STR Legends Mastermind Goes Virtual
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of a structured approach, daily and weekly reviews, and the analysis of booking behavior. It also covers CEO-level focus and the pitfalls of getting bogged down in low-value tasks, as well as the differences between hotel and STR revenue management. Finally, it delves into the challenges of the "hectic host" stage and the benefits of strategic focus.
Key Insights
- •STR pricing is dramatically harder than hotel pricing, due to factors like product uniqueness turning every listing into its own mini hotel, and the influence of booking windows.
- •STR operators must stay tightly connected to operations to ensure accurate pricing.
- •Early bookings can indicate underpricing or upcoming events.
Action Items
- ✓Implement a daily and weekly pricing review routine to stay ahead of the market.Effort: mediumImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry.(https://www.freewyldfoundry.com/report)
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