From Hectic Host To Millionaire Manager
Summary
This article is an episode breakdown of the podcast 'Get Paid for Your Pad' which discusses how to transition from a 'hectic host' to a 'millionaire manager' in the STR business by focusing on systems and team building. The episode also touches on revenue management strategies and comparing hotel revenue management to STR revenue management.
Key Insights
- •STR rate drops must be deeper near arrival.
- •STR pricing is dramatically harder than hotel pricing.
- •The article discusses the 5 stages of Airbnb hosting: Traditional host, Side hustle host, Hectic host, Rising star, and STR legend. The focus of the episode is how to graduate past the hectic host stage.
- •The episode highlights the 3 pillars to becoming a millionaire manager: Vision, Operations, and Scale.
- •Most STR operators 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.
- •Small daily price changes can increase exposure on OTAs.
Action Items
- ✓Hosts should focus on working ON the business, not just IN it.Effort: mediumImpact: high
- ✓Review every booking to reveal pricing and demand signalsEffort: lowImpact: medium
- ✓Hosts should consider implementing systems and building a team to scale their STR business.Effort: mediumImpact: high
Tools & Resources
- →From Hectic Host to Millionaire Manager: The article mentions a free training, 'From Hectic Host to Millionaire Manager'.
- →Freewyld Foundry: The article mentions Freewyld Foundry.(https://www.freewyldfoundry.com/)
- →Get Paid for Your Pad: The article references the 'Get Paid for Your Pad' podcast.
Common Mistakes
- ⚠Relying on last-minute demand as hotels do, is a mistake.
- ⚠Failing to schedule revenue management leads to underperformance.
More from Hosting Operations
MakeMyTrip and Ixigo are partnering with OpenAI to integrate AI across their platforms. This collaboration aims to revolutionize the travel experience, supporting features like trip planning and booking. The integration is designed to personalize and convert inspiration into confirmed bookings, offering personalized outcomes at scale.
An Airbnb host faced an unusual guest request, uncovering a potential 'big problem' impacting their operations. Details of the odd request and the subsequent realization about its negative consequences for the host's business model are presented. Further investigation revealed a significant issue that hosts should be aware of.
This article from WDSU focuses on identifying potential scams related to spring break travel. It highlights red flags travelers should be aware of when booking accommodations, such as unrealistic prices or demands for unconventional payment methods. Knowing these potential pitfalls will help hosts and guests alike prevent fraud and ensure a safe and positive booking experience.
Curated by Learn STR by GoStudioM