EP226: This Week in the World of Airbnb
Summary
This article from Get Paid For Your Pad discusses revenue management strategies and CEO focus for STR businesses. It emphasizes the importance of consistent pricing routines, understanding booking signals, and strategic prioritization to avoid overwhelm and improve profitability. Hosts should review booking data, schedule revenue management tasks, and ensure their CEO time is spent on high-value activities to increase revenue and avoid getting stuck in the hectic host stage.
Key Insights
- •Early bookings can indicate underpricing or upcoming events.
- •CEOs waste 30 to 50 percent of their time on low-value activities.
- •Small daily price changes can increase exposure on OTAs.
- •Most STR operators 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.
- •Being busy does not mean your STR business is progressing.
Action Items
- ✓Identify and address the biggest bottleneck in your STR business.Effort: mediumImpact: high
- ✓Schedule revenue management tasks, rather than being reactive.Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.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
- ⚠The biggest revenue mistake most STR operators make isn’t their pricing tool… but the lack of a daily and weekly pricing routine.
- ⚠CEOs often get pulled into low-value tasks, hindering business growth.
More from Pricing & Profitability
A host reported earning $2,300 monthly on Airbnb with almost constant bookings, only to quit due to difficult guests. This highlights the financial potential of STR hosting but also emphasizes the importance of guest screening and managing guest behavior. Balancing profitability with a positive hosting experience is crucial.
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.
Curated by Learn STR by GoStudioM