The winning business model for Airbnb wealth in 2023
Summary
This article from "Get Paid for Your Pad" discusses the changing landscape of Airbnb and short-term rentals, focusing on business models, revenue management, and strategic focus for hosts. Hosts should consider how their business model aligns with current trends and adopt daily and weekly revenue management routines for optimized pricing.
Key Insights
- •The article highlights the importance of recognizing patterns and strategic focus for STR CEOs as businesses scale.
- •STR pricing is harder than hotel pricing due to product uniqueness and other operational constraints.
- •The article suggests that true wealth in the STR industry is built through real estate ownership and efficient cash flow generation.
- •The biggest revenue mistake most STR operators make is the lack of a daily and weekly pricing routine.
- •Early bookings can indicate underpricing or upcoming events, influencing pricing decisions.
Action Items
- ✓Implement a daily and weekly pricing routine to stay ahead of the market, reviewing bookings and adjusting pricing accordingly.Effort: lowImpact: medium
- ✓Identify the biggest bottlenecks in your STR business and prioritize CEO-level attention on the most impactful tasks.Effort: mediumImpact: high
- ✓Re-evaluate the hectic host stage and consider how to restructure workflows, redesign communication rhythms, and tap into external expertise to accelerate problem solving.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Refer to the Freewyld Foundry website for additional resources.
- →Get Paid for Your Pad Email List: Get Paid for Your Pad email list.
- →Legends X Short-Term Rental Accelerator: Refer to the 'Legends X Short-Term Rental Accelerator' for additional insights.
- →STR Legends Mastermind: Refer to the 'STR Legends Mastermind' for additional insights.
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