Airbnb News Update March
Summary
This article from "Get Paid For Your Pad" covers various aspects of STR management, including revenue management routines, CEO focus for scaling businesses, and the differences between hotel and STR revenue management. Hosts should pay attention to these insights to optimize pricing, manage their time effectively, and understand the unique challenges of the STR market.
Key Insights
- •Smaller markets like Kansas City, Boston, Seattle, and Philadelphia may outperform larger cities during the FIFA World Cup.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
- •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.
Action Items
- ✓Recognize that STR rate drops must be deeper near arrival.Effort: lowImpact: medium
- ✓Review every booking to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Prepare for a booking surge that will play out over the coming months by understanding the FIFA World Cup schedule.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
- →Freewyld Foundry: Get a Free Revenue Review from Freewyld Foundry.(https://www.freewyldfoundry.com/report)
Common Mistakes
- ⚠Trying to fix everything at once can slow growth.
- ⚠Making pricing decisions based on formulas rather than experience can lead to underperformance.
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