EP093: Airbnb Hosting in Adelaide with Phil Spyrou Part II
Summary
This article from a podcast episode discusses key aspects of revenue management for STRs, including daily and weekly pricing routines. It emphasizes that consistent routines, reviewing booking data, and understanding booking windows are crucial for optimizing pricing and maximizing revenue, and provides insights for STR CEOs. Hosts should review their pricing strategies and routines based on the insights shared.
Key Insights
- •Reviewing every booking reveals pricing and demand signals; early bookings can indicate underpricing or upcoming events.
- •STR pricing is dramatically harder than hotel pricing, due to product uniqueness turning every listing into its own “mini hotel,” booking windows shaping revenue strategy and operational constraints influencing pricing.
- •Most 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.
Action Items
- ✓Evaluate your minimum stay rules and calendar settings to ensure they align with demand and market conditions.Effort: lowImpact: medium
- ✓Review your pricing routines on a daily and weekly basis, analyzing booking data to identify pricing signals and demand trends.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
Common Mistakes
- ⚠Underperforming by lacking a daily and weekly pricing routine.
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Curated by Learn STR by GoStudioM