EP171: Long-Term Rental vs. Airbnb
Summary
This article is an episode of Get Paid For Your Pad, with multiple topics related to STR revenue management and operations. It covers insights on comparing long-term rentals versus Airbnb, determining the demand for Airbnb in your area, and highlights key aspects of revenue management. Additionally, it dives into CEO roles, STR pricing challenges compared to hotels, and how to end STR overwhelm.
Key Insights
- •The article discusses the importance of scheduled revenue management, emphasizing the need for consistent routines over reliance on any single pricing rule.
- •The article explains why STR pricing is dramatically harder than hotel pricing due to product uniqueness, booking windows, and operational constraints.
Action Items
- ✓Review your booking data to identify pricing and demand signals; early bookings can indicate underpricing or upcoming events.Effort: lowImpact: medium
- ✓Establish a daily and weekly pricing routine and stay connected to operations for accurate pricing.Effort: mediumImpact: high
Tools & Resources
- →Rich Dad’s CASHFLOW Quadrant; Rich Dad Poor Dad: Resources Rich Dad’s CASHFLOW Quadrant: Rich Dad’s Guide to Financial Freedom by Robert T. Kiyosaki, Rich Dad Poor Dad: What the Rich Teach their Kids About Money – That the Poor and Middle Class Do Not! by Robert T. Kiyosaki
- →CASHFLOW Game App: CASHFLOW Game App
- →Hostfully.com: The episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!
Watch Out For
- ⚠Don’t overcorrect pricing too quickly.
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