EP099: Hosting over 400 guests on Airbnb in San Francisco
Summary
This article discusses revenue management strategies for short-term rentals, specifically focusing on the importance of scheduled pricing routines and how to analyze booking data. Hosts can improve their revenue by understanding how to interpret booking behavior, manage minimum stays, and make adjustments based on market demand. The article also touches on the differences between hotel and STR revenue management.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •STR pricing is dramatically harder than hotel pricing.
- •Small daily price changes can increase exposure on OTAs.
- •STR rate drops must be deeper near arrival.
- •Weekends require different attention than weekdays when it comes to pricing.
- •Hotels can rely on last-minute demand, but STRs cannot.
Action Items
- ✓Adjust your pricing strategy based on booking windows and pacing analysis.Effort: mediumImpact: high
- ✓Consider making small daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →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.
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Curated by Learn STR by GoStudioM