391. Revenue Management 101: How to Track Growth & Optimize Your Strategy

Today, we're excited to welcome back a familiar face, Colleen Prochaska, a key player in our property management team, managing everything from guest services to revenue management. In this episode you’ll get a peek inside our in-depth quarterly meetings where we review how things are going and where we're headed in our short term rental business.

In this episode, we'll be diving into the past three months of key performance indicators, reviews, and team dynamics, as well as forecasting strategies for the next three to six months, sharing key strategies for property management and business growth along the way.

We share insights on what we’ve learned leading virtual teams, how we optimize revenue through data-driven decisions, and adjust strategies for better occupancy. We also discuss our customer service expectations, and how Colleen wonderfully handles guest communication and feedback. Finally, we take a look at how we are preparing for seasonal shifts. If you feel lost or intimidated by the analytics side of your short term rental business, this episode will be your guide to leveraging data to grow your business!

(00:01:27) #STRShareSunday: @apex38655

(00:03:54) How to Train, Lead & Empower a Virtual Team

(00:10:45) Tackling KPI’s: Behind The Scenes Of A Revenue Growth Meeting

(00:17:19) Midhoff Property Review: Booking Window, Occupancy & Revenue Optimization

(00:24:43) Eastview Property Review & Advice for Getting Comfortable with Revenue Management

(00:35:43) Tracking Numbers 101 & Our Strategy for Filling Gap Nights

(00:39:25) Going Over Reviews! Handling Constructive Criticism & Responding to Guest Feedback

(00:47:42) How We’re Forecasting for the High Season & Preparing for the Low Season

Resources:

• #STRShareSunday: @apex38655

• Submit your property for our next #STRShareSunday at strshare.com

• Airbnb Essentials Checklist: hostchecklist.com

Thanks for Visiting is produced by Crate Media.

Mentioned in this episode:

Minoan | Visit MinoanExperience.com and tell them TFV sent you!

Hosting Handbook | Get everything you need to fast track your way to Superhost at thanksforvisiting.com/handbook

Join us for our live Get More Bookings Bootcamp.