What iGMS Customers Are Doing To Weather The Crisis
Summary
This article from Get Paid For Your Pad discusses revenue management strategies for STRs, emphasizing the importance of scheduled pricing routines, analyzing booking data, and understanding the impact of events like the FIFA World Cup. Hosts should prioritize daily and weekly pricing reviews and stay connected to operational realities to maximize revenue.
Key Insights
- •Major cities like New York, Los Angeles, Miami and Mexico City may experience lower price elevation during the FIFA World Cup due to hotel supply.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •Small daily price changes can increase exposure on OTAs.
- •Early bookings can indicate underpricing or upcoming events.
- •Weekends require different attention than weekdays when managing pricing.
Action Items
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Consider making small, daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
- ✓Pay close attention to booking windows and pacing when setting pricing.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.(https://www.freewyldfoundry.com/)
Common Mistakes
- ⚠Hosts make the pricing mistake of trying to fill early instead of letting demand mature.
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