EP028: Hospitality Consultant Alexander Van Dijl Shares Great Airbnb Hosting Advice
Summary
This article is a collection of insights from "Get Paid For Your Pad" podcast episodes. It covers revenue management strategies, the role of a CEO in scaling an STR business, and how STR pricing differs from hotel pricing, emphasizing the importance of daily and weekly routines, understanding booking behaviors, and the unique challenges faced by STR operators.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •Some cities may see modest lift while others could experience extreme ADR spikes and rapid sellouts during the FIFA World Cup.
Action Items
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Stay tightly connected to operations for accurate pricing.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Don’t overcorrect pricing too quickly.
More from Pricing & Profitability
A host reported earning $2,300 monthly on Airbnb with almost constant bookings, only to quit due to difficult guests. This highlights the financial potential of STR hosting but also emphasizes the importance of guest screening and managing guest behavior. Balancing profitability with a positive hosting experience is crucial.
This article discusses Kansas City's high occupancy rates compared to other World Cup host cities, raising questions about the effectiveness of efforts to increase short-term rental availability. It implicitly touches on market trends and the impact of major events on the STR market. The article likely explores whether increased rental supply can meet demand while analyzing the city's approach to STRs.
Realtor.com's report on best mountain towns for Airbnb returns reveals key locations for STR investment. The analysis likely includes data on occupancy rates, ADR, and RevPAR to identify profitable markets. Understanding these trends helps hosts optimize pricing strategies and choose lucrative destinations.
Curated by Learn STR by GoStudioM