How to Leverage Experiential Design to Stand Out on Airbnb—with Kate Shaw & Betsy Moyer (Ep403)
Summary
This article is a collection of insights from the "Get Paid For Your Pad" podcast. It covers topics from revenue management, CEO strategies, and comparing hotel revenue management versus STR revenue management. Hosts should pay attention to the key distinctions between hotel and STR revenue management, along with strategies to improve their pricing routines and understand how to manage their time strategically.
Key Insights
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness turning every listing into its own "mini hotel", creating a hyper-fragmented demand curve.
- •Early bookings can indicate underpricing or upcoming events, while last-minute inventory reveals demand and visibility.
- •Cities like Kansas City, Boston, Seattle, and Philadelphia may outperform larger cities during events like the FIFA World Cup.
Action Items
- ✓Consider implementing small daily price changes to increase exposure on OTAs.Effort: lowImpact: medium
- ✓Review every booking to identify pricing and demand signals.Effort: lowImpact: medium
- ✓Prepare for a booking surge and avoid underpricing listings, especially in cities hosting major events.Effort: lowImpact: high
- ✓Pay close attention to weekend demand versus weekday demand when adjusting pricing.Effort: lowImpact: medium
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/)
- →Freewyld Foundry: Learn more about Freewyld Foundry(https://www.freewyldfoundry.com/report)
Common Mistakes
- ⚠Many STR operators underperform because they don’t know what to look at, when to look at it, or how to interpret booking behavior.
- ⚠Avoid overcorrecting pricing too quickly, as it can negatively impact revenue.
More from Pricing & Profitability
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.
Airbnb is offering a $750 incentive for some hosts in Georgia during the FIFA World Cup, potentially boosting occupancy and profitability. This program seeks to capitalize on increased demand from the international event, offering financial benefits to participating hosts. Learn how to qualify and leverage this incentive for your STR.
Curated by Learn STR by GoStudioM