Forget BNBBUST, We’re Going All-In on STRs
Summary
This article from Get Paid For Your Pad discusses the current state of the STR market, arguing against the 'BNBBUST' narrative. It focuses on revenue management, CEO focus, and why STR pricing is harder than hotel pricing. Hosts should focus on building a unique brand and mastering revenue management to succeed in 2023.
Key Insights
- •STR managers must think differently than hotel managers to win in today’s market. Hotel playbooks don’t translate into the STR category.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •The STR market is maturing, and the 'list-it-and-forget-it' approach is no longer viable.
Action Items
- ✓Develop a unique hospitality brand to stand out in the maturing STR market.Effort: mediumImpact: medium
- ✓Implement consistent revenue management routines, including daily and weekly pricing reviews.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Freewyld Foundry is mentioned as a resource.
- →Get Paid For Your Pad: Get Paid For Your Pad is the source of the article and host to a podcast.
- →AirDNA: AirDNA is mentioned as a resource for STR market insights.
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