Lessons from the Legends X Accelerator
Summary
This article discusses revenue management strategies for STRs, emphasizing the importance of scheduled pricing routines, analyzing booking data, and adjusting prices based on demand signals. It provides insights into daily and weekly pricing workflows, booking windows, and the impact of minimum stay rules, offering practical advice for hosts to optimize revenue. Furthermore, the article delves into CEO strategies for scaling and avoiding the "hectic host" stage and compares STR revenue management with hotel strategies.
Key Insights
- •Small daily price changes can increase exposure on OTAs.
- •STR pricing is dramatically harder than hotel pricing due to unique product offerings and the volatility of the market.
- •Weekends require different attention than weekdays in terms of pricing.
- •Early bookings can indicate underpricing or upcoming events.
- •STR operators should focus on removing repeatable work so leaders can spend time on reasoning, decision-making, and leadership.
- •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
- ✓Review every booking to learn pricing and demand signals.Effort: lowImpact: medium
- ✓Schedule revenue management, rather than reacting to market changes.Effort: lowImpact: medium
- ✓Consider small daily price changes to increase exposure.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
- →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 once it shows up.
- ⚠Don't overcorrect pricing too quickly.
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Curated by Learn STR by GoStudioM