How to Maximize ROI for Property Owners
Summary
This article is an episode of the "Get Paid For Your Pad" podcast discussing strategies for maximizing ROI in STRs. It features insights from a property management company owner, covering topics like transitioning from owning to managing, and revenue management routines. Hosts should consider the suggested routines for revenue management and review their booking data to increase their profitability.
Key Insights
- •The article emphasizes the importance of a scheduled revenue management routine.
- •The article suggests that 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.
Action Items
- ✓Hosts should spot mistakes in minimum stays and pricing settings.Effort: lowImpact: medium
- ✓Hosts should review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Hosts should review pacing on a weekly basis using Market Penetration Index (MPI).Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: The episode mentions a free revenue review available on Freewyld Foundry's website.(https://www.freewyldfoundry.com/report)
- →Legends X STR Accelerator: The podcast references the Legends X STR Accelerator class.
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Curated by Learn STR by GoStudioM