You may be familiar with the term "RevPAR" - Revenue Per Available Room. This is a calculation that the hotel industry relies upon to determine their true occupancy rates, as well as their accommodation rates.
Although many universities don't operate in the same way as a hotel and do not use RevPAR, there is definitely a benefit to understanding the true picture of your occupancy. By measuring your occupancy rate, you will be able to establish the average rate received per room based on total room stock. Understanding the trends and demands will enable you to respond to rate changes and anticipate deficits in your budget, allowing you to develop a plan to fill the empty beds.
Many universities have a member of the team who is responsible for monitoring occupancy. At the end of the day, maximizing your occupancy results in maximizing your revenue! Without having a tool that can manage bedroom occupancy in detail, you are essentially leaving money on the table!
Now it's time to focus on how to fill the empty bedrooms and utilize the space. One simple solution is to advertise them via OTA's (online travel agents.) This allows people to stay on your campus just as they would in a hotel. No meeting rooms, no A/V or room set-up. Just a place to sleep!
How does it work?
Whatever payment you require upfront (full, first, fixed), the OTAs will take and process the payment for you. Do keep in mind, they charge a fee; most OTAs run between 10-20%.
Don't let those empty bedrooms go to waste. Make the most out of your fantastic facilities, whilst generating additional revenue!
If you want to find out more, download our FREE eBook! Here we explore the elements of a one-stop-shop, and how measuring your occupancy fits into this.