Higher Revenue with Freewyld Foundry: Success Stories and Expert Advice (Part 1) (Ep 625)
Summary
This podcast episode discusses revenue and pricing management (RPM) services for short-term rentals, comparing them to the practices of hotels and airlines. The episode emphasizes the need for hosts, especially those managing multiple properties, to actively manage pricing strategies to optimize revenue. The guest is the CMO of FreeWild, which offers this service to hosts with over $1 million in revenue.
Key Insights
- •Revenue management for short-term rentals is different from hotels/airlines because STRs can only sell their space once.
- •RPM services are aimed at operators generating over $1 million in annual revenue.
- •Most operators don't spend enough time on revenue management, often due to lack of time or knowledge. They set base prices and let them run.
Action Items
- ✓If you are managing more than a few properties, consider outsourcing your revenue management.Effort: mediumImpact: medium
Tools & Resources
- →FreeWild: FreeWild Foundry RPM service(freewyld.com)
- →Cashflow Mastery: If you are below a million, we have a basically like a DIY program where you can learn our process that we do for our RPM clients. It's called cashflow mastery.
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Curated by Learn STR by GoStudioM