Pricing Tips for 2021 Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | Apartment Sharing

Travel has changed in the pandemic era. While it’s harder to make plans in advance, many are taking advantage of the ability to work from anywhere and driving to nearby sun-and-snow destinations. So, what can we do to learn how our particular market has changed and adjust our pricing to take advantage of these trends?
Andrew Kitchell is the Founder and CEO of Wheelhouse, a platform designed to help short-term rental hosts manage their units as professionally and efficiently as a major hotel. The Wheelhouse software offers revenue management tools and market insight reports to support STR operators in creating a custom pricing strategy that works for their business. Andrew is a serial entrepreneur with more than a decade of experience building startups in the vacation rental and real estate data space.
On this episode of Get Paid for Your Pad, Andrew joins me to discuss how COVID is driving travel trends in 2021. He describes how lead times have shifted, explaining how to analyze lead time data for your market and adjust your pricing accordingly. Listen in for Andrew’s insight on how length-of-stay patterns have changed and learn how to leverage dynamic minimum stays to fill gaps in your calendar and maximize your revenue in the new year!

Topics Covered
How COVID is driving travel trends in 2021
Harder to plan in advance = shorter lead timesAbility to work from anywhere = longer stays
How Andrew defines lead time for short-term rentals
How far in advance guests book your STRBest way to see how market values your property
How to analyze lead time data for your market
Compare your lead times with market averageSelling too far in advance means it’s underpriced
How lead times have changed in 2021
General trend to shorter lead times ( 20 days out)Popular drive-to destinations = longer lead times
What Airbnb host accommodations are earning more revenue
Flexible cancellation policyPet-friendly units
How length-of-stay patterns have changed in 2021
Guests staying longer in most marketsTrend toward extended bookings
How to maximize STR revenue with dynamic minimum stays
Don’t take short bookings far in futureSet minimum slightly higher than market averageDecrease minimum stay as dates get closer
How to deal with gaps in your STR calendar
Offer discount for guest staying just before gapUse Wheelhouse to auto adjust minimum stay
The new features available through Wheelhouse
Market Reports came out Q4 of 2020Beta testing Competitive Set Tool
Connect with AndrewWheelhouse [Referral Code PAD]
Email andrew@usewheelhouse.com

ResourcesAndrew on GPFYP EP365
Pet-Friendly STRs on GPFYP EP358
Wheelhouse Market Reports
STR Legends Mastermind
Airbnb Cancellation Policy Trends
Andrew’s Demo Videos
Email jasper@getpaidforyourpad.com

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