The Big Break Show Dan Rivers and Mike Savage on The Value of Market Data and Analytics in Pricing Decisions
Dan Rivers and Mike Savage discuss their backgrounds in real estate and their journey to becoming successful investors. They share their experiences in property management, short-term rentals, and the challenges they faced along the way. They also highlight the importance of mindset and the power of networking and building relationships in the industry. The conversation emphasizes the creative ways they financed their investments, including taking out loans against their assets. Overall, the conversation provides valuable insights and inspiration for aspiring real estate investors. In this part of the conversation, Dan and Mike discuss the importance of mindset and belief in oneself when it comes to achieving success. They emphasize the need to surround oneself with like-minded individuals and to focus on the positive side of things rather than dwelling on the negative. They also talk about their partnership and how they complement each other's skills in their short-term rental management business.
They touch on the themes of revenue management, marketing, and communication, highlighting the importance of continuous learning and adaptation in these areas. In this conversation, Dan and Mike discuss the importance of optimizing revenue in short-term rentals. They emphasize the significance of looking beyond average daily rate (ADR) and considering factors such as length of stay and occupancy. They also highlight the value of market data and analytics in making informed pricing decisions. The conversation touches on the balance between pricing for longer bookings versus higher rates on weekends, as well as the importance of focusing on both average daily rate and occupancy. The hosts also share their personal experiences and offer advice on mindset, seeking advice from those who have achieved what you want to do, and prioritizing what truly matters in life.
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