Pricing Tips for 2021
Summary
This article from Get Paid For Your Pad discusses pricing strategies for short-term rentals in 2021, focusing on how COVID-19 impacted travel trends such as shorter lead times and longer stays. It suggests hosts analyze their market's lead time data and adjust their pricing using tools like Wheelhouse and dynamic minimum stays to maximize revenue.
Key Insights
- •General trend to shorter lead times (< 20 days out) due to the pandemic.
- •Popular drive-to destinations experienced longer lead times.
- •Guests are staying longer in most markets, creating a trend toward extended bookings.
Action Items
- ✓Analyze lead time data for your market to compare your lead times with the market average and adjust pricing accordingly.Effort: mediumImpact: medium
- ✓Leverage dynamic minimum stays to fill gaps in your calendar and maximize revenue, decreasing the minimum stay as dates get closer.Effort: lowImpact: medium
Tools & Resources
- →Wheelhouse: Wheelhouse offers revenue management tools and market insight reports.
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