Create Pricing Power on Airbnb Through Building a Brand
Summary
This article, from the "Get Paid For Your Pad" podcast, discusses how building a strong brand can allow STR hosts to charge a premium for their rentals. It emphasizes the importance of intentional branding and revenue management routines to optimize pricing and increase profitability.
Key Insights
- •STR hosts have more opportunities to tell their brand story than other types of businesses, which can help to establish pricing power.
- •Most STR operators underperform not because they lack tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior.
Action Items
- ✓Implement daily and weekly pricing routines to stay ahead of market trends.Effort: mediumImpact: high
- ✓Identify your brand archetype to establish a stronger brand identity.Effort: mediumImpact: medium
Tools & Resources
- →Kaye & Co: Kaye & Co and Kaye’s Brandality Quiz can help hosts with brand development.
- →Freewyld Foundry: The article mentions Freewyld Foundry and Jasper Ribbers as resources for revenue management.
Watch Out For
- ⚠Most hosts underperform because they lack a pricing routine, not because they lack tools.
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