you starting to catch how this lesson is going to go? He gives four apples to Chris. How many does he have left? But we're going to give away more apples now. I hope you're keeping Track. He gives eight more apples to VRBO and he gives four apples to booking.com. now, someone on Airbnb wants 14 apples. Question is, can he sell those 14 apples? The answer, of course, is no sale. He only had 11. And Airbnb will not accept it unless you have all available. Your calendar. This is an Airbnb calendar. But stay with me, guys. Your multi channel probably looks something similar is very much like this story. You have apples that are available for sale, but some of those apples are worth more at certain times. Some aren't even worth anything anymore because the dates have passed. So what I'm going to try to teach you all to do today is how to sell all of your apples. Hope you're ready. So, terms and definitions. There are going to be a couple that you know and probably plenty that you don't. I Want to catch all of you up. So let's start at the very beginning. Supply and demand is in this case, supply is the number of apples that you have. Demand is the number of people wanting your apples. Total volume of apples that people want to buy. The more people who want to buy apples, the more you can charge for your apples. But that's inverse also. The more apples there are on the market and the less people that want to buy them, the average price for an apple sold will go down. I'll say that again. The more apples on the market and the less people that want to buy them, the overall average price of an apple sold will go down. So that means there are still plenty of apples that are high priced on the market. But the people who recognize that there's too many apples to be sold, they will drop their prices to make sure they're one of the apples sold. And thus the average price per apple will go down. Dynamic price is this concept chasing the market. We can raise prices for some days and we can drop prices for some days, depending on what days are in high demand. And this is a day per day thing. One Saturday could be worth a ton of money. The next Saturday could be worth less. You might have Tuesdays that always have to get sold at a discount. But then sometimes you've got a good Tuesday, you can hold your prices. Dynamic pricing is responding to these external market forces to make sure that you charge as much as you can when you can, and that you drop prices when you have to. Adjacency is fun. When we look at your calendar, you're going to see that you have bookings where people check out any dates available. Next to a check in or checkout. Next to a reservation is an adjacency. This is like an orphan day, except you don't have to have dates in between two bookings. An adjacency is a date next to any booking. And the calendar could be completely open on one side. Where somebody checks out on the 12th, the 12th is available. That's the adjacent date. And then everything thereafter is clear and open. An adjacent date is still harder to find in the calendar because the only way an adjacent date can get booked is if somebody checks in for that exact date. This makes it a hard searchable date. Thus we tend to have to lower our prices on adjacent days. Contribution margin is the concept that we have to follow in this industry, much like airlines or events. Movie tickets for for example, could be the same way where the cost to provide a product tends to stay the same. If you fly a plane, it's going to use the same amount of gas, the pilot still has to get paid, stuff like that. Every seat that gets sold in that plane does not increase the cost to fly the plane. This means that all the dollars per ticket are contributed initially to the cost of gas and the pilot. And then at one point, all of the tickets sold for these seats then is pure profit. And short term rentals is a lot like this. You might have a rent, you might have a mortgage, you might have other fixed costs like insurances. And all of those are that bottom price where the first four, five, seven days of your calendar, they contribute 100% of that money towards those hard costs and then after that all of your money's profit. The only difference in our industry is that you have a cleaning fee and you might have consumable supplies like soap. So you might pay $100 per reservation for cleaning. But aside from that hundred dollar incremental cost, most of your other costs are fixed, much like flying a plane. Thus, the majority of, thus the majority of how you price your listings should be based on a contribution margin approach. This means the best practice is charge whatever you can get for a date above and beyond your cleaning fee. So if your cleaning fee is 100 bucks, you absolutely have to collect 100 bucks. But if one day will not get booked unless you charge $50, this normally means you'll have to go down to the $50 plus the $100 cleaning fee. Lead time is the number of days that you have before that day arrives or before that day is no longer able to be sold. Yesterday is a negative one day lead time. Today is zero days of lead time. If you're not booked yet today, you've just got a few hours left. Tomorrow is one day of lead time. A month from now is 28 or 30 days of lead time. The way that this helps us price our listings is typically the more days we have to get booked, the more time we can afford to charge more money for our place. Normally in low demand markets, we want to price further out. We want to drop our prices because we won't have as many views per day. So the lead time is more important. But in high demand markets where everything gets booked up, if there's no supply left, you might be able to hold your price really, really high until maybe five or seven days out. So the lead time is one part of a greater equation. How many listings are available, how many days do I have to get booked, and how many views do I expect? My listing or my property to get over over the course of those days of lead time. So if you take all three of those number of days to get listed or number of days to get booked times the number of views per day divided by the number of relevant competitors, you should be able to accurately assess what your conversion percentage would be. I hope you know what that is because I don't think it's in these slides. Pace helps us track the amount of demand day by day. Remember how I told you that some Saturdays you'll charge a ton of money and then other Saturdays you'll charge a little less? A lot of times people's Tuesdays go unbooked unless they drop the prices a lot. Well, if you had, say 50 listings in the same city, you might notice that, for example, we're about to have the eclipse here in Texas the April 7th and 8th, and everything is booked for that weekend, but the weekend following, not so much. The pace for that weekend of April 7th and 8th is a strong, like astronomically high. It's like 800 or 1000% more than normal. And if you ever see a phenomenon like this happening, pace is how you track it. You would raise your prices to meet the fact that this is, that this is artificial demand. If you notice that you have no bookings a certain day of the week, that means your pace is really low. So this is normally something that you would have to have a lot of listings for in order to track pace. If you watch my full video on the speech I did at STR wealth conference, which I had a little over an hour that I was able to talk on this, I talk about a technique that I can't show you on the slide deck that you could use to track your competitors. So go to my YouTube channel and catch the rest of the speech if you're interested in how to track pace. If you only have one or two listings, there's more turns and definitions, but these start to get a little bit more complex. And some of these are custom to me. By the way, a red line day or a zero day is your artificial last day to get booked. And what I mean by that is today technically is your last day to get booked usually. But some listings, that's a really, really bad idea. Some of you might be in urban markets where last minute booking just is always a party, it's always a high risk. Some of you might have an island destination where it's just impossible to get booked because everybody who's getting flights in normally has their accommodations booked along with their flight. And no one's flying to Bermuda today, right? So there are some times that your red line or your zero day has to be into the future because of logistics or because of risk. This means that your whole pricing strategy has to be built around getting 100% occupied by a certain day that's not today. It might have to be five, seven, ten days into the future, depending on your market. A golden window is, is a range of dates that you typically tend to get booked that you find to be the very best prices that you can get. So, for example, depending on your channel, right, your direct bookings or vrbo or airbnb, booking.com, marriott Homes and villas, all of these different channels, you'll find that the best paying verbo bookings might be five months or seven months in advance. Your best paid direct bookings might be something similar. Your best paid Airbnb bookings might be one month or two months in advance. Your best paid booking.com bookings might be five or seven days into the future, something like that. Or you might find that you get the best traction on booking.com through Priceline, which is at a discount. But you still seem to get the best results even at a discount. Your golden window can be per channel. You're going to find that certain dates make the most money on certain platforms. And of course, one of your goals is to make the most money with direct bookings. And there's a, an imbalance here that we all need to be aware of. VRBO might make the most money seven months in advance, but then they take 18% of that. So if you had a direct booking campaign where people could find your website or you're running ads, and your average cost to get a booking through an ad campaign might be 5% of your average nightly rate. Well, if you consider your ad spend as similar to a service fee on like for vrbo, and you got the same amount of money from VRBO or your direct booking campaign, paying 5% for ads is a better deal than paying 18% for VRBO. You also would adjust like, say, insurances and stuff like that. You might have a separate insurance policy for direct bookings, because maybe you're only on Airbnb and you use Airbnb's air cover. So if your ad spend and your insurance is cheaper than Airbnb service fee, then at that point you still net more of a positive because the total amount that the customer pays could be identical, but there's less fat in the middle for a channel, and that's probably one of the Biggest things about revenue management that I think we could talk about in a direct booking summit is the customer's going to pay what the customer is going to pay. A golden window will tell you when the best times for a customer to pay per channel are. But any one of those customers that you would find on Airbnb could also book direct if you found them the right way. So finding per channel what makes the most money, you can then also maybe find what customer archetype makes the most money per window of time. So six months or eight months from now, if whoever books on vrbo, you can ask yourself what type of customers tend to book on vrbo? Where can I find them six months from now and get them to my direct booking site? Airbnb maybe makes the most money two or three months in advance. But you can then ask what kind of customers are booking two months or three months in advance. You might find that one is families and one is business travel. Which means that six or eight months from now, if you're making the best money with families, your marketing campaign should be targeting families for dates available two months from now. If your best paying customer's business, you then start marketing for business to maximize what could be ever modifying golden window. I guess I'm telling you to ride along your marketing campaign to follow wherever your best cost bookings are coming from and find out who that archetype is per channel. Your hit rate. Let's get this back to basic data here. Your hit rate is what percentage of the time you win on whatever prices you choose. So I'm going to show you something called zones. And a golden window is technically a zone. It's a range of dates. So for vrbo, in the case that we were talking about seven months, nine months in advance, you may have a zone that is six months in advance into infinite future, right? Everything more than six months in advance, that's zone one. From six months in advance all the way down to, say, three months in advance, that might be zone two for you. Zone three might be three months to 45 days, and that might be your Airbnb golden window. Zone four could be 45 days out to 25 days out, that's zone four. That starts to get really last minute. You're in the damage control zone. Zone 5, 25 days to 0 days, or if you have what we call the red line, 25 days to 10 days because you don't want any bookings 10 days out or less. That final 15 stretch is where you do absolutely everything in your power to get bookings at any price. As long as you cover your cleaning fee, you're pretty much taking any price. That's zone five. These are zones and the pricing that you choose per zone will either work or it doesn't. And you should keep track of this. 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. When within a range of dates. A risk adjusted rack rate is an adjustment to what we consider to be the lowest price we're going to go. When I gave 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 a hundred dollars a night without having parties. So we could at no point in time in our Zone 5, which was inside of 20 days, we could never go under a hundred bucks ever. We could go under a hundred bucks in a different zone. That wasn't a high risk risk zone. But anything remotely last minute under a hundred bucks led to parties and we had to avoid that. So the risk adjusted rack rate is the lowest price you're willing to go adjusted for the risk. And in this case it could be parties or it could be locals, it could be theft. Anything that you really find to be not worth it, you may have a hyper luxury property and a low enough priced booking doesn't offset the risk that somebody could do damage, like irreplaceable damage to the art or the walls or something that would actually have to give you downtime. And that could be another example of your risk. The lowest documented attempt is the inverse of the hit rate. If you remember, the hit rate is what percentage of time we got booked at a certain price. So let's use the example of $500 per night. Six months into the future and forever from now, we have a $500 nightly rate. If 20% of your calendar got booked in zone one for 500 bucks. Great. Congratulations. Right. But anything that passes through to zone two, which would be inside of six months, would still be $500, most likely. So your lowest documented attempt is $500 in zone four. Let's say you have that 500 price point and you start or zone two coming inside of six months. Your listings were $500 a night. But you start to drop your prices between six months and three months, you drop down to $380, and you get a good amount of bookings between 380 and 500. But from zone two to zone three, which is the three month mark, you still have a $300 80, $380 price point. That's your final price in zone two. So your lowest documented attempt for zone two is 380. And we go into zone three, drop your prices maybe down to 250 or 200 bucks. Any dates that make it into zone four, your lowest documented attempt would be 250. This is an example of how we use the lowest documented attempt. We want to know what is the lowest price that we've tried to collect for a certain range of time that has failed. And you can do this for weekdays and you can do this for weekends. I highly recommend that you differentiate the two, because you're going to have a lot of weekdays that squeak through into zones 3, 4, or 5 potentially. But all of your weekends might get booked inside of zone 1, 2, 3, and 4 max. And you never have any weekends left in zone five. And knowing what price gets completely booked at any moment in time is a really cool thing to know. So let's say that you dropped your prices to $100 a night forever. Just every single day was $100 a night. Your hit rate would probably show that between zone one, two, and three, you get 100% booked. And you have nothing left by the time you get to zone 4, because $100 was just too cheap. So we're trying to balance a percentage of bookings in every zone with the highest price that we can achieve. So we're keeping track of our prices per zone, our hit rate per zone, and our lowest documented attempt per zone. I'm going to show you how to diagnose this here in a second as well. This is an example of one zone map. Let's call it a zone map. This is six months of the calendar that green arrow. Let's just say that's today. The day or month of the year doesn't really matter. We're looking at that day, and then we're using the calendar to count how many days into the future. So two months into the future would be. Or two calendar months into the future would be 60 days, which is in this blue zone. That's your zone one. This type of zone is generally what a studio or one bedroom would look like in the city. You notice the red zone right next to my green arrow? That's zone five. That is three days into the future. That's highly last minute. Where a zone strategy for a house or somewhere that's more rural would look like this. You notice that the last zone next to the green arrow is black because our red line is 10 days into the future. So our zone five is everything. That's 10 days to 17 days into the future. Our zone one actually ends four months into the future. And then zone two picks up about three months in zone three. Here is green. And this could be an example of what we've marked our our golden window. We've made this one green because we think that's our highest price zone for Airbnb. This one here, zone two is green for studios. See the difference? The difference is we've color coded zone 2 in this map because we think this is where the highest price bookings for Airbnb comes for a studio. But zone three is where we think the highest price bookings come for Airbnb. On this map, you guys can make something like this. For direct bookings. There are paper calendars that you can put on a desk that show the next six months of the year or a full year calendar. Use that, use that paper calendar and post IT notes. And every time that you get a booking, write under the post it note how many days of lead time there was and what the average nightly rate was and how many total days and the check in day. And then post that post it note onto that calendar. Over the course of 30 or 50 bookings, you're going to have this whole mess of post it notes that'll show you a distribution of when most of your bookings come, like how far in advance somebody's booking. It'll also show you what the average nightly rate is. You will notice that your best nightly rates will come in a certain range of dates in the future. You'll also notice that you're not getting any bookings 30 days in the future or longer, meaning whatever prices that you have for that section need to start getting like lowered. When you use post it notes on a six month map like this on six month calendar and you have post it notes all over the calendar, you'll start to see that there's dry spots or empty spots. And a lot of times we find that people. This blue area gets no bookings, or we find that this black and red area get no bookings. So, for example, diagnosing your zones, Zone one heavy, which is the blue zone, the zone that could be four months into the future. This usually happens because people have low, flat prices. Their weekends and weekdays are often the same in price. They don't ever change their prices much, but their prices are generally low. They tend to even get booked in slow season because their prices just are lower than their competitors. This is something that was really common when Airbnb first started. When this industry was new, people would have low flat rates and then they would just take whatever bookings they could get. They didn't think that they could raise their prices for demand, so they just picked a price that would always get booked and people would always get a good deal because of this. Zone one would constantly get booked because the prices were just too good and everybody gobbled it up. So zone in one and zone two would get most of the bookings by the time we got to zone 3, 4 or 5, there's just no availability left. A zone 3 heavy calendar tends to be more balanced. Nobody's booking too far in the future, nobody's booking last minute, and both of these are actually still problems. But that calendar tends to have more of a healthy flat price. The weekends are raised, so the weekends aren't some really, really cheap rate. And the weekdays aren't overly discounted either. Thus they're not getting a bunch of bookings in zone one. This person is getting more bookings in their golden window because their prices were too high for zone one, but they're priced right for their golden window. What'll happen though, is they'll get completely booked in peak season and average season, and they'll tend to go unbooked in slow season. Except for some weekends, these people are still not really adjusting their prices at all. And they're getting poor last minute booking performance because they don't think that they should fill the rest of their calendar by dropping the prices. Zone 5 heavy bookings tend to come from people who get too busy and have heard that you need to overcharge, you need to raise your rates, and they've done that, but they don't actually manage their calendar effectively. They're not looking any further than 21 days into the future. They're only looking at their availability for the next two weeks and they are dropping their Prices very, very last minute. This is somebody who's learned the art of dynamic pricing, who knows that if you drop your prices, you're going to get booked. And they've got their prices really high in the future, hoping to get really good priced bookings, but then they make no adjustments depending on how that's performing, and they're only fixing their calendar two or three weeks in advance. And this tends to happen because if you look at the Airbnb multi calendar or any other multi calendar for channel manager, it tends to show you Only the next 14 to 21 days into the future. And if somebody's doing the prices from the load page of their multi calendar, they're not scrolling to the right to see how empty that future calendar may look. So this may be you. You may be the Zone three person who's not really balancing their price as much. You might be this person who doesn't get really much into the future and you do a good job of scrapping for last minute bookings. This is really, really common. Rule sets are something that we can only do on Airbnb, so we're actually going to have to skip that section because it's. That's not the most important thing for you. But here are some ground rules for you guys. You want to be the first booked in slow season, you want to be the last booked in peak season. And what I mean by that is, in slow season, everyone has a pricing strategy, usually for the rest of the year, and they go into slow season priced too high. By the time that happens and people start dropping their prices, there's not a lot of time left to get booked and there's too much supply in the market. So if you don't want to be the person unbooked in slow season, you should drop your prices before anybody wakes up to the fact that there's not going to be enough customers. If you know when your slow season is, you want to put those dates on sale before anyone else and you want to really actually put them on sale. You want to be attractive and you want to get booked. You want to clear your calendar before anyone else does. But peak season, if you're the part of the world that gets completely booked in peak season and there's no inventory left because everybody's coming to you, but this is a great thing to be, and you can raise your prices more than your competitors and not get any bookings and continue to hold your prices until very last minute. And what'll happen is there'll be you, there'll Be a couple other hotels that are really nasty, but there'll be nothing left and commonly people will be forced to pay your price. You do need to manage your pace like we talked about, to know if you're actually having a weaker peak season than normal. Because at one point you might still need to drop your prices to get booked. But in peak season you're more often can hold a really strong price, be the last person booked and make a king's ransom, never price for one customer. This is something that I think we can dive into a little bit more actually since we're talking about direct bookings. You will find that your Airbnb customers are one type of customer. Typically that might change for last minute and far out right. You might notice that Airbnb gives you a very specific last minute customer. They give you a very specific customer that books a month or two in advance. You'll notice that VRBO gives you a very specific type of customer. You'll notice that your direct booking customers hopefully are a lot of return customers, referrals, people who find you on Google Maps, stuff like that. And you're going to notice that there are trends with every type of customer per channel. So your pricing strategy should diversify. Per channel or per customer who's booking. Like we said before, the golden window for a workforce person might be more last minute. They get a last minute assignment, they're showing up at your place for a couple of weeks and they book just three or four days in advance. Potentially the traveling family that's got four or five kids and they need to get everything in order, they might book two, three or four months in advance. So the way that we book for lengths of stay and the way that we book per channel can adjust to capture the best customer. Now if you watch this full video on YouTube, I go into depth about on Airbnb specifically having length of stay discounts to incentivize certain types of customers. Airbnb specifically lets you do two day and three day discounts. So that gave me a really clean example of how to do 2 day stay, 3 days day discounts and then like do week long stays. In your case, your channel manager probably doesn't allow for three or four day discounts, but it does allow you for weekly discounts. It allows allows you to set custom monthly rates. And if you want to be fun and you want to take advantage of this type of modularity in your market, let's say you do a lot of direct bookings from Google Search, you would want to consider advertising a discount for a three or four day, or maybe even a five day stay that could be baked into your direct booking software. So if somebody's booking, you know, a five day stay, all of the weekdays in a five day stay could get like an extra discount. You might be able to logic that into your own custom website. That would be something that I would recommend you do. This is an example of pricing for different types of customers. Because if we go and give you specific examples of archetypes, you could have a customer that'll pay $300 per night for Friday and Saturday. And that's how you get Friday Saturday booked. But then Monday through Friday or Sunday through Thursday doesn't get booked at all. And now you have to find a way to get Sunday through Thursday booked, usually leading you to doing discounts at the end of the week. You might only have gotten two of those weekdays booked at $110 each. So you're at 8, 20 for the week. But you'll find there might be someone who stays Wednesday through Sunday and they'd be willing to pay $950 for those five days. You still have two days left to get booked. And if you drop those down to, say, 75 bucks a night and got those booked, then that would be an extra 150, that five day customer that booked through the weekend and then the last two weekdays would have made you $1,100 flat, I believe, as opposed to the other example where you made like 900 or $820. You could find that somebody's willing to stay all week, but they might only say, Pay, you know, 975 or $1,000. So your best combination of bookings was the five day plus the two weekdays. You can create pricing rule sets in Airbnb, they pull that off. But you can also find that you get the best customer that pays for most of the week through a certain channel at a certain window of time. So if I was going to give you advice, you would. If I was going to conceptualize this advice to be more simple, you can look at every channel that you have available and find out who the best paying customers are all throughout the year, and really prioritize your effort into getting bookings from the channels that you like the most, the times of the year that you like. And again, a lot of these channels charge 18% commission to get bookings. So if you find that booking.com or VRBO or Marriott Homes and Villas give you the best customer types at a certain lead time window, you're going to Want to ask yourself, how can I capture these exact customers directly for the same price that they're willing to pay? Vrbo, can I get them onto my website and keep that 18%? Because then that 18% that you're saving on service fees can all go towards customer recapture, you know, ad campaigns and marketing budget. It's money that you get to put back in your pocket. This book isn't out yet by the way. It comes out in July. And so this book is level two on my five levels of content. A lot of you have seen my free content. That's level one. I have a bunch of mini webinars on the algorithm on pricing strategy. This book is pricing strategy on all sorts of different stuff, stuff market research as well. That's all level two. A lot of my group coaching courses are level three. I do have some really high level webinars on how to sue Airbnb for example, and stuff like that. That's level four. And then I have a mastermind, which is for operators that make more than a million dollars a year. I have a mastermind, but the requirement is that you are making seven figures a year to join them. Those are my five levels of content. When you read this book in the future, and I hope you do read it, that'll be level two. You can go to rockyjeech.com, which is basically my last name, and you can find a link to pre register for the sale for this book. And if you want to see more of my content, you just type airbnb in the YouTube and search for the beard. One day, if Mark Simpson is correct, we won't be calling them Airbnb properties anymore and I might have to change my online marketing strategy. So guys, thank you so much for going through those slides slides with me. I hope they're valuable. And I do want to circle back to the concept of your ideal customer. I think that's the, the main thing I want you to be aware of. If you do buy a calendar, like I said, the one that goes on the desk that has June, January, February, March, April, May, June, maybe even as well, 12. And you buy colored post it notes and you just every time you get a booking, you can even write the channel at the top, the number of dates, the average length of stay or the average, like the average nightly price for the length of stay and how many days in the future they booked and they go put that post it note 45 days out and then put the post it 10 days out. So 10 days out on this 12 month calendar would be January 10th. 45 days out would be like February 15th, for example. And you put those post it notes everywhere. At the end of say 50 or 100 reservations, you could even go back and do this. You can go to the transaction history for all of your bookings and go re like and scribe these out and you can go back over 100 reservations, post these out. You will find holes in your booking strategy where you're not getting any bookings from 45 days to 70 days out or something like that. You'll also find if you color code these post it notes to be per channel too, you'll notice heat maps like a bunch of blue post it notes are in the 10 day to 20 day range and that's Airbnb. A bunch of Post it notes that are pink are from like 60 days to 90 days and that's like your direct bookings. And then orange could be verbo and they're all four months out. Color coding them can let you know where your customers are coming from and how far in advance they'll like the book. The most important thing that you can do, and Mark talks about this plenty, is understanding who your customer is, why they're going to book with you and when they could. And if you can start to build a little map of who pays the most money, what period in advance and what it is that they want, you can then start to build your marketing campaigns to find them. And the goal is to spend less on marketing than you would spend on the channel that they would normally book on. And at that point you've had a net increase of revenue. Revenue. So congratulations. If you have any questions for me, you can find me on Instagram. Airbnb Automated Just send me a DM because I know that this could be a little abstract. I teach a lot on how to do Airbnb pricing strategy and we all use Airbnb. But there are definitely ways for you but there are definitely ways for you to apply all these pricing best practices into your direct booking website. And all of you have absolutely unique situations for this. So. So that's the part that I can't really just make a, like a, like a slide deck for. So if you want to talk about your listing specifically, reach out to me and I'll see how we can help you. Thank you so much for giving me your time. And Mark, thank you so much. I'm going to hand the mic back to you. Take care.