Takeaways from STR Legends Cartagena
Summary
This article discusses key takeaways from the STR Legends Cartagena conference, emphasizing the increasing professionalization of the STR industry. Hosts should focus on treating their STR as a real business, defining their values, and understanding how larger companies are impacting the market to stay competitive.
Key Insights
- •2020 is going to be the year of the professional host, regardless if you’re running one unit or if you’re somebody that’s trying to hit a hundred or a thousand units.
- •Larger companies are buying out midsize operators, offering competitive advantages through efficiencies of scale.
Action Items
- ✓Define your values and align your messaging accordingly.Effort: lowImpact: medium
- ✓Approach your STR as a business.Effort: lowImpact: high
Tools & Resources
- →Cohost Mastery: Cohost Mastery
- →STR Legends Live: STR Legends Live
Related News
User Profile: Mountainside Treasures
This article shares the experiences of an STR host who has grown their business from a single condo to nearly 30 properties, highlighting the importance of guest service and the use of OwnerRez. The host emphasizes that delivering a good guest experience is a key factor for success, and struggles with the power of OTAs and challenging guests. Consider OwnerRez as a key tool for managing your properties.
Owner Statements 2.0: Faster, Clearer and Built for Growing Portfolios
Lodgify has released Owner Statements 2.0, promising faster and clearer reporting for property managers. This update aims to cut down manual work and improve the quality of reports shared with owners.
Financial firms face rising cyber risks, data challenges
This article discusses rising cyber risks and data challenges in the financial services industry, including fraud prevention using AI. While not directly about STRs, it highlights the importance of data quality, which directly impacts the effective use of AI for risk management and decision-making for STRs.
Booking.com Refunds Policy: Process and Ts & Cs Explained
This article from iGMS explains Booking.com's refund policies and cancellation options for hosts. It highlights the importance of choosing a cancellation policy that balances flexibility to attract bookings with financial considerations, and encourages hosts to experiment with different policies and rates to find the ideal balance.