Pricing Tips for 2021

Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!Topics CoveredHow COVID is driving travel trends in 2021Harder to plan in advance = shorter lead timesAbility to work from anywhere = longer staysHow Andrew defines lead time for short-term rentalsHow far in advance guests book your STRBest way to see how market values your propertyHow to analyze lead time data for your marketCompare your lead times with market averageSelling too far in advance means it’s underpricedHow lead times have changed in 2021General trend to shorter lead times (< 20 days out)Popular drive-to destinations = longer lead timesWhat Airbnb host accommodations are earning more revenueFlexible cancellation policyPet-friendly unitsHow length-of-stay patterns have changed in 2021Guests staying longer in most marketsTrend toward extended bookingsHow to maximize STR revenue with dynamic minimum staysDon’t take short bookings far in futureSet minimum slightly higher than market averageDecrease minimum stay as dates get closerHow to deal with gaps in your STR calendarOffer discount for guest staying just before gapUse Wheelhouse to auto adjust minimum stayThe new features available through WheelhouseMarket Reports came out Q4 of 2020Beta testing Competitive Set ToolConnect with AndrewWheelhouse [Referral Code PAD]Email [email protected] on GPFYP EP365Pet-Friendly STRs on GPFYP EP358Wheelhouse Market ReportsSTR Legends MastermindAirbnb Cancellation Policy TrendsAndrew’s Demo VideosEmail [email protected] Hosted on Acast. See acast.com/privacy for more information.