Revenue Manager

Overview

We are looking for a Revenue Manager for a Property Management Company Client of ours.

Mission of the Role

Implement revenue management strategies and processes in our properties, in order to optimize and maximize their revenues. Grow our revenue by 10% to 25%. Responsible for best practice standards including; competitor analysis, market modeling, inventory availability by channel, pricing control and new pricing concepts. Strategically adjust rates and gaps based on historical, future, and market data.

Duties and Responsibilities Weekly

• Monitor existing pricing rule sets, vs the market.
• Identify Supply/Demand Trends.
• Monitor the rate shop and pace reports. Be an early mover on both up and down pricing.
• Provide weekly, and monthly reporting, on pace, adr, and rev par. Add any adjustments made.
• Provide a weekly dynamic forecast of expected results, variances, and budget comparisons.
• Make suggestions to executive team.
• Make rate adjustments after pricing decisions are made.
• Enter rates into the software system
• Utilize the lever of content and photo edits to increase bookings.
• Meet with Executive team weekly to discuss strategy/results
• Deep dive into each property in rule set to ensure correct positioning. Curate 10 per week.
• Identify underperforming properties. Make suggestions on improving performance
• Recognize properties on “watch list”, propose actions to be taken.
• Ensure all related systems are configured correctly, validated, and working to full capacity
• Participate in owner onboarding calls and produce documents for owner meetings as needed.
• Prioritize owner retention, make decisions with owner retention in mind.
• Utilize Intellihost to evaluate listing site changes, A/B testing.

Monthly

• Analyze overall monthly performance and provide a summary report with ADR, Rev Par, Total Revenue and Occ%.
• Create and maintain a 13-month rolling demand calendar.
• Prepare report with recommendations to improve long-term strategies.
• Add content to monthly newsletter
• Manage inventory distribution amongst platforms.
• Liaison with technology providers.
• Shop competition
• Monitor and prepare report on revenues, occupancy data, and guest reviews. Identify opportunities for revenue growth /improvement

Quarterly

• Develop and implement inventory distribution reports, models, and projections.
• Shop competition
• Pull, analyze, and provide post-mortem data for key times of the year i.e. Peak Season, Holidays
• Conduct quarterly property performance reviews and develop strategic and tactical action
• Perform competitive benchmark studies and follow market trends.
• Ad Hoc Reporting, Seasonal Projects
• Develop and manage relationships with channel partners and OTAs.
• Manage and oversee strategy for all 3rd party distribution
• Evaluate the performance of distribution partners and contracted rates
• Use reservation data to provide a seasonal target marketing list

Annually

• Prepare forecasts, and execution strategies on a per property basis,
• Any other reasonable requests made by management.
• Create and develop pricing strategies in conjunction with the individuality of each property.
• Reduce the cost of distribution by finding new less expensive means of delivering business Personality
• Business Development DNA and commercial minded.
• Strong sense of need for achievement of goals and success.
• Sound ability and knowledge to develop standards of operations and strategic processes
• Good analytical and numeric skills for fast data crunching.
• Ability to work under own initiative in a highly pressured environment.
• Good listening skills and the ability to anticipate business needs.
• Able to develop relationships with 3rd parties and the other teams.
• Capacity to read situations, understand environments and respond accordingly
• Capable of prioritizing between revenue-generating actions and time-consuming tasks with low yield impact.
• Ability to work across all levels and functions of client portfolios under own initiative in a highly pressured environment.
• Well-developed interpersonal, adaptive influencing and supervisory management skills
• The mentality of client service and taking responsibility beyond direct duties.
• High level of motivation, determination and commitment.

Experience and qualifications

• 2 – 4 years of hands-on Vacation Rental Revenue Management experience.
• Bachelors or Master’s Degree in Hotel Management, Business Management, Tourism or Economic Studies.
• Highly computer literate, able to learn new programs, and software, with a high-level command of Excel.
• Knowledgeable of VRM technology: PMS, Channel Manager, Beyond Pricing, Key Data, Pricelabs
• Self-Motivated and Detail Oriented
• Previous revenue management and hospitality experience preferred
• Excellent problem-solving and multitasking skills
• Strong sense of responsibility and a professional presentation
• Detail-oriented -- quality and precision-focused
• Innovative -- innovative and risk-taking
• Aggressive -- competitive and growth-oriented
• Outcome-oriented -- results-focused with strong performance culture
• Stable -- traditional, stable, strong processes
• Team-oriented -- cooperative and collaborative
• Sub-Contractor Position

What makes you a great fit

• 4+ years revenue management experience
• 3+ years of direct management and leadership experience
• Forward thinker with the capacity to be creative in developing new ideas and implement proven methods for the team
• Proven ability to challenge current processes and find new and innovative ways to continually better the departments financial performance
• Ability to prioritize and delegate tasks based on what will have the greatest impact to the business
• Strong reporting experience using SQL, Excel, Sisense, and Salesforce.com (CRM)
• Excellent communication skills with the ability to tell compelling stories with data to non-revenue audiences
• A builder that is excited to bring new tools, processes, strategies and other innovations to the team that will ensure our excellence in optimizing revenue for our owners.
• Results-driven
• Preferred bachelor’s degree in Economics, Statistics, Mathematics, Finance, Hospitality Management or related field

Analytical Skills

Every Revenue Manager worth their salt will pride themselves on their analytical skills. They love data and devour reports on a daily basis. Revenue Managers can quickly detect trends, spot anomalies and identify opportunities based on the data in front of them.

Understanding data is one thing, but making quick and decisive action is another, such as adjusting pricing and availability – a good Revenue Manager can do both. Revenue Managers also see the importance of monitoring the macroeconomic factors affecting the hotel’s revenue into each market segment such as the effects of political factors, FX fluctuations, demographic forces. Being flexible and quick to respond to these changes will determine the hotel’s success at achieving their targets.

Understanding the cost of distribution for each market segment is at the forefront of Revenue Manager’s minds. Having this knowledge allows the hotel to make more informed decisions when it comes to distributing their rooms and the price at which those rooms are distributed.

Creative thinking

Once you know what the data is telling you, do you know what action is needed? The Revenue Manager needs the confidence to go the road less travelled and use their skills to provide new and creative solutions instead of sticking to the status quo. Revenue Managers should be encouraged to take some strategic risks and learn which ones pay off. Revenue Managers should enjoy brainstorming alongside the Marketing department and come up with creative solutions to low demand periods

Good Revenue Managers are thorough and like to double check details. They don’t assume that rate plans are loaded correctly, they always double check how things appear on the front end. They will ask the advice and opinion of others when it comes to names and descriptions for special offers. Ensuring that rates and availability are open and closed when they should be is something they continually monitor.

Being armed with all the right data and a definitive strategy are the fundamentals but can the Revenue Manager lead all the relevant stakeholders to follow that strategy? Having the skills to influence a team comes from presenting a clearly thought-out plan that engages and convinces people. Revenue Managers cannot just be thinkers, they must be doers and lead their strategies from the front.

Tech-savvy

Revenue Managers need to be comfortable with systems and ensuring they are getting the most out of them in terms of functionality and reporting. They are quick to adapt to new technologies and will embrace all the opportunities that it offers rather than grumbling about the time needed to adapt to it. New technologies, including automation and reporting tools, should not be shied away from, but instead viewed as ways to become more efficient and effective at the job.

Question everything

Finally, the best Revenue Managers have inquisitive minds. They don’t just look at data and accept what it says, they question why it says it to continually improve. They are confident to challenge the General Manager and the Sales & Marketing Managers on their strategies, not confrontationally but in a way that makes everyone wonder why they hadn’t questioned it themselves.

Seniority level

• Mid-Senior level

Employment type

• Full-time

Job function

• Strategy/Planning, Management, and Marketing

Industries

• Staffing and Recruiting

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