EP234: This Week in the World of Airbnb
Summary
This episode of "Get Paid For Your Pad" covers various topics relevant to STR hosts. Topics include revenue management routines, CEO focus and time allocation, and a comparison of hotel vs. Airbnb revenue management.
Key Insights
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •CEOs of STR businesses often waste 30 to 50 percent of their time on low-value activities.
Action Items
- ✓Review bookings daily and weekly to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Identify and address the biggest bottleneck in your STR business to improve efficiency.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.(https://www.freewyldfoundry.com)
Common Mistakes
- ⚠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 once it shows up.
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