Takeaways and learning lessons from VRMA Orlando
Summary
This article discusses key takeaways from the VRMA Orlando conference, including guest experience, AI tools, and hotel lobbyist challenges. It also promotes several episodes of the "Get Paid For Your Pad" podcast discussing revenue management, CEO strategies, and comparing hotel versus short-term rental revenue management. Hosts should consider the insights shared about revenue management routines and CEO focus.
Key Insights
- •STR revenue management must be scheduled, not reactive.
- •The episode emphasizes the importance of being well-prepared for conferences like VRMA, managing your energy effectively, and making intentional connections with other industry professionals.
Action Items
- ✓Identify the biggest bottleneck in your STR business and focus on it.Effort: mediumImpact: high
- ✓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)
- →Revenue Management training: Watch the free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay(https://www.getpaidforyourpad.com/cfm-replay)
- →5 Most Common Airbnb Revenue Management Mistakes: Download the FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes
Common Mistakes
- ⚠STR operators underperform not because they lack tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior once it shows up.
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
More from Hosting Operations
MakeMyTrip and Ixigo are partnering with OpenAI to integrate AI across their platforms. This collaboration aims to revolutionize the travel experience, supporting features like trip planning and booking. The integration is designed to personalize and convert inspiration into confirmed bookings, offering personalized outcomes at scale.
An Airbnb host faced an unusual guest request, uncovering a potential 'big problem' impacting their operations. Details of the odd request and the subsequent realization about its negative consequences for the host's business model are presented. Further investigation revealed a significant issue that hosts should be aware of.
This article from WDSU focuses on identifying potential scams related to spring break travel. It highlights red flags travelers should be aware of when booking accommodations, such as unrealistic prices or demands for unconventional payment methods. Knowing these potential pitfalls will help hosts and guests alike prevent fraud and ensure a safe and positive booking experience.
Curated by Learn STR by GoStudioM