How to Grow an STR Management Company
Summary
This article discusses growing a short-term rental management company. It emphasizes building systems, setting clear policies, and focusing on income-producing properties. Hosts can learn how to structure their revenue management routines and identify strategic priorities to avoid overwhelm.
Key Insights
- •CEOs of STR businesses can waste 30 to 50 percent of their time on low-value activities, which becomes more dangerous as STR businesses grow.
- •The article highlights the importance of consistent routines for STR revenue management to stay ahead of the market.
- •The article emphasizes that 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.
Action Items
- ✓Develop a structured revenue management routine by regularly reviewing bookings, analyzing pricing signals, and understanding booking behavior to optimize pricing strategies.Effort: mediumImpact: high
- ✓STR CEOs should identify and focus on the biggest bottlenecks in their business, delegating or automating low-value tasks to increase strategic focus.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: The article mentions Freewyld Foundry as a resource for hosts.
- →Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing: The episode references 'Get Paid for Your Pad: How to Maximize Profit from Your Airbnb Listing' by Jasper Ribbers and Huzefa Kapadia.
Watch Out For
- ⚠Many STR operators make their biggest revenue mistake not in their pricing tools, but the lack of a daily and weekly pricing routine.
- ⚠CEOs often stay busy all day but still feel like the business isn’t moving forward, often confusing action with momentum.
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