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How to Maximize Profit on Airbnb from Special Events
Description
We know that special events afford Airbnb hosts the opportunity to make extra money on the platform. But how do you decide how much to charge for your listing? When do guests start making reservations for events like the Super Bowl or SXSW? Are there ways you might earn additional revenue by offering add-on services?
Tyler Olson is the founder and CEO of Away Agents, a unique property management startup out of Minneapolis that specializes in short-term vacation rentals. Tyler’s team provides homeowners with the tools to optimize their listings and bring out the best in every property. Today, Tyler joins me to discuss the origin of the company and explain how he maximized profits during the Super Bowl to earn an impressive $50K!
Tyler addresses how he determines pricing for special events and shares the additional services he offered Super Bowl guests to bring in additional revenue. Listen in to understand Tyler’s process of finding landlords who allow short-term rentals and get advice around capitalizing on special events to maximize profit on Airbnb.
Topics Covered
The origin of Away Agents
- Start business with University of Minnesota intern
- Rent apartment in downtown Minneapolis July 2016
- Made $5K in first month on $1500/month lease
- Automated operations processes with Guesty
- Expanded to 8 units by Fall 2017
The additional services Tyler offered during the Super Bowl
- Stocked refrigerators
- Drivers and bodyguard
- Cold-weather gear
How Tyler determined pricing for the Super Bowl
- Studied averages for last 2 years
- Based on premium end of spectrum
- Half booked year in advance (15X rates)
- Average of $1500/night, total of $50K
Minneapolis’ Super Bowl Airbnb stats
- Established Airbnbs booked out by March
- Listings jumped from 600 to 4K
- Wave of bookings in summer + 2 weeks prior
Tyler’s tips for creating a winning Super Bowl listing
- Establish listing year in advance to build reputation
- Create separate listing with ‘Super Bowl’ in title
- Optimize listing to rank high on Airbnb
How Tyler finds willing landlords
- Research # of open units in advance
- Offer to take off hands for permission to do STR
- Discuss zoning, insurance, security, etc. up front
Tyler’s advice for new hosts looking to capitalize on special events
- Quality of listing comes first
- Consider offering additional services
Tyler’s experience with the Turo car sharing site
- Put winter car on site, earned $900/month ($300/month lease)
- Added cars in Minneapolis + expanded to Denver
- Partner with Hassle-Free Car management team
- Average daily rate decreasing as supply grows
Connect with Tyler
Resources
Connect with Jasper
Email: jasper@getpaidforyourpad.com
Twitter: @GetPaidForUrPad