Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management How We Are Adding $150k A Year in Revenue By Renovating Our Cabin Hotel
When working in the STR space, buying new properties to increase your bottom line is not always possible or probable.
And sometimes, it's not even necessary.
Sometimes increasing your revenue is as simple as renovating your current properties to attract your ideal guest avatar and maximize occupancy.
So, how can you determine which renovations actually pay off, what to skip, and come up with a realistic budget for your project?
On this edition of STR Conversations, Eric and I are breaking down how we are planning to do basic renovations to our current cabins at what's currently known as Strawberry Creek Village to begin transitioning them to fit our brand.
Listen in as we share details about the current status of the Schoolhouse and the Daydreamers' Den and the types of renovations each of those properties needs to help us achieve $150K more a year in revenue.
We'll share our philosophy for coming up with our vision, and the research we did to create a renovation budget that minimize costs while making the changes that will help us maximize occupancy and establish these properties as part of our Freewyld brand.
Plus, we'll share exciting news about upcoming high-level guests we will be hosting on the show.
If you are interested in participating in the last Legends X STR Accelerator class for 2022, NOW is the time to book your call.
Topics Covered
- Why we are renovating Strawberry Creek Village to align with our brand vision
- The #1 question you need to ask before renovating
- How to use tools like AirDNA to research and understand what guests are seeking in your property's market
- The most important caveat to keep in mind when using AirDNA's data in your research
- The exciting thing we learned about our studio's performance in the market
- How to use your customer Avatar to determine which renovations will create the experience YOUR guests are seeking
- What type of renovations we are doing to bring the Strawberry Creek properties closer to the Freewyld vision
- The biggest challenges with converting our Schoolhouse property into a 2-bedroom useable space
- Jasper breaks down the elements he used to come up with a realistic investment-to-revenue ratio
- The #1 lesson we are learning from this process
Resources
Get Paid For Your Pad on YouTube
Get Paid for Your Pad Email List
Subscribe to GPFYP on Apple Podcasts
Email team@overnightsuccess.io
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