Crushing the STR Game in Nashville
Summary
This article discusses how a short-term rental (STR) business in Nashville, Tennessee, successfully navigated the challenges of the COVID-19 pandemic using the master lease model, extended stays, and focused on providing housing for medical professionals. Hosts can learn from the strategies implemented during a crisis to expand their portfolio and adapt to changing market conditions.
Key Insights
- •Revenue dropped 95% in one week for the featured STR company due to the pandemic.
- •The STR company focused on extended stays (up to 6 months) to adapt to changing market conditions.
Action Items
- ✓Consider exploring the master lease model and targeting extended stays to diversify revenue streams, particularly during market fluctuations.Effort: mediumImpact: medium
- ✓Build a team of independent contractors and outsource tasks as quickly as possible to enable scalability.Effort: mediumImpact: medium
Tools & Resources
- →STR Legends: The article references STR Legends, which may be a resource for STR hosts.
- →Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing: The article mentions Get Paid for Your Pad and the book "Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing" by Jasper Ribbers and Huzefa Kapadia.
Related Videos
More from Growth & Marketing
Samsung browser users can now access Airbnb listings directly through the browser. This update streamlines the booking process for Samsung users, potentially increasing visibility for hosts. This integration provides a more seamless experience for guests browsing and booking accommodations.
RedDoorz, a budget hospitality platform, has maintained 25% YoY growth, driven by a multi-brand strategy. They are expanding AI-driven systems and company-operated hotels to enhance customer experience. Travelers prioritize shorter regional trips, authenticity, and experiences over accommodation spending, impacting host strategies.
Hopper's B2B arm, HTS, has secured a deal with RBC, Canada's largest bank, taking over from Expedia Group after 12 years. This move comes as Capital One Travel downgrades its relationship with HTS, creating questions about Expedia’s travel partnerships. The contract's exclusivity with RBC put other Expedia partnerships at risk.
Curated by Learn STR by GoStudioM