EP027: Travel Blogger Brianna Simmons Talks About her Hosting Experience in Virginia Beach
Summary
This article discusses revenue management strategies for short-term rentals, specifically focusing on the differences between hotel and STR revenue management. It emphasizes the importance of daily and weekly pricing routines, booking reviews, and understanding booking windows for effective revenue optimization. Hosts should analyze their booking data and adjust pricing accordingly to maximize revenue.
Key Insights
- •Booking windows shape revenue strategy in ways hotels never deal with, which can reveal pricing and demand signals.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness (every listing is like a mini-hotel), volatile demand, and operational constraints like cleaning and minimum stays.
Action Items
- ✓Review bookings daily to identify pricing signals and demand trends.Effort: lowImpact: medium
- ✓Make small daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Most hosts underperform not because they lack tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior once it shows up.
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