How the Coronavirus impacts Airbnb hosts Part 5
Summary
This article is a compilation of insights from "Get Paid For Your Pad" podcast episodes. It covers revenue management routines, CEO strategies for STR businesses, and a comparison between hotel and STR revenue management. Hosts should pay attention to revenue management practices, CEO-level focus, and the unique challenges in STR pricing.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •STR pricing is dramatically harder than hotel pricing due to factors like product uniqueness (every listing is a 'mini-hotel'), the impact of booking windows, and operational constraints.
- •Small daily price changes can increase exposure on OTAs.
Action Items
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Schedule revenue management routines, rather than being reactive.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry
Watch Out For
- ⚠Most hosts underperform not because they lack tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior.
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