Pricing tips for 2021 with Andrew Kitchell (Ep371)

Get Paid For Your PadFeb 3, 202132m 57s117 viewsScore 85
Pricing & Profitability
intermediate
dynamic pricing
lead time
length of stay
revenue management
minimum stay settings
M

Summary

AI-generated

This video explains how travel trends have shifted in 2021, focusing on lead times and length of stay. Hosts will learn how to analyze these changes in their market and adjust their pricing and minimum stay strategies to maximize revenue.

Key insights

  • Flexible cancellation policies can increase revenue by boosting search visibility and the likelihood of bookings, even with a small percentage of cancellations.

Mistakes to avoid

  • Having many short bookings (e.g., 2-3 days) far in the future can prevent a property from appearing in search results for guests looking for longer stays (e.g., a month), thus blocking potential revenue.

Tools & resources

  • Wheelhouse Market Reportstool

    Wheelhouse offers market reports that provide data on lead time and length of stay trends for specific markets, helping hosts understand local booking patterns.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial