2X your Airbnb revenue by elevating the guest experience
Summary
This article discusses revenue management strategies for STRs, emphasizing the importance of scheduled routines, analyzing booking behavior, and understanding the nuances of different markets. Hosts should focus on daily and weekly pricing reviews, considering factors like booking windows and last-minute adjustments to maximize revenue. The article highlights that STR pricing is harder than hotel pricing, requiring careful consideration of product uniqueness, operational constraints, and distribution channels.
Key Insights
- •Small daily price changes can increase exposure on OTAs.
- •Booking windows shape revenue strategy differently in STRs compared to hotels.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness, hyper-fragmented demand curves, and operational constraints.
Action Items
- ✓Schedule revenue management, rather than reacting to demand.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
- ⚠Underperforming because hosts 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