Short Term Rental Secrets Podcast
Mike & Mike Ep 18 - STR Market Update
Dec 13, 2023
Mike & Mike discuss the growth of the short-term rental market, upcoming webinars, analysis of Air DNA's market report, strategies to improve rankings and optimize pricing, and discussion on energy monitoring and streamlining operations.
20:59
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Quick takeaways
- To stay competitive in the increasing short-term rental market, hosts should focus on factors like design, amenities, and pricing strategies to attract bookings and maintain profitability.
- Hosts can optimize their presence on the verbal platform by filling out profiles thoroughly, utilizing videos, and leveraging power boosts to improve rankings, while installing solar panels can provide financial benefits like tax credits and low-interest financing options and allow for better cost management.
Deep dives
Importance of Staying Competitive in Short-Term Rentals
The podcast highlights the increasing supply in the short-term rental market and emphasizes the need for hosts to stay competitive. With more properties available, it becomes crucial for hosts to focus on factors like design, amenities, and pricing strategies to attract bookings and maintain profitability. The podcast suggests that offering dog-friendly accommodations, early bird specials, weekly and monthly discounts, and popular amenities like pack and plays can help enhance rental performance. Additionally, hosts are advised to keep their pricing within the 50th to 75th percentile and to carefully evaluate their cleaning fees.
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