How to thrive through the short-term rental crisis
Summary
This article from Get Paid For Your Pad discusses revenue management strategies for short-term rentals, including daily and weekly pricing routines. It highlights the importance of analyzing booking data, understanding booking windows, and making small price adjustments to optimize revenue. Hosts can benefit from scheduling revenue management, reviewing bookings as pricing signals, and understanding the use of Market Penetration Index (MPI).
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •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
- ✓Make small daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
- ✓Spot mistakes in minimum stays and pricing settings.Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Get a Free Revenue Review →(https://www.freewyldfoundry.com/report)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
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Curated by Learn STR by GoStudioM