EP104: Recent Airbnb News and Platform Updates
Summary
This article from Get Paid For Your Pad discusses various aspects of STR revenue management, CEO focus, and pricing strategies, including why STR pricing is more challenging than hotel pricing. Hosts should pay close attention to the impact of booking windows, operational constraints, and the importance of daily/weekly routines for optimizing pricing and making strategic decisions.
Key Insights
- •Being busy doesn't equate to business progress; CEOs should focus on high-ROI tasks and avoid decision fatigue.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness (every listing is its own “mini hotel”), booking window influences, and operational constraints.
- •Hotels can rely on last-minute demand, but STRs cannot. STR rate drops must be deeper near arrival.
Action Items
- ✓Implement a daily and weekly pricing routine to review bookings and pricing signals.Effort: lowImpact: medium
- ✓Identify and address the biggest bottleneck in your STR business to improve efficiency and focus.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry
Watch Out For
- ⚠Underperforming because of a lack of a pricing routine and not knowing what to look at, when to look at it, or how to interpret booking behavior.
- ⚠Chasing 'squirrels' and failing to close the 'hole in the roof' by addressing root issues.
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