EP043: Airbnb Hosting In Los Angeles With David Dolce
Summary
This article discusses revenue management strategies for short-term rentals, highlighting the difference between hotel and Airbnb pricing and focusing on how to avoid getting overwhelmed. It emphasizes the importance of scheduling revenue management, reviewing bookings for pricing signals, and understanding the unique aspects of STRs compared to hotels. Hosts should create a revenue management routine and identify key bottlenecks to address and avoid overwhelm.
Key Insights
- •STR pricing is dramatically harder than hotel pricing, due to factors like product uniqueness (every listing being like a mini-hotel), and operational constraints influencing pricing decisions.
- •Hotels can rely on last-minute demand, but STRs cannot as much.
- •Booking windows shape revenue strategy in ways hotels never deal with.
Action Items
- ✓Review bookings daily and weekly to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Focus on identifying and addressing key business bottlenecks.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠Many STR operators don't know what to look at in their data, when to look at it, or how to interpret booking behavior.
- ⚠STR rate drops must be deeper near arrival.
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