Scale Your Airbnb Business by Building Relationships – with Liam Carolan
Summary
This article discusses strategies for scaling an Airbnb business by building relationships with key individuals like letting agents. Hosts are encouraged to connect with those who can help find new properties and to prioritize providing value before seeking assistance. Additionally, the article contains information on revenue management and CEO focus in an STR business, as discussed in other episodes of the podcast.
Key Insights
- •For revenue management, reviewing every booking can reveal pricing and demand signals.
- •CEOs waste 30 to 50 percent of their time on low-value activities. Prioritize CEO time toward strategic tasks to grow your business.
- •To scale a short-term rental business, building relationships with the right people is critical. Connect with letting agents, local property networking groups, and other local STR operators to help find new units to manage.
Action Items
- ✓Review bookings on a daily basis to see pricing and demand signals.Effort: lowImpact: medium
- ✓Get out of your comfort zone and provide value to potential partners before asking for help.Effort: mediumImpact: medium
Tools & Resources
- →Hostfully: Resources Mentioned: Hostfully
- →Google My Maps: Resources Mentioned: Google My Maps
- →Get Paid for Your Pad: Resources Mentioned: Get Paid for Your Pad on YouTube
- →Legends X: Resources Mentioned: Legends X
- →Ginger & Gold: Liam Carolan is the short-term rental expert behind Ginger & Gold
More from Growth & Marketing
Airbnb is launching a new host bonus as travel demand surges for the upcoming World Cup. This strategic move aims to encourage more listings and capitalize on the expected influx of guests. The initiative highlights Airbnb's efforts to prepare for peak season travel and its ongoing support for hosts.
This article discusses the emergence of a new platform designed as an 'Airbnb' for hourly creative spaces. It aims to solve the difficulties creators face when finding and renting spaces. While not directly about STRs, it highlights a potential niche market that could be applicable to hosts considering offering hourly space rentals, indicating a shift towards accommodating creative industries.
Airbnb is offering a $750 incentive to attract new hosts to list their properties for the World Cup. This move aims to ensure sufficient accommodation for visitors during the event. This initiative highlights the importance of short-term rentals in accommodating large-scale events and provides a financial benefit for new hosts.
Curated by Learn STR by GoStudioM