EP129: The Importance of Diversifying Your Airbnb Business
Summary
This article, derived from a podcast, highlights the importance of diversifying your Airbnb business by utilizing multiple platforms and even creating your own website. It provides insights into the advantages and disadvantages of different distribution strategies, and offers advice on how to improve guest experience, manage bookings, and procure five-star reviews.
Key Insights
- •A Google search for accommodations in the host's area will pop three different results that lead to their listing (if using multiple platforms/website).
- •Hotel revenue management is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •Airbnb alone doesn’t provide enough demand to reach full occupancy in smaller markets.
- •Airbnb guests are buying an experience and are looking to be a part of a community.
Action Items
- ✓Immediately remove your listing from other platforms when you receive a booking to prevent double-bookings.Effort: lowImpact: high
- ✓Consider posting your listing on multiple platforms to reach full occupancy.Effort: lowImpact: medium
- ✓Create your own website to promote your listing (i.e. YouTube video links, blog, newsletter for past guests).Effort: mediumImpact: medium
- ✓Make connections with other Airbnb hosts in your area and offer referrals to guests who were double-booked, waiving the price difference to avoid cancellations on Airbnb, preventing a loss of Superhost status.Effort: mediumImpact: high
Tools & Resources
- →Hostfully: Hostfully.com where you can create a custom digital guidebook for your guests!(hostfully.com)
Common Mistakes
- ⚠Avoid cancellations on Airbnb; you will lose your Superhost status.
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Curated by Learn STR by GoStudioM