Why 2022 Is Going to Be a Huge Year for STRs
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of a structured pricing routine. Hosts should implement daily and weekly pricing reviews, considering booking behavior and market trends to optimize revenue. The article highlights the differences between hotel and STR revenue management and the challenges STR hosts face.
Key Insights
- •Early bookings can indicate underpricing or upcoming events, influencing pricing decisions.
- •Weekends require different attention than weekdays when making pricing decisions.
- •STR pricing is dramatically harder than hotel pricing, due to factors like product uniqueness and operational constraints.
Action Items
- ✓Adjust pricing based on early booking behavior, considering potential events and market demand.Effort: lowImpact: medium
- ✓Make small daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
Common Mistakes
- ⚠Don't overcorrect pricing too quickly.
- ⚠Underperforming because they don't know what to look at, when to look at it, or how to interpret booking behavior.
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Curated by Learn STR by GoStudioM