How we increased RevPAR 30% for Del Carmen Hospitality
Summary
This article, extracted from "Get Paid for Your Pad", focuses on revenue management strategies for short-term rentals, including pricing, booking windows, and operational optimization. Hosts can learn from the experiences of Del Carmen Hospitality and discover the importance of proactive revenue management, daily pricing routines, and the role of virtual assistants. The article also touches on why STR pricing is harder than hotel pricing, focusing on booking windows, guest behavior, and operational realities.
Key Insights
- •In-house operations and standardized amenities can provide flexibility and efficiency in property management.
- •Hiring virtual assistants with industry experience and attention to detail can support operational tasks and guest communication.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •Short booking windows can lead to last-minute bookings at lower prices, impacting revenue.
- •Changing pricing strategies and leveraging early bird promotions can drive bookings further in advance.
- •Completing Airbnb listings with detailed information and optimizing categories can improve search visibility and conversion rates.
Action Items
- ✓Consider implementing early bird promotions to encourage bookings further in advance.Effort: lowImpact: medium
- ✓Review your Airbnb listing and optimize categories for better search visibility.Effort: lowImpact: medium
- ✓Explore hiring virtual assistants to support operational tasks.Effort: mediumImpact: medium
Tools & Resources
- →Freewyld Foundry RPM Service: Apply for our revenue management service at https://freewyldfoundry.com/rpm/
- →Freewyld Foundry: Learn more about Freewyld Foundry
- →Jasper Ribbers: Follow Jasper Ribbers
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