Julie George’s Takeaways from Coaching 52 Airbnb Hosts Through Legends
Summary
This article summarizes key takeaways from a coach who helped 52 Airbnb hosts scale their businesses in the Legends X program. It highlights the importance of dynamic pricing tools, focusing on a specific guest avatar, and creating systems to remove yourself from the day-to-day operations. It also covers revenue management routines and the CEO mindset needed for scaling an STR business.
Key Insights
- •The coach, Julie George, built and scaled a property management business of 130 listings and generated $8M in income in two and a half years, starting with one property in 2016.
- •Most STR operators 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 once it shows up.
- •CEOs waste 30 to 50 percent of their time on low-value activities, which is dangerous as STR businesses grow.
Action Items
- ✓Hosts should focus on using dynamic pricing tools for optimizing revenue.Effort: lowImpact: medium
- ✓STR managers must think differently if they want to win in today’s market, as the pricing is much harder than the hotel industry.Effort: lowImpact: medium
- ✓Take yourself out of the day-to-day operations by creating systems and processes.Effort: mediumImpact: high
Tools & Resources
- →Minut: The article mentions the use of sensors to monitor noise, such as Minut.
- →Get Paid For Your Pad: The article mentions Get Paid For Your Pad and their podcast episodes.
- →Pricing Optimization Tools: The article mentions the use of pricing optimization tools.
Watch Out For
- ⚠STR operators may make the mistake of having a lack of a daily and weekly pricing routine.
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.