The STR Legends Mastermind is Back!
Summary
This article discusses the STR Legends Mastermind group, emphasizing the benefits of networking and learning from experienced hosts. It also touches on revenue management routines and the importance of a strategic approach to running an STR business, highlighting insights from various industry experts. Hosts can benefit by considering the advice provided on improving revenue management and adopting a more strategic approach to their operations.
Key Insights
- •STR pricing is dramatically harder than hotel pricing, due to factors like product uniqueness and booking window.
- •The article emphasizes the importance of a daily and weekly pricing routine in revenue management, not just relying on a pricing tool.
- •CEOs of STR businesses should spend their time on strategic activities, not getting bogged down in low-value tasks.
Action Items
- ✓Consider implementing a daily and weekly pricing routine to improve revenue management.Effort: lowImpact: medium
- ✓STR CEOs should prioritize their time on high-value tasks and strategic planning.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
Watch Out For
- ⚠Many STR operators make the mistake of not having a consistent pricing routine.
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