News updates and tips from the community
Summary
This article is a compilation of podcast episodes covering revenue management, CEO strategies, the differences between hotel and STR revenue management, and strategies for overcoming operational overwhelm. Hosts should pay close attention to the recommendations for pricing routines, strategic focus, and efficient operational workflows to maximize profits.
Key Insights
- •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.
- •STR pricing is dramatically harder than hotel pricing, due to factors like product uniqueness turning every listing into its own mini-hotel, and booking windows shaping revenue strategy differently.
- •The article suggests that for the FIFA World Cup, some cities may see modest lift while others could experience extreme ADR spikes and rapid sellouts.
Action Items
- ✓Consider how the FIFA World Cup schedule may affect your pricing, and prepare for potential ADR spikes.Effort: mediumImpact: high
- ✓Re-evaluate your priorities, recognize patterns inside your business, and identify the true bottlenecks that require CEO-level attention rather than more activity.Effort: mediumImpact: high
- ✓Implement a daily and weekly pricing review routine to stay ahead of the market.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Hosts make a pricing mistake when they try to fill early instead of letting demand mature during events.
- ⚠A common mistake is trying to fix everything at once, which slows growth.
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