EP038: The Airbnb Open Report With Airbnb Updates And Cool Quotes From Speakers
Summary
This article is a compilation of insights from various "Get Paid For Your Pad" podcast episodes focusing on revenue management, CEO focus, and the differences between hotel and STR revenue management. Hosts can learn to optimize pricing, understand the role of a CEO in scaling, and differentiate their strategies from hotels.
Key Insights
- •Early bookings can indicate underpricing or upcoming events; reviewing every booking reveals pricing and demand signals.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •CEOs of STR businesses often waste time on low-value activities, leading to business stagnation. CEO focus should shift to pattern recognition and strategic decision-making.
Action Items
- ✓Reflect on activities as a CEO to identify where time is being spent and if the activities align with the growth goals of the business.Effort: mediumImpact: medium
- ✓Review bookings daily to identify pricing and demand signals and adjust pricing accordingly.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Freewyld Foundry is mentioned, offering revenue reviews.(https://www.freewyldfoundry.com/report)
Common Mistakes
- ⚠Hosts often make the mistake of not having a consistent daily and weekly pricing routine.
- ⚠CEOs often get stuck on low-value tasks due to decision fatigue. This problem becomes more dangerous as STR businesses grow.
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Curated by Learn STR by GoStudioM