This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.
In this episode of STRonomics, hosts Bill Faeth and Kenny Bedwell dive into the topic of how certain property amenities, like coffee bars, murals, bikes, and air conditioning, impact rental properties' Average Daily Rate (ADR) and occupancy rates. Kenny shares insights from his experience and observations from different markets, emphasizing that while certain amenities may not directly boost ADR, they can significantly enhance occupancy rates and attract specific guest avatars, thereby indirectly increasing revenue. They also discuss the importance of understanding the return on investment for each amenity added and targeting amenities towards the property's guest avatar to ensure they enhance the guest experience effectively. Furthermore, the episode explores the concept of guest lifetime value and how unexpected, minor amenities can lead to repeat bookings. The discussions also cover various amenity ideas, from lighting and food-related amenities to unique additions like heated pools, emphasizing creative marketing and the guest perception of these features.
00:01 Welcome to STRonomics: A Unique Introduction
00:49 The Power of Amenities in Property Management
01:28 The Impact of Air Conditioning on ADR and Occupancy
08:01 Exploring the Benefits of Outdoor Lighting
13:13 Food Amenities: Enhancing Guest Experience
15:33 Maximizing ROI: When to Stop Adding Amenities
21:25 Targeting Amenities to Your Guest Avatar
25:50 Closing Thoughts and Call to Action
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