How to Pivot to a New STR Business Model
Summary
This article discusses the need to pivot STR business models in the wake of the COVID-19 pandemic. It suggests that hosts consider shifting away from master lease models and toward owner-operator paradigms, focusing on building a strong brand and adopting a slower, more sustainable growth strategy. Hosts should reflect on their strategies to adapt to the changing market landscape.
Key Insights
- •Ryan is shifting away from the master lease Airbnb model and pivoting to an owner-operator paradigm.
- •The founder of Sojourn, an upscale STR venture, had 200 active units across four countries before the pandemic.
- •The article suggests that those who hang onto supply will see big returns again.
Action Items
- ✓Build a brand that reflects who you are and what you enjoy.Effort: mediumImpact: medium
- ✓Consider investing in multifamily properties (flexible living model).Effort: highImpact: high
Tools & Resources
- →Sonder: The episode mentions Sonder, Outdoorsy, HostTonight, STR Legends, STR Profit Academy, and WanderJaunt.
- →Outdoorsy: The episode mentions Outdoorsy.
- →HostTonight: The episode mentions HostTonight.
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