There's no traffic jam along the extra mile
Summary
This article is a compilation of insights from Get Paid For Your Pad podcast episodes. It covers revenue management routines, CEO focus in STR businesses, and the differences between hotel and STR revenue management. Hosts can benefit from understanding these topics to optimize pricing, manage operations, and scale their businesses effectively.
Key Insights
- •The article highlights that STR pricing is significantly harder than hotel pricing, due to factors like product uniqueness turning every listing into a 'mini hotel' and the impact of booking windows.
- •The episode on the FIFA World Cup reveals that cities and matchups like Germany, Brazil, Spain, England and Argentina are likely to drive heavy international travel and demand, potentially leading to strong ADR lift.
Action Items
- ✓For the upcoming FIFA World Cup, hosts should analyze the cities hosting matches and the likely impact on their ADR to adjust pricing accordingly.Effort: mediumImpact: high
- ✓Hosts should review their daily and weekly pricing routines to stay ahead of market trends, analyze booking behaviors, and spot opportunities.Effort: lowImpact: medium
Tools & Resources
- →Get Paid For Your Pad: Get Paid For Your Pad, a podcast, is a valuable resource for hosts.
- →Freewyld Foundry: Freewyld Foundry is mentioned as a resource.
Watch Out For
- ⚠A common mistake is underpricing listings, especially when trying to fill bookings early instead of letting demand mature.
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