How Do I Manage My Short-Term Rental Pricing When I'm Too Busy?
Summary
This article discusses how busy US hosts can manage short-term rental pricing efficiently, even with packed schedules. It highlights the challenges of manual pricing and the benefits of using smart pricing software and automation. It recommends establishing routines, outsourcing tasks, and leveraging technology to stay competitive.
Key Insights
- •In 2023, over 2.4 million active listings were available, and guest capacity grew about 3% year-over-year. This increasing supply means more hosts compete for the same travelers.
- •Roughly 800,000 Airbnb listings belong to multi-property owners, meaning part-time hosts often find themselves up against professional operators with more streamlined systems and resources.
- •Industry data show that listings using dynamic pricing see about 40% more annual revenue compared to those that don’t.
- •The average daily rates (ADRs) can swing by 30-50% depending on the season.
Action Items
- ✓Consider outsourcing tasks such as cleaning, maintenance, and guest messaging.Effort: mediumImpact: medium
- ✓Establish a routine by scheduling brief check-ins (5-15 minutes each morning) to review upcoming rental reservations and/or schedule a 'hosting power hour' to check calendars and guest messages.Effort: lowImpact: medium
- ✓Monitor your local calendar for events that will spike demand and use smart pricing tools to accurately raise prices for those nights and even set higher minimum stays in line with market demand.Effort: lowImpact: medium
Tools & Resources
- →Beyond: With the Beyond mobile app, you can: Manage calendars instantly, adjust pricing on the go, reply to guest messages in real time, track performance dashboards, and get smart alerts.
- →AirDNA: According to AirDNA, the average daily rates (ADRs) can swing by 30-50% depending on the season.
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