EP034: A Life Changing Airbnb Experience with Kimberley Barker Nightingale
Summary
This article is a collection of insights from the "Get Paid For Your Pad" podcast episodes. It covers revenue management routines, CEO strategies for STR businesses, differences between hotel and Airbnb revenue management, and how to end STR overwhelm. Hosts should review these topics to optimize their pricing, operations and overall business strategy.
Key Insights
- •The article highlights that STR pricing is dramatically harder than hotel pricing due to product uniqueness, booking windows, and operational constraints.
- •The article discusses the importance of scheduled revenue management and reviewing every booking to identify pricing and demand signals.
Action Items
- ✓Implement a daily and weekly pricing routine to stay ahead of the market.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
More from Pricing & Profitability
A host reported earning $2,300 monthly on Airbnb with almost constant bookings, only to quit due to difficult guests. This highlights the financial potential of STR hosting but also emphasizes the importance of guest screening and managing guest behavior. Balancing profitability with a positive hosting experience is crucial.
This article discusses Kansas City's high occupancy rates compared to other World Cup host cities, raising questions about the effectiveness of efforts to increase short-term rental availability. It implicitly touches on market trends and the impact of major events on the STR market. The article likely explores whether increased rental supply can meet demand while analyzing the city's approach to STRs.
Realtor.com's report on best mountain towns for Airbnb returns reveals key locations for STR investment. The analysis likely includes data on occupancy rates, ADR, and RevPAR to identify profitable markets. Understanding these trends helps hosts optimize pricing strategies and choose lucrative destinations.
Curated by Learn STR by GoStudioM