EP124: This Week in the World of Airbnb
Summary
This episode of Get Paid for Your Pad covers several topics, including Airbnb's profitability in 2016 and a new service called Traveling Spoon. There is also a discussion on STR revenue management routines and the importance of consistent pricing strategies. Hosts should focus on scheduled revenue management, booking reviews, and identifying pricing signals to optimize their revenue.
Key Insights
- •31% of users in the last 12 months switched from staying with friends and family to using Airbnb.
- •Jasper Ribbers breaks down the real-world revenue management cadence professional STR operators follow to stay ahead of their market.
- •Airbnb reached profitability in the second half of 2016, a significant achievement compared to other sharing economy firms that are still losing money, such as Uber, which lost $3 billion last year.
Action Items
- ✓Review pacing on a weekly basis using Market Penetration Index (MPI).Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Spot mistakes in minimum stays and pricing settings.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
- →Aviva IQ: Aviva IQ automates messages to your Airbnb guests.
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com)
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Curated by Learn STR by GoStudioM