Taking Over an Old-School Vacation Rental Business in Rural Germany
Summary
This article discusses the challenges and opportunities of taking over an old-school vacation rental business in rural Germany, emphasizing the need for modern marketing, year-round operation, and leveraging the popularity of secondary markets. Hosts can learn from the experience of adapting to changing guest preferences and the importance of personal touch, while recognizing the value of revenue management tools.
Key Insights
- •Rural STR businesses benefited from the popularity of secondary markets during the pandemic, with guests from urban areas seeking nature and young people exploring close to home.
- •The article mentions how the average daily rate skyrocketed in the past year for the featured STR.
- •STR pricing is harder than hotel pricing due to product uniqueness, fragmented demand, and operational constraints.
Action Items
- ✓Consider offering experiences that attract guests year-round, not just during peak seasons.Effort: mediumImpact: medium
- ✓Implement or refine a daily and weekly pricing routine for better revenue management, reviewing bookings as data and considering booking windows.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry, Jasper Ribbers: The article references the Freewyld Foundry and Jasper Ribbers.(https://www.freewyldfoundry.com)
- →AirDNA, Wheelhouse, PriceLabs, Hostfully: The episode mentions AirDNA, Wheelhouse, PriceLabs, and Hostfully as resources.
- →PMS system: Niels Becker (Living in History) uses a PMS system, automated messaging and outsources personal communication.
Common Mistakes
- ⚠The biggest revenue mistake most STR operators make is not having a daily and weekly pricing routine.
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Curated by Learn STR by GoStudioM