What is the Best Available Rate (BAR)?
The BAR is the lowest publicly available rate you offer for a specific date or date range on your vacation rental. It’s essentially the most attractive price point you present to potential guests. Here’s the key takeaway:
There’s only one BAR per date.
This means you should have a clear strategy for setting your BAR to maximize occupancy while being competitive in the market.
What isn’t a Best Available Rate?
Discounts: Promotional offers, last-minute deals, or special packages wouldn’t be considered your BAR.
Flexible Rates: While some platforms offer “best flexible rates” which automatically adjust based on demand, these aren’t the same as the BAR.
Daily BAR: While prices can fluctuate, the BAR refers to the single lowest publicly available rate for a specific date or date range.
Why is the a Best Available Rate important?
A Best Available Rate is crucial for attracting bookings and staying competitive. Here’s why:
Guest Transparency: Guests expect the BAR to be the most affordable option. Consistent and transparent pricing builds trust.
Comparison Shopping: Many guests compare prices across platforms. A competitive BAR makes your listing more attractive.
Platform Algorithms: Some platforms prioritize listings with competitive BARs in search results.
Setting your Best Available Rate:
Research: Analyze competitor pricing and local trends to determine a competitive rate.
Consider Seasonality: Adjust your BAR based on peak and off-peak seasons.
Offer Flexibility: Consider offering discounts or minimum stay requirements alongside your BAR for strategic pricing.
