Missed the Event? Watch the Full Recording Below!
In our latest virtual event, we allowed our audience to ask their most pressing questions in a special “Ask Us Anything” panel.
Our expert panel, with over 15 years of experience in the short-term rental industry, shared invaluable insights on how to drive success, optimize pricing strategies, and stay competitive in today’s market.
Key Topics Covered:
- Thriving in the current macroeconomic environment
- Growth hacking strategies for short-term rentals
- Revenue management and dynamic pricing
If you missed it, watch the full recording below to gain industry insights that can help elevate your STR business.
Meet the Speakers
- Keegan Cotton – Director of Customer Success (Americas & APAC) at Guesty
- Matt Hamlet – 10+ years in STR and hospitality; scaled to 100+ rentals, acquired by Becausea
- Tom Powers – Real estate expert managing short-term and long-term rentals
Key Discussion Points and Takeaways
1. Introduction to Guesty
Guesty provides short-term rental hosts and property managers with powerful tools to increase efficiency, maximize bookings, and scale their businesses.
Guesty’s Tailored Solutions:
- Guesty Lite – Ideal for individual vacation rental owners (1-3 listings). Includes core tools like channel integration, direct reservations, a unified inbox, task management, payments, a guest app, and a booking website.
- Guesty for Pros – Designed for property managers with 4-199 listings, offering advanced tools such as revenue management, owner management, CRM, and multi-unit management. Pricing is customized.
- Guesty for Enterprise – Built for 200+ listings, with enterprise-grade solutions, custom tech stacks, premium support, and advanced reporting. Custom pricing available.
With a 200+ member R&D team, Guesty delivers cutting-edge solutions to help property managers stay ahead of industry trends.
Explore Guesty packages and features
2. Thriving in Today’s Macroeconomic Environment
- STR bookings are down approximately 20% from peak levels post-COVID.
- Diversification is essential – explore mid-term rentals, insurance housing, and travel nurse accommodations.
- Understanding local market trends is critical for long-term success.
3. Revenue Management and Pricing Strategies
- Last-minute bookings have become more common; adjust rates dynamically.
- Use pricing tools like PriceLabs and Beyond, but also track local trends manually.
- Ensure total pricing transparency (cleaning fees, taxes, and other charges).
Marketing and Differentiation Strategies:
- Luxury vs. Budget Approach – Stand out with unique amenities and experiences.
- Loyalty and Direct Booking Strategies – Build an email list and offer return guest incentives.
- Corporate and Military Contracts – Secure corporate relocation bookings, insurance stays, and military housing.
4. Growth Hacking and Competitive Advantage
- Join local networking groups such as the Chamber of Commerce, Visitor Bureaus, and Real Estate Groups.
- Utilize social media platforms like Facebook, Instagram, and YouTube to increase engagement.
- Create SEO-optimized YouTube property walkthrough videos to boost visibility.
- Form partnerships with local businesses, including hotels, insurance agencies, realtors, and event organizers.
- Register properties with SAM.gov, federal contractor lists, and university lodging services to attract longer-term stays.
5. Evaluating STR Profitability Before Investing
- The 10% Rule: A property should generate at least 10% of its purchase price in gross rental revenue annually.
- Tools for Market Research:
Commodity vs. Unique Listings:
- Standard STRs (e.g., 3-bed/2-bath homes in oversaturated areas) struggle to stand out.
- Unique listings (e.g., boutique hotels, cabins, and luxury homes) tend to perform better.
6. Conclusion and Next Steps
- The short-term rental market is evolving, and hosts must adapt to remain competitive.
- Key takeaways for success:
- Differentiate your listing with a unique design, luxury features, or niche experiences.
- Leverage local partnerships, including tourism organizations and corporate housing providers.
- Be strategic with pricing by combining dynamic pricing tools with manual adjustments.
- Utilize social media, SEO, and direct booking strategies to increase visibility and bookings.
- Explore new booking sources such as mid-term rentals, travel nurses, military stays, and insurance housing.
For more insights, stay tuned for our next event!
Guesty’s talented marketing team is comprised of passionate professionals who share insightful industry knowledge and shape brand narratives. By bringing a diverse blend of expertise to the table, we are the visionary architects behind the Guesty brand and innovative campaigns that help people understand our product.
