Smart Pricing Strategy

[Leon Lee]

Hi, BP STR investors

We've recently switched things up with our pricing strategy. Essentially, we're now offering a 35% discount that's spread evenly across the nearest 14 days, starting from today. It seems working. We figured it made sense to sell off unsold rooms for less, especially considering they're worth $0 if they sit empty.

However, we have run into a bit of a snag with this approach. Since our pricing is more attractive for rooms that are close to the current date, we've seen a spike in same-day check-ins and last-minute bookings. This is causing some stress for our cleaning crews. It seems like guests who book last minute also tend to have more issues too.

So, do you have any suggestions on how we can deal with these problems? Perhaps there are other pricing strategies out there that we could try to boost our performance? Most of our properties are located near major highways and metropolitan areas.

Thanks in advance!

Lee

[Leslie Anne Morris]

I offer discounts but not that steep in the short term.  My guess is you've priced it too low and it's resulting in a non-optimal guest.  You have to raise your price, and sometimes know it's going to sit empty.