EP104: Recent Airbnb News and Platform Updates
Summary
This article from Get Paid For Your Pad discusses various aspects of STR revenue management, CEO focus, and pricing strategies, including why STR pricing is more challenging than hotel pricing. Hosts should pay close attention to the impact of booking windows, operational constraints, and the importance of daily/weekly routines for optimizing pricing and making strategic decisions.
Key Insights
- •Hotels can rely on last-minute demand, but STRs cannot. STR rate drops must be deeper near arrival.
- •Being busy doesn't equate to business progress; CEOs should focus on high-ROI tasks and avoid decision fatigue.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness (every listing is its own “mini hotel”), booking window influences, and operational constraints.
Action Items
- ✓Implement a daily and weekly pricing routine to review bookings and pricing signals.Effort: lowImpact: medium
- ✓Identify and address the biggest bottleneck in your STR business to improve efficiency and focus.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry(https://www.freewyldfoundry.com/report)
Common Mistakes
- ⚠Chasing 'squirrels' and failing to close the 'hole in the roof' by addressing root issues.
- ⚠Underperforming because of a lack of a pricing routine and not knowing what to look at, when to look at it, or how to interpret booking behavior.
More from Pricing & Profitability
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.
Airbnb is offering a $750 incentive for some hosts in Georgia during the FIFA World Cup, potentially boosting occupancy and profitability. This program seeks to capitalize on increased demand from the international event, offering financial benefits to participating hosts. Learn how to qualify and leverage this incentive for your STR.
Curated by Learn STR by GoStudioM