We’re hiring Legends X Coaches!
Summary
This article from Get Paid For Your Pad discusses revenue management and CEO-level focus in the short-term rental business. It emphasizes the importance of consistent routines, daily pricing reviews, and strategic time allocation for CEOs to drive business growth.
Key Insights
- •CEOs waste 30 to 50 percent of their time on low-value activities, which is more dangerous as STR businesses grow.
- •The article suggests that most STR operators underperform not because of their pricing tools, but because of a lack of a daily and weekly pricing routine.
- •The article highlights the importance of CEOs identifying and focusing on business bottlenecks as the business scales.
Action Items
- ✓Review every booking to reveal pricing and demand signals and consider small daily price changes.Effort: lowImpact: medium
- ✓Schedule revenue management and perform daily and weekly pricing routines.Effort: lowImpact: medium
- ✓STR CEOs should focus on strategic planning instead of being busy all day.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry(https://www.freewyldfoundry.com/report)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Most STR operators make a revenue mistake, not because of the pricing tool, but the lack of a daily and weekly pricing routine.
More from Pricing & Profitability
This article discusses Kansas City's high occupancy rates compared to other World Cup host cities, raising questions about the effectiveness of efforts to increase short-term rental availability. It implicitly touches on market trends and the impact of major events on the STR market. The article likely explores whether increased rental supply can meet demand while analyzing the city's approach to STRs.
Realtor.com's report on best mountain towns for Airbnb returns reveals key locations for STR investment. The analysis likely includes data on occupancy rates, ADR, and RevPAR to identify profitable markets. Understanding these trends helps hosts optimize pricing strategies and choose lucrative destinations.
Airbnb is offering a $750 incentive for some hosts in Georgia during the FIFA World Cup, potentially boosting occupancy and profitability. This program seeks to capitalize on increased demand from the international event, offering financial benefits to participating hosts. Learn how to qualify and leverage this incentive for your STR.
Curated by Learn STR by GoStudioM