How to Pivot to a New STR Business Model
Summary
This article discusses the need to pivot STR business models in the wake of the COVID-19 pandemic. It suggests that hosts consider shifting away from master lease models and toward owner-operator paradigms, focusing on building a strong brand and adopting a slower, more sustainable growth strategy. Hosts should reflect on their strategies to adapt to the changing market landscape.
Key Insights
- •Ryan is shifting away from the master lease Airbnb model and pivoting to an owner-operator paradigm.
- •The article suggests that those who hang onto supply will see big returns again.
- •The founder of Sojourn, an upscale STR venture, had 200 active units across four countries before the pandemic.
Action Items
- ✓Build a brand that reflects who you are and what you enjoy.Effort: mediumImpact: medium
- ✓Consider investing in multifamily properties (flexible living model).Effort: highImpact: high
Tools & Resources
- →HostTonight: The episode mentions HostTonight.
- →Outdoorsy: The episode mentions Outdoorsy.
- →Sonder: The episode mentions Sonder, Outdoorsy, HostTonight, STR Legends, STR Profit Academy, and WanderJaunt.
More from Growth & Marketing
Airbnb is launching a new host bonus as travel demand surges for the upcoming World Cup. This strategic move aims to encourage more listings and capitalize on the expected influx of guests. The initiative highlights Airbnb's efforts to prepare for peak season travel and its ongoing support for hosts.
This article discusses the emergence of a new platform designed as an 'Airbnb' for hourly creative spaces. It aims to solve the difficulties creators face when finding and renting spaces. While not directly about STRs, it highlights a potential niche market that could be applicable to hosts considering offering hourly space rentals, indicating a shift towards accommodating creative industries.
Airbnb is offering a $750 incentive to attract new hosts to list their properties for the World Cup. This move aims to ensure sufficient accommodation for visitors during the event. This initiative highlights the importance of short-term rentals in accommodating large-scale events and provides a financial benefit for new hosts.
Curated by Learn STR by GoStudioM