EP232: This Week in the World of Airbnb
Summary
This "Get Paid For Your Pad" episode discusses STR revenue management routines and why they're crucial for success. Hosts should focus on daily and weekly pricing workflows, booking reviews, and understanding booking windows and pacing to optimize their revenue.
Key Insights
- •The lack of a daily and weekly pricing routine is the biggest revenue mistake most STR operators make.
- •Early bookings can indicate underpricing or upcoming events.
- •Small daily price changes can increase exposure on OTAs.
Action Items
- ✓Spot mistakes in minimum stays and pricing settings.Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Review pacing on a weekly basis using Market Penetration Index (MPI).Effort: mediumImpact: medium
Tools & Resources
- →Freewyld Foundry: Get a Free Revenue Review →(https://www.freewyldfoundry.com/report)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
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