Welcome to the latest episode of the STR Sisterhood Podcast! 🎉 I’m your host, Stacy St. John, and today, we’re diving into the essential world of revenue management with a special guest, the amazing Jillian Hilman. 🙌 Before we get started, let’s kick things off with an inspirational quote from Alex L., a New York Times bestselling author, who said:

“I am thankful for my struggle because without it, I wouldn’t have stumbled across my strength.” 💪

Now, let’s dive deep into the topic of Revenue Management—something that can transform your short-term rental business if done right.

Meet Jillian Hilman: From Finance to Short-Term Rental Success 💼🏡

Jillian Hilman is a real estate investor based outside Seattle, Washington. She started in the world of long-term rentals but quickly transitioned into short-term rentals, falling in love with the business. Fun fact: She and her family own a property in the same location where she got married. Romantic, right? 😍

But Jillian’s journey didn’t stop there. Within a year of purchasing her first short-term rental, she added a second one to her portfolio and expanded into co-hosting for other owners.

“Once you get that first one, you want more,” Jillian says, with a smile that perfectly sums up the addictive joy of short-term rentals. ✨

She’s also a proud member of our STR Success Accelerator and Achievers Club, continuing to grow and thrive in the short-term rental space. 🎉

Jillian’s Revenue Management Strategy: The Game Changer 📈

When Jillian connected with Jake Cohen from Step-by-Step BNB, she realized that effective revenue management was the key to overcoming the challenges posed by a changing market. Her finance background gave her a unique advantage in understanding the complexities of pricing. She partnered with Jake to refine her strategy using PriceLabs, a dynamic pricing tool.

Jillian emphasizes that while tools like PriceLabs are helpful, they are not the entire strategy. You must be proactive and manage your pricing weekly. As she says:

“PriceLabs is not a set-it-and-forget-it tool. You need to be in there weekly checking and adjusting your pricing.”

Her strategy focuses on setting up seasonal profiles, comp sets, and minimum night stays—all tailored to the specific characteristics of each property.

Key Takeaways from Jillian’s Strategy 📝

1. Seasonal Profiles: Customize your pricing according to the seasonality of your market. For example, beach rentals might see peaks in summer, while mountain rentals could spike in the winter.
2. Comp Sets: Ensure your comparison properties have similar amenities like hot tubs or proximity to tourist spots. This will help you stay competitive.
3. Weekly Pricing Adjustments: Monitor your pricing on a weekly basis. If your property is getting bookings too far in advance, it might be time to increase your rates.
4. Stay Proactive: Don’t rely solely on dynamic pricing tools. They are just one part of the puzzle; active management is essential for success.

The Power of Community 💬

Jillian is also a huge advocate for the community aspect of short-term rentals. She has built incredible relationships through the STR Sisterhood and our accelerator programs. She shares how much easier the journey has become with the support of fellow investors.

“I didn’t realize how amazing this community would be. The friendships and support are invaluable.”

This sense of community has helped Jillian grow her business, and it’s something she encourages everyone to tap into. We need to surround ourselves with others who understand our challenges and successes.

Looking Ahead: Jillian’s Revenue Management Workshop 🏖️📊

Jillian will be hosting a Revenue Management Workshop at our upcoming live beach retreat! Not only will you learn the ropes of pricing, but you’ll also have the opportunity to schedule one-on-one sessions with Jillian. These personalized sessions are a rare chance to get hands-on help with your specific properties. 💡

And who knows, you might even win one of Stacy’s ✨ diamonds ✨—because yes, there are prizes!

Final Thoughts 🏁

Revenue management isn’t just about having the right tool—it’s about strategic thinking and staying on top of the game. With experts like Jillian, we’re lucky to have resources to help elevate our short-term rental businesses. If you’re looking for more guidance, you can book a free consultation with Jillian at StepByStepBNB.com. Whether you’re just getting started or looking to optimize, she’s got you covered!