How we increased RevPAR 30% for Del Carmen Hospitality
Summary
This article, extracted from "Get Paid for Your Pad", focuses on revenue management strategies for short-term rentals, including pricing, booking windows, and operational optimization. Hosts can learn from the experiences of Del Carmen Hospitality and discover the importance of proactive revenue management, daily pricing routines, and the role of virtual assistants. The article also touches on why STR pricing is harder than hotel pricing, focusing on booking windows, guest behavior, and operational realities.
Key Insights
- •Short booking windows can lead to last-minute bookings at lower prices, impacting revenue.
- •Completing Airbnb listings with detailed information and optimizing categories can improve search visibility and conversion rates.
- •In-house operations and standardized amenities can provide flexibility and efficiency in property management.
- •Changing pricing strategies and leveraging early bird promotions can drive bookings further in advance.
- •Hiring virtual assistants with industry experience and attention to detail can support operational tasks and guest communication.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
Action Items
- ✓Explore hiring virtual assistants to support operational tasks.Effort: mediumImpact: medium
- ✓Consider implementing early bird promotions to encourage bookings further in advance.Effort: lowImpact: medium
- ✓Review your Airbnb listing and optimize categories for better search visibility.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
- →Jasper Ribbers: Follow Jasper Ribbers(https://www.linkedin.com/in/jasperribbers)
- →Freewyld Foundry RPM Service: Apply for our revenue management service at https://freewyldfoundry.com/rpm/(https://freewyldfoundry.com/rpm/)
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Curated by Learn STR by GoStudioM