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!