EP213: This Week in the World of Airbnb
Summary
This article is a collection of insights from the "Get Paid For Your Pad" podcast. It covers topics from revenue management routines, CEO focus for scaling businesses, and why STR pricing is harder than hotel pricing. Hosts should focus on building a revenue management routine and understanding the complexities of STR pricing.
Key Insights
- •The article emphasizes the importance of scheduled revenue management, not reactive. Reviewing every booking can reveal pricing and demand signals.
- •STR pricing is significantly more complex than hotel pricing due to factors like product uniqueness (every listing is like a mini-hotel), varied booking windows, and operational constraints.
- •Smaller markets like Kansas City, Boston, Seattle, and Philadelphia may outperform larger cities during events like the FIFA World Cup.
Action Items
- ✓Implement daily and weekly pricing reviews to stay ahead of market fluctuations and analyze booking behavior.Effort: mediumImpact: medium
- ✓Consider the impact of events, like the FIFA World Cup, on demand in your market and adjust pricing accordingly.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
Watch Out For
- ⚠Underpricing during peak demand periods or failing to adjust pricing based on early booking behavior could result in lost revenue.
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