Mastering STR Revenue: Pricing Strategies, Insights & Hacks
Summary
This article from Get Paid For Your Pad covers key aspects of STR revenue management, focusing on pricing routines, booking analysis, and the importance of consistent practices over relying solely on tools. Hosts can learn how to review bookings to identify pricing signals, adjust strategies, and avoid common revenue mistakes. Several episodes address optimizing time management for STR CEOs and the challenges of STR revenue management compared to hotels.
Key Insights
- •Weekends require different attention than weekdays in pricing.
- •The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
- •Early bookings can indicate underpricing or upcoming events.
Action Items
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Schedule revenue management, don't just react to market changes.Effort: lowImpact: medium
Tools & Resources
- →Airbnb Optimization Checklist: Check out the free Airbnb Optimization Checklist at freewyldfoundry.com/checklist
- →Free Revenue Review: Get a Free Revenue Review at freewyldfoundry.com/report
Watch Out For
- ⚠The lack of a daily and weekly pricing routine is a common mistake.
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