Yield management, also known as revenue management, is the process of understanding consumer behavior to maximize profits from fixed resources like hotel rooms or airline seats. It involves selling the right resources to the right customer at the right time for the right price. The vacation rental industry can benefit from yield management by increasing occupancy rates, annual revenue, and market share while minimizing last minute bookings. Implementing yield management requires gathering data on past occupancy and rates, understanding guest categories, and using alternative marketing channels to sell excess inventory.