EP118: The World of Airbnb – Week 2

Get Paid For Your Pad
Published: January 12, 2017
Pricing & Profitability

Summary

This episode of Get Paid For Your Pad discusses Airbnb's growth and impact on hosts. It also covers insights on revenue management routines, CEO focus, and the differences between hotel and Airbnb revenue management. This information helps hosts optimize their strategies and stay ahead of market trends.

Key Insights

  • Early bookings can indicate underpricing or upcoming events.
  • STR pricing is dramatically harder than hotel pricing, due to product uniqueness and hyper-fragmented demand curves.

Action Items

  • Review every booking to reveal pricing and demand signals.
    Effort: low
    Impact: medium
  • Identify the biggest bottleneck in your STR business.
    Effort: medium
    Impact: high

Tools & Resources

  • Freewyld Foundry: Freewyld Foundry provides a free revenue review to find out how much money your portfolio is leaving on the table.(freewyldfoundry.com)
  • Hostfully.com: Hostfully.com can be used to create a custom digital guidebook for guests.(hostfully.com)

Common Mistakes

  • Most hosts underperform not because they lack tools, but because they don’t know what to look at, when to look at it, or how to interpret booking behavior once it shows up.

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Curated by Learn STR by GoStudioM