You know what’s been on my mind lately? Last week, I was having coffee with one of our STR clients and she brought up something I’ve been hearing a lot: “The market’s slowing down, Tim. I’m worried.”
I get it. Really, I do. When you see those booking numbers dip, it’s natural to feel that knot in your stomach. But here’s the thing – and I’m going to be straight with you because that’s how we do things at Kimber – this slowdown might actually be the best thing that’s happened to established STR owners in a while.
Let me tell you why.
Remember back in ’22 and ’23 when it felt like everyone was jumping into the STR game? Your neighbor, your cousin, maybe even your dentist? Yeah, those days were wild. But here’s what I’m seeing now when I dig into the numbers (and you know how much I love diving into the data):
The market’s not crashing – it’s maturing. It’s like when you finally get your QuickBooks perfectly organized. Everything just makes more sense.
Let me share a quick story that’ll show you what I mean.
Just last month, I was working with Mike (one of our local hosts) on his quarterly review. Now, Mike was worried about the slowdown too. But when we dug into his numbers, we found something interesting. With fewer new properties popping up in the area, his existing properties were actually commanding better rates. He’s now making more per booking than he did during the “boom.”
Here’s what’s really exciting: this market shift is creating perfect conditions for hosts who are willing to level up their game. Let me share some strategies that are working incredibly well for our most successful STR clients:
- Guest Experience Elevation
- Create personalized welcome packages with local insider tips
- Install smart home features (keyless entry, smart thermostats, automated lighting)
- Develop relationships with local attractions and restaurants for exclusive guest discounts
- Add unique amenities like coffee stations with local beans or meditation corners
- Property Enhancement
- Refresh your space with seasonal decor updates
- Create Instagram-worthy spots in your property
- Invest in quality bedding and towels (guests notice these details!)
- Add workspace options for digital nomads
- Digital Presence Optimization
- Update your listing photos seasonally
- Create virtual tours of your space
- Respond to all reviews (yes, even the tough ones)
- Share local event calendars with your guests
- Revenue Maximization
- Implement dynamic pricing based on local events
- Offer mid-week special packages
- Create “workation” packages for extended stays
- Partner with local businesses for value-add services
- Operational Excellence
- Streamline your check-in/check-out process
- Create detailed house manuals with video tutorials
- Set up automated messaging sequences
- Build a reliable vendor network for quick issue resolution
The hosts who are implementing these strategies are seeing something fascinating: their booking rates are actually increasing despite the market slowdown. Why? Because they’re not just offering a place to stay – they’re creating an experience.
Remember, this market isn’t slowing down, it’s growing up. And that’s good news for serious STR owners who are ready to grow with it. While others are worrying about the slowdown, smart hosts are using this time to refine their operations, enhance their guest experience, and build stronger foundations for their STR businesses.
Keep crushing it!
Timothy