The Importance of Community
Summary
This article discusses the importance of community for short-term rental hosts, emphasizing the benefits of knowledge sharing, inspiration, and support. It also reviews multiple episodes from the "Get Paid For Your Pad" podcast, which cover topics such as revenue management routines, CEO strategies, and comparing hotel versus STR revenue management. Hosts should consider developing a strong community and implementing data-driven revenue management strategies to boost their STR business.
Key Insights
- •Being a busy STR CEO does not mean the business is progressing; decision fatigue and low-value tasks can hinder growth.
- •STR revenue management is dramatically harder than hotel pricing due to product uniqueness, booking windows, guest behavior, and operational constraints.
Action Items
- ✓Hosts should schedule revenue management routines and review every booking to identify pricing and demand signals.Effort: lowImpact: medium
- ✓STR CEOs should prioritize their time by focusing on strategic decisions and identifying bottlenecks in their business.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: The article mentions Freewyld Foundry.(https://www.freewyldfoundry.com/)
- →Get Paid For Your Pad: The article mentions Get Paid For Your Pad podcast.
Common Mistakes
- ⚠Operators may underperform due to a lack of a daily and weekly pricing routine, making the wrong decisions.
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