EP065: Airbnb NYC: Evelyn Badia Talks about Hosting and Legislation
Summary
This article is a collection of podcast episode summaries from Get Paid For Your Pad, covering topics from revenue management to CEO strategies and how to manage your business. Hosts should pay close attention to revenue management practices, recognizing business bottlenecks, and adapting to pricing fluctuations during events like the FIFA World Cup.
Key Insights
- •The FIFA World Cup schedule release provides hosts with the opportunity to target cities and events with high demand and adjust pricing accordingly.
- •Booking windows and pacing are critical in determining revenue strategy; early booking data provides insights into underpricing or upcoming events.
- •STR pricing is dramatically harder than hotel pricing, due to factors such as product uniqueness, booking windows, and operational constraints.
Action Items
- ✓Review bookings daily and weekly to understand pricing and demand signals.Effort: lowImpact: medium
- ✓Identify and address business bottlenecks by understanding decision fatigue and low-value tasks.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Get a Free Revenue Review at https://www.freewyldfoundry.com/report(https://www.freewyldfoundry.com/report)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
Common Mistakes
- ⚠Making reactive pricing decisions is a common mistake; instead, revenue management should be scheduled.
- ⚠Underestimating the impact of operational constraints such as cleaning on pricing can lead to revenue loss.
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