EP082: Remote Hosting in Buenos Aires with Amy Scott
Summary
This article discusses revenue management strategies for short-term rentals, specifically focusing on the importance of daily and weekly pricing routines. It highlights the differences between hotel and STR revenue management, emphasizing the need for hosts to be proactive in reviewing bookings and adjusting pricing to optimize revenue.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •Revenue management must be scheduled, not reactive.
- •STR pricing is dramatically harder than hotel pricing.
- •STR operators must stay tightly connected to operations if they want accurate pricing.
Action Items
- ✓Make small daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Pay close attention to weekend pricing.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.(https://www.freewyldfoundry.com/)
- →Freewyld Foundry: Learn more about Freewyld Foundry.(https://www.freewyldfoundry.com/report)
Common Mistakes
- ⚠Most hosts 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.
- ⚠Do not overcorrect pricing too quickly.
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Curated by Learn STR by GoStudioM