How the Coronavirus Downturn will Shape and Change Hospitality
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of scheduled routines, analyzing booking behavior, and understanding market trends to optimize pricing. Hosts should implement daily and weekly pricing reviews and pay attention to factors such as booking windows, minimum stays, and last-minute inventory. The article also touches on CEO-level strategic focus and how STR revenue management differs from hotel revenue management.
Key Insights
- •Early bookings can indicate underpricing or upcoming events, and consistent routines matter more than any single pricing rule. Weekends require different attention than weekdays.
- •STR pricing is dramatically harder than hotel pricing, with each listing behaving like its own mini-hotel. STR rate drops must be deeper near arrival.
Action Items
- ✓Review every booking to reveal pricing and demand signals. Pay attention to minimum stay rules and calendar settings and spot mistakes.Effort: lowImpact: medium
- ✓Implement a daily and weekly pricing routine for your listings.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
Watch Out For
- ⚠Hosts often 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.
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