Revenue Management Strategies
Summary
This article discusses various revenue management strategies for short-term rentals, including pricing for special events, adjusting for high-demand dates, and utilizing OTA promotions. Hosts should prioritize scheduling time for revenue management to monitor pricing and stay ahead of market trends and consider the insights given for pricing and CEO actions.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •Booking windows shape revenue strategy in ways hotels never deal with.
- •Utilizing OTA promotions can increase visibility and attract more bookings.
- •Small daily price changes can increase exposure on OTAs.
- •STR pricing is dramatically harder than hotel pricing, due to the unique product nature of each listing.
- •Understanding guest avatars and their preferences can help tailor your pricing strategy and attract the right guests.
- •Hotels can rely on last-minute demand, but STRs cannot.
- •Setting minimum night stays can help optimize your calendar and prevent undesirable bookings.
- •Last-minute inventory tells you about demand and visibility.
- •Weekends require different attention than weekdays for pricing decisions.
Action Items
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Schedule dedicated time for revenue management to monitor pricing, adjust strategies, and stay on top of market trends.Effort: lowImpact: medium
- ✓Consider the differences between hotel and STR revenue management, especially relating to booking windows and last minute demand.Effort: lowImpact: medium
Tools & Resources
- →5 Most Common Airbnb Revenue Management Mistakes: Download the FREE E-Book: 5 Most Common Airbnb Revenue Management Mistakes.
- →Get Paid For Your Pad: Watch the free Revenue Management training at https://www.getpaidforyourpad.com/cfm-replay(https://www.getpaidforyourpad.com/cfm-replay)
- →Freewyld Foundry: Learn more about Freewyld Foundry → https://www.freewyldfoundry.com(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
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