EP071: With Andrew Kitchell, Founder and CEO of PriceMethod
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of a structured pricing routine, analyzing booking behavior, and understanding factors that affect demand. Hosts should implement a daily and weekly pricing review process to optimize revenue and avoid common pricing mistakes.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
- •Small daily price changes can increase exposure on OTAs.
Action Items
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Schedule revenue management; don’t be reactive.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
- →Freewyld Foundry Report: Get a Free Revenue Review(https://www.freewyldfoundry.com/report)
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