Converting Old Vacation Rental Communities into Modern Short-Term Rental Experiences
Summary
This article discusses revitalizing aging vacation rental communities by incorporating modern amenities, enhancing marketing, and streamlining operations. It highlights the potential for STR businesses to grow by acquiring and upgrading older properties and provides insights on revenue management and CEO-level leadership in the STR space. Hosts can learn how to increase occupancy and ADR by modernizing older vacation rentals and optimize their business strategies.
Key Insights
- •By incorporating modern amenities, enhancing marketing, and streamlining operations, occupancy and ADR can be boosted within the first 45 days.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness, booking windows, and operational constraints.
Action Items
- ✓Review booking data to analyze pricing signals and demand.Effort: lowImpact: medium
- ✓Consider revitalizing older vacation rental properties by modernizing amenities and operations.Effort: mediumImpact: medium
Tools & Resources
- →Legends X Short-Term Rental Accelerator: Legends X Short-Term Rental Accelerator
- →STR Legends Mastermind: STR Legends Mastermind
- →Get Paid for Your Pad Email List: Get Paid for Your Pad Email List
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