Revenue Management Secrets
Summary
This Get Paid For Your Pad episode discusses revenue management secrets for short-term rentals, focusing on how to identify demand drivers like seasonality, day-of-week, and local events. The episode provides free resources for hosts to leverage these insights and improve their pricing strategy to optimize revenue. Hosts should listen to learn how to react to market changes and implement a successful revenue management routine.
Key Insights
- •The three demand drivers in any given market are seasonality, day-of-week, and local events.
- •The #1 way to optimize STR revenue going into 2021 is to be aware of the average minimum stay in the local market.
Action Items
- ✓Find patterns as bookings emerge and adjust prices accordingly.Effort: lowImpact: medium
- ✓Identify the seasonality, day-of-week and local events curve in your area using free resources to better inform pricing strategies.Effort: lowImpact: medium
Tools & Resources
- →Weather Spark, Google Flights, Ticketmaster: Weather Spark, Google Flights, and Ticketmaster, which are mentioned as free resources for hosts to use in their market research.
- →Wheelhouse: Wheelhouse, a revenue management platform that offers market insights.
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Curated by Learn STR by GoStudioM