EP107: Tips from Airbnb Superhost Hao Tran
Summary
This article discusses revenue management strategies for short-term rentals, emphasizing the importance of scheduled pricing routines, analyzing booking behavior, and understanding factors like booking windows and last-minute adjustments. Hosts should implement a daily and weekly pricing review process to optimize revenue. It also covers CEO-level time management for STR businesses and highlights how STR pricing is more complex than hotel pricing.
Key Insights
- •Smaller markets may see ADR spikes (Average Daily Rate) during events like the FIFA World Cup and may outperform larger cities that have significant hotel supply.
- •STR pricing is dramatically harder than hotel pricing due to factors like product uniqueness (every listing is like a "mini hotel"), booking windows, guest behavior, and operational constraints.
- •Early bookings can indicate underpricing or upcoming events. Last-minute inventory reveals demand and visibility, and weekends require different attention than weekdays. Small daily price changes can increase exposure on OTAs.
Action Items
- ✓Consider preparing for the booking surge from events like the FIFA World Cup. Analyze cities and matchups that will generate the most demand and ADR lift.Effort: mediumImpact: high
- ✓Review every booking to reveal pricing and demand signals. Make sure to schedule revenue management routines, not reactive ones.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry.(https://www.freewyldfoundry.com/report)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠A common mistake is trying to fill early rather than letting demand mature during events.
More from Pricing & Profitability
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.
Airbnb is offering a $750 incentive for some hosts in Georgia during the FIFA World Cup, potentially boosting occupancy and profitability. This program seeks to capitalize on increased demand from the international event, offering financial benefits to participating hosts. Learn how to qualify and leverage this incentive for your STR.
Curated by Learn STR by GoStudioM