EP213: This Week in the World of Airbnb
Summary
This article is a collection of insights from the "Get Paid For Your Pad" podcast. It covers topics from revenue management routines, CEO focus for scaling businesses, and why STR pricing is harder than hotel pricing. Hosts should focus on building a revenue management routine and understanding the complexities of STR pricing.
Key Insights
- •Smaller markets like Kansas City, Boston, Seattle, and Philadelphia may outperform larger cities during events like the FIFA World Cup.
- •The article emphasizes the importance of scheduled revenue management, not reactive. Reviewing every booking can reveal pricing and demand signals.
- •STR pricing is significantly more complex than hotel pricing due to factors like product uniqueness (every listing is like a mini-hotel), varied booking windows, and operational constraints.
Action Items
- ✓Consider the impact of events, like the FIFA World Cup, on demand in your market and adjust pricing accordingly.Effort: lowImpact: medium
- ✓Implement daily and weekly pricing reviews to stay ahead of market fluctuations and analyze booking behavior.Effort: mediumImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
Common Mistakes
- ⚠Underpricing during peak demand periods or failing to adjust pricing based on early booking behavior could result in lost revenue.
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