How to create a minimum stay restriction strategy
Summary
This article discusses revenue management strategies for short-term rentals, focusing on the importance of flexible minimum stay restrictions, adapting to changing traveler behavior, and the impact of market supply. Hosts should regularly review their pricing tool's dashboard and consider engaging with potential guests to extend stays to maximize occupancy and revenue.
Key Insights
- •Although the growth of supply is slowing down, it won't decrease significantly anytime soon due to institutional investors and other factors.
- •Travelers are now more price-conscious, considering other destinations and timeframes if their initial plans become too expensive.
Action Items
- ✓Regularly review your pricing tool's dashboard.Effort: lowImpact: medium
- ✓Engage with potential guests to extend their stays, maximizing occupancy and revenue.Effort: lowImpact: medium
Tools & Resources
- →Wheelhouse: For more in-depth insights and educational content on revenue management, John directs us to the Wheelhouse YouTube channel.(YouTube channel)
- →Wheelhouse: Check out Wheelhouse's educational content for further guidance on mastering revenue management in the short-term rental business.
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Curated by Learn STR by GoStudioM