There's no traffic jam along the extra mile
Summary
This article is a compilation of insights from Get Paid For Your Pad podcast episodes. It covers revenue management routines, CEO focus in STR businesses, and the differences between hotel and STR revenue management. Hosts can benefit from understanding these topics to optimize pricing, manage operations, and scale their businesses effectively.
Key Insights
- •The article highlights that STR pricing is significantly harder than hotel pricing, due to factors like product uniqueness turning every listing into a 'mini hotel' and the impact of booking windows.
- •The episode on the FIFA World Cup reveals that cities and matchups like Germany, Brazil, Spain, England and Argentina are likely to drive heavy international travel and demand, potentially leading to strong ADR lift.
Action Items
- ✓Hosts should review their daily and weekly pricing routines to stay ahead of market trends, analyze booking behaviors, and spot opportunities.Effort: lowImpact: medium
- ✓For the upcoming FIFA World Cup, hosts should analyze the cities hosting matches and the likely impact on their ADR to adjust pricing accordingly.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Freewyld Foundry is mentioned as a resource.(https://www.freewyldfoundry.com/)
- →Get Paid For Your Pad: Get Paid For Your Pad, a podcast, is a valuable resource for hosts.
Common Mistakes
- ⚠A common mistake is underpricing listings, especially when trying to fill bookings early instead of letting demand mature.
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