What to Do When a Natural Disaster Hits Your STR Rental Business
Summary
This podcast episode discusses how to manage your STR during a natural disaster, using the Australian bushfires as a case study. Hosts should consider waiving cancellation fees and communicating with guests during such events. The episode also touches upon how these disasters will impact tourism and provides insights on long-term recovery strategies.
Key Insights
- •The Australian bushfires in Southeast Australia burned 1 million acres in six weeks.
- •1 billion animals were killed, and bushwalks were burned.
Action Items
- ✓Waive fees for cancellation to return 100% of the deposit to the guests.Effort: lowImpact: medium
- ✓Request that Airbnb waive fees for guests affected by the disaster.Effort: lowImpact: medium
- ✓Charge realistic prices, allow one-night stays, and stay in touch with potential guests.Effort: lowImpact: medium
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