EP085: Creating Amazing Guidebooks with Andy McNulty of Touchstay
Summary
This article is a compilation of insights from various episodes of the 'Get Paid For Your Pad' podcast, focusing on revenue management, CEO focus, and pricing strategies for short-term rentals. Hosts should pay attention to the advice on revenue management routines and CEO responsibilities to improve profitability and streamline operations. Actionable steps include reviewing bookings for pricing signals and prioritizing tasks based on their impact.
Key Insights
- •STR pricing is dramatically harder than hotel pricing.
- •Early bookings can indicate underpricing or upcoming events.
- •Revenue management must be scheduled, not reactive.
Action Items
- ✓Identify the biggest bottleneck in your STR business.Effort: mediumImpact: high
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry Report: Get a Free Revenue Review(https://www.freewyldfoundry.com/report)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
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.
- ⚠Trying to fix everything at once slows growth.
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.
This article discusses Kansas City's high occupancy rates compared to other World Cup host cities, raising questions about the effectiveness of efforts to increase short-term rental availability. It implicitly touches on market trends and the impact of major events on the STR market. The article likely explores whether increased rental supply can meet demand while analyzing the city's approach to STRs.
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