EP046: Sydney Airbnb Hosting With Steven Ryan
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of a structured, scheduled approach over reactive pricing. Hosts should focus on analyzing booking data, understanding booking windows, and making small, consistent price adjustments to optimize revenue. The article also touches upon CEO-level strategies for scaling businesses and the differences between hotel and STR revenue management.
Key Insights
- •Small daily price changes can increase exposure on OTAs.
- •STR pricing is dramatically harder than hotel pricing, due to product uniqueness.
- •The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
- •Early bookings can indicate underpricing or upcoming events.
Action Items
- ✓Make sure to schedule revenue management, instead of being reactive.Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.(https://www.freewyldfoundry.com)
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Curated by Learn STR by GoStudioM