EP008: Tax Implications For Airbnb Hosts With Vincenzo Villamena
Summary
This article is a collection of summaries of several episodes from the "Get Paid For Your Pad" podcast. The episodes cover topics such as revenue management routines, CEO strategies for scaling STR businesses, differences between hotel and STR revenue management, and strategies for dealing with the "hectic host" stage of STR operations.
Key Insights
- •Operators stay stuck in the hectic host stage even as they grow.
- •Revenue management must be scheduled, not reactive.
- •Being busy does not mean your STR business is progressing.
- •STR pricing is dramatically harder than hotel pricing due to product uniqueness and operational constraints.
Action Items
- ✓Review bookings daily to reveal pricing and demand signals.Effort: lowImpact: medium
- ✓Identify and address business bottlenecks in your STR business.Effort: mediumImpact: high
- ✓Focus on root-cause problem-solving to avoid getting stuck in the hectic host stage.Effort: mediumImpact: high
Tools & Resources
- →Freewyld Foundry: Learn more about Freewyld Foundry.
Watch Out For
- ⚠Most hosts 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.
Related News
User Profile: Mountainside Treasures
This article shares the experiences of an STR host who has grown their business from a single condo to nearly 30 properties, highlighting the importance of guest service and the use of OwnerRez. The host emphasizes that delivering a good guest experience is a key factor for success, and struggles with the power of OTAs and challenging guests. Consider OwnerRez as a key tool for managing your properties.
Owner Statements 2.0: Faster, Clearer and Built for Growing Portfolios
Lodgify has released Owner Statements 2.0, promising faster and clearer reporting for property managers. This update aims to cut down manual work and improve the quality of reports shared with owners.
Financial firms face rising cyber risks, data challenges
This article discusses rising cyber risks and data challenges in the financial services industry, including fraud prevention using AI. While not directly about STRs, it highlights the importance of data quality, which directly impacts the effective use of AI for risk management and decision-making for STRs.
Booking.com Refunds Policy: Process and Ts & Cs Explained
This article from iGMS explains Booking.com's refund policies and cancellation options for hosts. It highlights the importance of choosing a cancellation policy that balances flexibility to attract bookings with financial considerations, and encourages hosts to experiment with different policies and rates to find the ideal balance.