From Banker to STR Pro: How Alex DeCamp Built Great Stays
Summary
This article is a compilation of insights from the "Get Paid For Your Pad" podcast episodes. It covers topics like revenue management, CEO focus in STR businesses, how STR pricing differs from hotel pricing, and the "hectic host" stage. Hosts can learn how to optimize pricing routines, identify business bottlenecks, and improve operational efficiency.
Key Insights
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness, booking windows, operational constraints, and cancellation risks.
- •The article highlights that most STR operators underperform not because of tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior.
- •CEOs of STR businesses waste 30-50% of their time on low-value activities, which becomes more dangerous as the business scales.
Action Items
- ✓Schedule revenue management routines instead of being reactive.Effort: lowImpact: medium
- ✓Review bookings daily to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Identify the biggest bottleneck in your STR business.Effort: lowImpact: high
Tools & Resources
- →Market Penetration Index (MPI): The article recommends using Market Penetration Index (MPI) for weekly pacing analysis.
- →Freewyld Foundry: The article mentions Freewyld Foundry's RPM service.(https://www.freewyldfoundry.com/)
Common Mistakes
- ⚠Many STR operators make mistakes not in their pricing tools but the lack of daily and weekly pricing routine.
- ⚠STR operators stay stuck in the hectic host stage when they are not identifying and fixing the root issues.
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Curated by Learn STR by GoStudioM