How to Choose the Right Revenue Manager for STRs
Summary
This article discusses the importance of revenue management in short-term rentals, especially in a more competitive market. It covers different revenue management ownership models (DIY, in-house, outsourced), highlights the need for education and analytical skills, and emphasizes the impact of revenue management on profitability. Hosts should evaluate their current revenue management strategies and consider whether they need to optimize their approach to maximize revenue.
Key Insights
- •Poor revenue management decisions quietly reduce profitability.
- •Ramp-up time often hurts performance when hiring in-house.
- •Margins are shrinking and performance is no longer rising automatically year over year.
Action Items
- ✓Evaluate your current revenue management strategy: Are you managing pricing yourself, considering in-house, or evaluating service providers?Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry
Watch Out For
- ⚠Treating revenue management like a side task instead of a core function in your STR business.
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