How to Add a Gym to any STR

GM. This is the Hosts Toast, where we teach you how to look both ways when crossing the streets of Serviced Accommodation so you make it safe & sound.

Here’s what's on the other side of the street today:

Its Monday and when your doing the right work then it can be the best day of the week!

📰 Interesting News from the Property World

AI will transform Airbnb more than it will hotels , CEO says

Airbnb CEO Brian Chesky said that the digital home-share company will reap the benefits of artificial intelligence more than hotels, at least in the near term. 

"The reason we know this is because AI is mostly changing… the digital world a lot faster than the physical world," Chesky told reporters during a meeting in New York City on Tuesday. "Because we have more of a digital product, we can actually adapt and change faster." 

Chesky also said that hotels are not going to be different five years from now because of AI, but that Airbnb "will be transformed." 

💡 Tips and Advice/Things not to do

Include a Gym Pass with your property

We found a local gym that would allow a corporate membership (one where anyone can use the membership) and they have provided 2 access cards which we keep in a keybox outside a block of 3 STR apartments.

This gives us:

1. Enhanced Guest Experience: Offering a gym pass adds value to the guests' stay, especially for health-conscious travelers or those who maintain a regular fitness routine. This additional amenity can make your property more appealing and memorable, potentially leading to positive reviews and repeat bookings.

2. Competitive Advantage: In a crowded market, unique perks like a gym pass can set your property apart from others. It's an attractive feature for guests who prioritize fitness, and it could be a deciding factor for those choosing between multiple accommodations.

3. Partnerships with Local Businesses: Providing gym passes can open opportunities for partnerships with local fitness centers or gyms. This not only benefits your guests but can also foster community relationships. Such partnerships might lead to reciprocal promotions, where the gym advertises your accommodations in return, potentially increasing your visibility and guest base.

They maybe get used a couple of times a month but the listings standout as they compare very well to the top end hotels in the area

🛠New Tool/App of the Week

Today is an oldy but a goody … PriceLabs

I’ve been using PriceLabs software for Serviced Accommodation optimal pricing for most of the year now and have seen a decent increase in margins, heres my thoughts on why you should use third party pricing and not the standard Airbnb pricing tool:

1. Dynamic Pricing: PriceLabs uses sophisticated algorithms to adjust prices based on factors like demand trends, local events, and seasonal changes. This ensures hosts can maximize their revenue by charging the best rate for any given night.

2. Market Data Analysis: The software provides insights into local market trends, competitor pricing, and demand patterns. By understanding the market better, hosts can make more informed pricing decisions.

3. Automated Price Adjustments: PriceLabs can automatically adjust prices, saving hosts time and effort. This feature is particularly beneficial for hosts managing multiple listings or those who cannot constantly monitor and update their pricing.

4. Customization and Control: While PriceLabs automates pricing, it also allows hosts to set their own rules and constraints. Hosts can specify minimum and maximum prices, stay durations, and other preferences, giving them control while leveraging automated optimization.

5. Increased Occupancy and Revenue: By ensuring competitive and market-responsive pricing, PriceLabs helps increase the likelihood of bookings. This not only leads to higher occupancy rates but also potentially increases overall revenue, as prices are optimized for both high and low demand periods.

Overall, PriceLabs offers a blend of automation, market intelligence, and customization, enabling us hosts to optimize their pricing strategy effectively. Note that I have no affiliation to PriceLabs and there are other tools out there, I have only used this one though