EP040: Jodie Willmer, Founder of Guest Ready, Talks About Airbnb Hosting in Melbourne
Summary
This article is a compilation of episodes from the "Get Paid For Your Pad" podcast. It covers various aspects of STR revenue management, CEO focus, and differences between hotel and STR revenue management. Hosts can gain insights into optimizing pricing, avoiding overwhelm, and understanding market dynamics.
Key Insights
- •Daily and weekly pricing routines are crucial for effective revenue management. Reviewing every booking reveals pricing and demand signals.
- •STR pricing is dramatically harder than hotel pricing, due to product uniqueness, booking windows, operational constraints, and cancellation risk. Hotels can rely on last-minute demand but STRs cannot.
Action Items
- ✓Prioritize strategic focus by identifying and addressing business bottlenecks, and delegate low-value tasks.Effort: mediumImpact: high
- ✓Establish a consistent daily and weekly pricing review routine to stay ahead of market trends.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠STR operators 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.
- ⚠STR CEOs often get bogged down in low-value tasks and fail to focus on strategic priorities. This leads to slower growth and operational inefficiencies.
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.
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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