How to Grow an STR Investment Portfolio
Summary
This article discusses the importance of a structured revenue management routine for short-term rental businesses, with a focus on daily and weekly pricing workflows. It highlights the significance of reviewing bookings, understanding booking windows, and making small, consistent price adjustments. Hosts should implement a regular pricing review schedule, analyze booking data for pricing signals, and consider their minimum stay rules for optimal revenue.
Key Insights
- •Reviewing every booking reveals pricing and demand signals.
- •The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
Action Items
- ✓Implement a scheduled revenue management routine, including daily and weekly pricing reviews.Effort: lowImpact: medium
- ✓Review bookings as data to identify pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
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Curated by Learn STR by GoStudioM