How the Coronavirus impacts Airbnb Hosts (Part III)
Summary
This article is a compilation of episodes from the "Get Paid For Your Pad" podcast. It covers topics relevant to STR revenue management, CEO focus in STR businesses, and how STR pricing differs from hotel pricing. Hosts should pay attention to revenue management routines, CEO priorities, and the differences between STR and hotel pricing strategies.
Key Insights
- •STR pricing is dramatically harder than hotel pricing, due to factors like product uniqueness turning every listing into its own "mini hotel", the impact of booking windows, and operational constraints like cleaning and minimum stays.
- •CEOs waste 30 to 50 percent of their time on low-value activities. Being busy doesn't equate to business progress. Action is often confused with momentum.
Action Items
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Identify the biggest bottleneck in your STR business and focus on addressing that.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
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