Revenue Management Secrets

To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.Topics CoveredHow Andrew hosted Airbnb CEO Brian Chesky at his STREarly adopter (on platform since 2010)Interviewed for ABC news storyThe challenge of creating a pricing automation tool for STRsLarge amount of dataDiversity of supplyWhat drives demand in a given STR marketSeasonalityDay-of-weekLocal eventsThe free resources for determining seasonalityWeather SparkWheelhouse Market DataThe free resources for identifying the day-of-week curveGoogle FlightsContact local hotel or revenue managerThe free resources for finding local eventsFlight information or conference center websiteSort events by relevance on TicketmasterAndrew’s insight on how to react first and winCompare lead time with market averageFind patterns as bookings emerge and adjust priceWheelhouse’s personalized pricing featureSet parameters around strategy/goalsChoose suggested, aggressive or conservative riskThe #1 way to optimize STR revenue going into 2021Be aware of average minimum stay in local marketUse Wheelhouse Dynamic Minimum Stays toolConnect with AndrewWheelhouse [Referral Code PAD]Andrew on LinkedInResourcesSTR LegendsAndrew on GPFYP EP071Wheelhouse Market DataWeather SparkGoogle FlightsTicketmasterWheelhouse Dynamic Minimum Night StaysEmail [email protected] Hosted on Acast. See acast.com/privacy for more information.