Make STR Revenue Management Sexy (Seriously)
Summary
This article from Get Paid For Your Pad and related episodes discusses the importance of revenue management for STRs. It emphasizes the need for a strategic approach and daily/weekly routines to maximize profitability, and highlights the mistakes hosts make and how to avoid them. Additionally, it delves into CEO responsibilities and the difference between hotel and STR revenue management.
Key Insights
- •The most successful operators treat revenue management as a core business function.
- •Revenue management is critical for profitability in the STR industry, and most hosts unknowingly leave money on the table.
- •Tools alone aren't enough – strategy is key. Hosts must assess their current capabilities and options: Learn and lead revenue strategy themselves, Hire internally, or Partner with experts.
Action Items
- ✓Hosts should develop a daily and weekly pricing routine to stay ahead of the market.Effort: mediumImpact: high
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Get a free Revenue Review from Freewyld Foundry.
- →Freewyld Foundry: Learn more about Freewyld Foundry
Watch Out For
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
- ⚠Most hosts 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 once it shows up.
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