Forget BNBBUST, We’re Going All-In on STRs
Summary
This article from Get Paid For Your Pad discusses the current state of the STR market, arguing against the 'BNBBUST' narrative. It focuses on revenue management, CEO focus, and why STR pricing is harder than hotel pricing. Hosts should focus on building a unique brand and mastering revenue management to succeed in 2023.
Key Insights
- •The STR market is maturing, and the 'list-it-and-forget-it' approach is no longer viable.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •STR managers must think differently than hotel managers to win in today’s market. Hotel playbooks don’t translate into the STR category.
Action Items
- ✓Implement consistent revenue management routines, including daily and weekly pricing reviews.Effort: mediumImpact: high
- ✓Develop a unique hospitality brand to stand out in the maturing STR market.Effort: mediumImpact: medium
Tools & Resources
- →AirDNA: AirDNA is mentioned as a resource for STR market insights.
- →Get Paid For Your Pad: Get Paid For Your Pad is the source of the article and host to a podcast.
- →Freewyld Foundry: Freewyld Foundry is mentioned as a resource.(freewyldfoundry.com)
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Curated by Learn STR by GoStudioM