Roadmap to Go from Hectic Host to Legend
Summary
This article discusses the stages of short-term rental hosting, from "hectic host" to "legend," and offers insights into transitioning to a more strategic approach. It emphasizes the need for systems, technology, and a dedicated team to build a successful hospitality brand. Additionally, the articles discuss revenue management routines, and strategic CEO focus.
Key Insights
- •CEOs waste 30 to 50 percent of their time on low-value activities. Decision fatigue pushes leaders toward reactive work, and action is often confused with momentum.
- •A hectic host is characterized by feeling the pressure of the business, lacking documentation, and difficulty outsourcing work. They want to grow but lack clarity regarding their vision for the brand.
- •The article outlines five stages of STR hosting: traditional host, side hustle host, hectic host, rising star, and legend.
- •Building a true hospitality brand requires three things: systems, technology, and people.
- •The article discusses the importance of a daily and weekly pricing routine, emphasizing the need to schedule revenue management instead of being reactive.
- •To transition from a hectic host to a rising star, hosts need to implement discipline to document processes, build a team, and clearly define their vision.
- •The biggest revenue mistake most STR operators make is the lack of a daily and weekly pricing routine.
Action Items
- ✓Hosts should take the STR Business Assessment to identify areas for improvement and gain clarity on what to focus on.Effort: lowImpact: medium
- ✓Consider implementing a daily and weekly pricing routine.Effort: mediumImpact: medium
- ✓STR CEOs should identify and address bottlenecks in their business and focus on high-ROI activities.Effort: mediumImpact: high
Tools & Resources
- →STR Legends: STR Legends
- →Freewyld Foundry: Freewyld Foundry(https://www.freewyldfoundry.com)
- →STR Business Assessment: STR Business Assessment
- →Overnight Success: Overnight Success
- →DISC Assessment: DISC Assessment
- →Hostfully: Hostfully
- →Get Paid for Your Pad: Get Paid for Your Pad on YouTube
Common Mistakes
- ⚠STR operators stay stuck in firefighting mode. Operators chase 'squirrels' instead of closing the hole in the roof.
- ⚠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.
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Curated by Learn STR by GoStudioM