Leadership in STR: Building A-Player Teams That Scale
Summary
This article discusses building successful teams for short-term rental businesses, focusing on leadership strategies for scaling and avoiding overwhelm. Hosts are advised to shift from reactive management to strategic leadership and to identify bottlenecks to optimize time and resources.
Key Insights
- •Decision fatigue pulls CEOs into low-value tasks.
- •Pattern recognition is becoming one of the most important CEO skills.
- •CEOs waste 30 to 50 percent of their time on low-value activities, which becomes more dangerous as STR businesses grow.
Action Items
- ✓Rethink your priorities and recognize patterns within your business.Effort: mediumImpact: medium
- ✓Identify the biggest bottlenecks in your STR business.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
Watch Out For
- ⚠Trying to fix everything at once slows growth.
Related News
User Profile: Mountainside Treasures
This article shares the experiences of an STR host who has grown their business from a single condo to nearly 30 properties, highlighting the importance of guest service and the use of OwnerRez. The host emphasizes that delivering a good guest experience is a key factor for success, and struggles with the power of OTAs and challenging guests. Consider OwnerRez as a key tool for managing your properties.
Owner Statements 2.0: Faster, Clearer and Built for Growing Portfolios
Lodgify has released Owner Statements 2.0, promising faster and clearer reporting for property managers. This update aims to cut down manual work and improve the quality of reports shared with owners.
Financial firms face rising cyber risks, data challenges
This article discusses rising cyber risks and data challenges in the financial services industry, including fraud prevention using AI. While not directly about STRs, it highlights the importance of data quality, which directly impacts the effective use of AI for risk management and decision-making for STRs.
Booking.com Refunds Policy: Process and Ts & Cs Explained
This article from iGMS explains Booking.com's refund policies and cancellation options for hosts. It highlights the importance of choosing a cancellation policy that balances flexibility to attract bookings with financial considerations, and encourages hosts to experiment with different policies and rates to find the ideal balance.