Takeaways from STR Legends Live
Summary
This article summarizes key takeaways from the STR Legends Live conference, focusing on scaling strategies, niche identification, and revenue management routines. Hosts can learn how to build their business model, define their guest avatar, and optimize pricing for better profitability. Several episodes of the "Get Paid For Your Pad" podcast are also mentioned.
Key Insights
- •Defining your guest avatar makes other decisions, such as which properties to add, easier.
- •Hotels can rely on last-minute demand but STRs cannot.
- •STR revenue management must be scheduled and not reactive. Reviewing every booking reveals pricing and demand signals.
Action Items
- ✓Schedule time for revenue management to monitor bookings and make pricing adjustments.Effort: lowImpact: medium
- ✓Define your guest avatar to help with decision-making.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Freewyld Foundry website(https://www.freewyldfoundry.com/)
- →Get Paid For Your Pad: Get Paid For Your Pad podcast
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