How You Can be Part of the Overnight Success Team
Summary
This article from Get Paid for Your Pad discusses the evolution of hiring practices for STR businesses and emphasizes the importance of strategic focus for CEOs. It provides insights into revenue management routines and the differences between hotel and STR revenue management. Hosts should focus on building efficient teams, optimizing pricing routines, and understanding the differences between hotel and STR revenue management.
Key Insights
- •The article highlights the importance of strategic focus for STR CEOs, emphasizing that being busy doesn't equate to business progress. It also notes that CEOs often waste a significant portion of their time on low-value activities.
- •STR pricing is significantly harder than hotel pricing due to product uniqueness, booking window impacts, and operational constraints like cleaning and minimum stays.
Action Items
- ✓STR operators should schedule revenue management routines and analyze booking behavior to inform pricing and demand signals.Effort: lowImpact: medium
- ✓Hosts should identify and address business bottlenecks to ensure the business is progressing, and the CEO is focused on high-ROI activities.Effort: mediumImpact: high
Tools & Resources
- →Get Paid for Your Pad: The article mentions Get Paid For Your Pad, Freewyld Foundry, and their related LinkedIn pages.
- →Freewyld Foundry: The article mentions Freewyld Foundry as a resource for revenue reviews.
Watch Out For
- ⚠Trying to fix everything at once can slow growth.
- ⚠STR operators can 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.
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