Episode Details

3 Steps to Increase Your Airbnb Revenue 15-30%

Episode 529 Published 3 years, 6 months ago

Description

Every short-term rental property is unique, and each guest values different property features when looking to book. Add to that travel trends are shifting quite dramatically right now, and it can be a gamble to rely on the data alone to set your pricing.

So how can you use the data to increase your revenue without increasing your risk?

John An is the Founder & CEO of TechTape, the Founder & President of Ohana Stay, and a short-term rental industry expert who consistently brings in returns at 20% to 50% above market. He's also written a chapter in the soon-to-be-released, The Book Direct Blueprint.

On this edition of Get Paid for Your Pad, John walks us through his 3-step approach listeners can use to increase their Airbnb revenue.

We discuss how to align your risk tolerance with your pricing strategy and nightly rate to achieve your goal occupancy level.

Listen in as John shares his hands-on approach to combining data with human skill to increase your Airbnb revenue by as much as 15-30%.

Topics Covered

John explains his thought process for revenue management
The issue with the data in the STR industry
What John looks at in the data increase revenue
The two ways to come up with your base price
What is the demand curve
Why pace is a more important data point than price when trying to increase revenue
John will share the 3 step approach listeners can use to increase their Airbnb revenue
Why you need to determine your risk tolerance or that of the owner of the property you are managing
Where your risk tolerance aligns with your pricing strategy
How to use the nightly rate as the lever to achieve your goal occupancy level
How to choose your time frames to establish an occupancy target
Why it's essential to 'keep your hands on the wheel' when adjusting your pricing strategy
Why the holistic view can tell you just as much as your revenue about how your guest avatar is really responding to your property