Bill Faeth and Kenny Bedwell delve into strategies for staying profitable amidst challenges such as decreasing average daily rates (ADRs), increasing competition, and market saturation. They emphasize the importance of adjusting pricing strategies, enhancing property features, and leveraging marketing tools to boost occupancy rates and overall revenue. The conversation also covers the significance of investment in high-quality property photography, dynamic pricing techniques, and ancillary services as means to increase profit margins. This episode not only addresses how to navigate through dropping ADRs but also highlights ways to capitalize on market trends, guest preferences, and technological tools to ensure STR business success.
This episode of STRonomics is proudly sponsored by MarketMySTR.com, the leading marketing platform for STR Industries.
00:00 Introduction to STRonomics and Market My STR
01:26 Welcome Back to STRonomics: Insights from Industry Experts
01:34 Navigating the Changing Landscape of Short-Term Rentals
03:36 Strategies for Maximizing Revenue in a Competitive Market
16:09 Leveraging Photography and Additional Amenities for Increased Bookings
19:59 Wrapping Up: The Importance of Revenue and Profit Focus
We handle the day-to-day tasks of your short-term rental, giving you the freedom to grow your business and focus on the things that matter most. In the dynamic landscape of short-term rentals, success lies in the details. At STR Super VAs, we bring expertise to every facet of your business, ensuring those details are meticulously managed. Click here to learn more about how you can integrate VAs into your business! https://www.strvas.com/
Watch this podcast each Thursday on our YouTube Channel: https://www.youtube.com/channel/UCnheh3vx0hT5Y7uHWhBs8kA
Instagram: Kenny_Bedwell
You can find more of Bill online at:
Bill Faeth Linktree: https://linktr.ee/bfaeth?utm_source=linktree_profile_share<sid=660cbc9b-4a7e-4ed9-a654-900180b83af1
Build STR Wealth: https://buildstrwealth.com/
Instagram: @BillFaeth73
Tik Tok: @bfaeth
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