EP029: Hosting on Airbnb in Chicago with Joe Anhalt
Summary
This episode of Get Paid For Your Pad covers the differences between Hotel and Airbnb revenue management. It explores why STR pricing is more complex due to unique listings, booking windows, and operational constraints. Hosts should focus on understanding these differences to optimize pricing strategies.
Key Insights
- •STR rate drops must be deeper near arrival compared to hotel pricing.
- •STR pricing is dramatically harder than hotel pricing.
Action Items
- ✓Understand that hotels can rely on last-minute demand, but STRs cannot.Effort: lowImpact: medium
- ✓Consider the impact of operational constraints (cleaning, check-ins, minimum stays) on your pricing strategy.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Making pricing decisions based on hotel practices without accounting for differences in booking windows, demand, and operational realities.
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Curated by Learn STR by GoStudioM