How to use Social Media to Market your Airbnb
Summary
This article discusses revenue management strategies for STRs, emphasizing the importance of scheduled routines, analyzing booking data, and understanding the nuances of pricing compared to hotels. Hosts should implement a daily and weekly pricing routine, focusing on booking data and the impact of minimum stay rules, and last-minute inventory. The article also touches on the CEO's role and focuses on identifying bottlenecks.
Key Insights
- •Major cities like New York, Los Angeles, Miami and Mexico City may experience lower price elevation during major events due to hotel supply.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness, booking windows, and operational constraints.
- •Early bookings can indicate underpricing or upcoming events, and small daily price changes can increase exposure on OTAs.
Action Items
- ✓Consider implementing a daily and weekly pricing routine to stay ahead of the market.Effort: mediumImpact: high
- ✓Review every booking to reveal 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.
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Curated by Learn STR by GoStudioM