Will 2024 be another 2023 in the STR industry?

*** FREE REVENUE MANAGEMENT TRAINING***

DATE: TUESDAY DECEMBER 12TH 1PM PST / 4PM EST SIGN UP AT: https://www.getpaidforyourpad.com/webinar

In today's episode of "Get Paid for Your Pad," I, Jasper Ribbers, delve into my recent experiences and learnings from the Data and Revenue Management (Darm) Conference in Nashville. This episode is packed with insights, especially for those of us in the short-term rental industry, focusing on data, revenue management, and enhancing guest experiences.

One of the highlights from the conference was Will Godera's keynote speech. His concept of "unreasonable hospitality," which he exemplified through his New York restaurant's journey to becoming the world's number one, deeply resonated with me. It emphasized the importance of going beyond the conventional to create memorable guest experiences. This approach doesn't necessarily require significant investment but rather a focus on understanding and catering to the unique needs of each guest. As an example, Will’s story about serving a New York hot dog in a high-end restaurant setting to please a group of European guests underscored the power of personalized service.

The market data and forecasts presented by AirDNA and KeyData were particularly enlightening. The industry saw an increase in demand in 2023, but an oversupply led to decreased occupancy rates. For 2024, we're looking at a balanced growth in supply and demand, with slight increases in average daily rates and revenue per available room. This data is crucial as we plan our strategies for the coming year. An important takeaway from the conference was the necessity of understanding detailed booking data for effective revenue management. Knowing the booking lead times and trends – whether guests book in advance or closer to their stay – is critical for setting optimal pricing strategies. This approach becomes increasingly important in a market that isn't experiencing the rapid growth of previous years.

Seeing the growing interest in revenue management among hosts, I'm excited to announce a free, detailed training session on this topic, scheduled for Tuesday at 1 PM PST. This session, which you can join at getpaidforyourpad.com/webinar, will be highly actionable, showcasing the strategies used in my business. It's designed to provide valuable insights that hosts can implement in their operations.

To conclude, I share a bit about my upcoming personal travels, including a visit to the Netherlands, a skiing trip in Austria, and a romantic getaway to Paris with my wife. I'm looking forward to these personal experiences and equally excited to share more industry insights in the upcoming episodes. Thanks for listening, and I hope to see many of you in the upcoming webinar.

Before we wrap up today's episode, remember to connect with us on Instagram @getpaidforyourpad for exclusive content and behind-the-scenes moments, and don't forget to hit that 'Subscribe' button on our YouTube channel. We appreciate your support.. Stay tuned, and keep being awesome!

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