EP018: Condominium associations, a funny story and what to do if a guest misbehaves
Summary
This article discusses revenue management strategies for STRs, highlighting the differences between hotel and STR pricing. It explains why STR pricing is more complex due to unique listings, booking windows, and operational constraints. Hosts should focus on daily and weekly pricing routines to stay ahead of market trends.
Key Insights
- •Operational constraints like cleaning, check-ins, and minimum stays significantly influence pricing decisions in the STR space.
- •STR pricing is dramatically harder than hotel pricing due to factors like product uniqueness (every listing is a mini-hotel), and booking windows that shape revenue strategy. STR rate drops must be deeper near arrival.
Action Items
- ✓Pay close attention to booking windows and pacing. Analyze how quickly your properties are booking up for various timeframes.Effort: lowImpact: medium
- ✓Review bookings daily and weekly to understand pricing signals and demand trends. Adjust pricing based on booking behavior and market conditions.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: The article mentions resources and insights from Freewyld Foundry.(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Avoid overcorrecting pricing too quickly in response to market fluctuations.
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Curated by Learn STR by GoStudioM