How to Choose the Right Account Setup for STR Operators
Summary
This article, from 2020, discusses the increasing trend of professionalism in short-term rentals, encouraging hosts to treat their properties as real businesses. It emphasizes the importance of defining values, optimizing listings, and understanding profitability. Hosts should consider adopting a business mindset, focusing on their unique selling proposition, and learning from the sharing culture within the STR Legends community.
Key Insights
- •The article highlights a shift towards professionalism in the STR industry, regardless of the number of units managed.
- •Larger companies are buying out midsize operators, emphasizing the importance of understanding profitability to thrive.
Action Items
- ✓Determine your Unique Selling Proposition (USP) to stand out from growing competition (e.g., standards, theme, etc.).Effort: mediumImpact: medium
- ✓Define your business values and align messaging accordingly to attract your ideal client.Effort: lowImpact: medium
Tools & Resources
- →Traction: Get a Grip on Your Business: The article mentions a book, *Traction: Get a Grip on Your Business* by Gino Wickman.
- →Cohost Mastery: Eric Moeller's Cohost Mastery and STR Legends Live are mentioned.
- →STR Legends: STR Legends Cartagena is mentioned as a community.
Related News
User Profile: Mountainside Treasures
This article shares the experiences of an STR host who has grown their business from a single condo to nearly 30 properties, highlighting the importance of guest service and the use of OwnerRez. The host emphasizes that delivering a good guest experience is a key factor for success, and struggles with the power of OTAs and challenging guests. Consider OwnerRez as a key tool for managing your properties.
Owner Statements 2.0: Faster, Clearer and Built for Growing Portfolios
Lodgify has released Owner Statements 2.0, promising faster and clearer reporting for property managers. This update aims to cut down manual work and improve the quality of reports shared with owners.
Financial firms face rising cyber risks, data challenges
This article discusses rising cyber risks and data challenges in the financial services industry, including fraud prevention using AI. While not directly about STRs, it highlights the importance of data quality, which directly impacts the effective use of AI for risk management and decision-making for STRs.
Booking.com Refunds Policy: Process and Ts & Cs Explained
This article from iGMS explains Booking.com's refund policies and cancellation options for hosts. It highlights the importance of choosing a cancellation policy that balances flexibility to attract bookings with financial considerations, and encourages hosts to experiment with different policies and rates to find the ideal balance.