The document discusses the importance of understanding seasonality and adjusting Airbnb pricing accordingly. It notes that low, mid, and high seasons will vary by location and research is needed to determine these seasons. Pricing should be lowered for low and mid-seasons to attract more guests, while high season prices can be higher to maximize profits. Data from past bookings and tools like AirDNA can help analyze seasonality and demand trends to set the right prices. Maintaining rate parity across booking platforms is also important.
6 Ways to Use Your Booking Engine Data to Boost Direct BookingsNet Affinity
The data in your booking engine data should be used to build confidence in your property.
Your booking engine is just one piece of the puzzle.
However, it is more than just a source of bookings. The data it provides should be a central part of your conversion strategy, with its ability to highlight guest’s patterns and as a strategic tool in your sales strategy.
If you’re looking to grow your conversions, data is your friend. OTAs are mining the data from their booking engine, and you have access to equally rich data. Use it, and get that competitive edge.
How do Hotels Grow Rates? 5 Strategies for SuccessNet Affinity
The annual budget season for hotels has come around again! For dedicated sales teams, this means deep planning and foresight to improve the past year’s successes and overcome potential failures. A big part of this planning is tackling the challenge of rate growth while also driving direct bookings.
Our goal today is to provide 5 successful approaches to rate growth we’ve come across in our work. We’ve been in the trenches, and we hope these tactics will be relevant, successful approaches for your hotel.
Attribution Models: The secret ways guests discover your hotelNet Affinity
As digital marketing gets more sophisticated, the topic of attribution models has come up over and over in conversations with clients: every hotel wants to know what, where and how their guests are booking online. When you fully understand your online conversions, you can make better decisions when doing something as complex as allocating budgets, or as simple as going through a report.
Attribution is one of the trickiest aspects of the industry: in a world where each and every user is interacting with your brand through a multitude of channels, it becomes very difficult to properly assign the correct value to each channel.
So, most of the time, we end up using the simplest attribution model available in order to at least have something to base our conclusions on.
We aim to clarify some of the concepts behind successful attribution models.
A 5 Step Guide to Email Retargeting: Overcome Hotel Booking Abandonment!Net Affinity
Booking abandonment plagues hoteliers everywhere. Numbers in the range of 81% abandonment are often quoted, despite all the time and money poured into driving traffic to hotel websites and encouraging bookings. Email retargeting is a way to overcome this.
Properly done, email retargeting can see conversion rates of over 30%. That's 30% of your abandoned bookings reclaimed, all with a simple email!
Landing Pages Turn Paid Traffic Into Serious RevenueNet Affinity
Landing pages are an important part of the booking funnel. They help you convert your paid traffic, carefully targeted and acquired by your marketing efforts, into profitable direct bookings.
You can always simply drop your paid traffic onto your website’s homepage, but you’ll risk losing a lot of interest and focus straight away. Landing pages have a single message for a single campaign, so they’ve focused on converting the traffic that lands there.
Landing pages allow you to send the right message to the right person at the right time.
However, there are a few do’s and don’ts to cover with your landing pages.
Today, we’re going to take you through a few Do’s for your landing pages, and a couple Don’ts.
Keep Your Room Rates in Check: How to Fight Rate DisparityNet Affinity
Rate disparity, if left unchecked, can seriously impact your hotel’s bottom line. Hotels often find themselves with lower rates on OTAs and other third party channels than they do on their own website – that’s not good! So what can hotels do?
This presentation will cover:
1. The impact of rate disparity on your hotel’s bottom line
2, Causes of rate disparity
3. How hotels can combat rate disparity and encourage direct bookings
Let’s get started.
11 Things to Look For in a Hotel Booking Engine ProviderNet Affinity
What should you be getting from your hotel booking engine provider? Which features are most important to your hotel, and which can you live without?
From our perspective, your hotel booking engine provider should be giving you a highly flexible, fully controllable, feature-rich solution, along with in-depth reporting and a team to support you.
6 Ways to Use Your Booking Engine Data to Boost Direct BookingsNet Affinity
The data in your booking engine data should be used to build confidence in your property.
Your booking engine is just one piece of the puzzle.
However, it is more than just a source of bookings. The data it provides should be a central part of your conversion strategy, with its ability to highlight guest’s patterns and as a strategic tool in your sales strategy.
If you’re looking to grow your conversions, data is your friend. OTAs are mining the data from their booking engine, and you have access to equally rich data. Use it, and get that competitive edge.
How do Hotels Grow Rates? 5 Strategies for SuccessNet Affinity
The annual budget season for hotels has come around again! For dedicated sales teams, this means deep planning and foresight to improve the past year’s successes and overcome potential failures. A big part of this planning is tackling the challenge of rate growth while also driving direct bookings.
Our goal today is to provide 5 successful approaches to rate growth we’ve come across in our work. We’ve been in the trenches, and we hope these tactics will be relevant, successful approaches for your hotel.
Attribution Models: The secret ways guests discover your hotelNet Affinity
As digital marketing gets more sophisticated, the topic of attribution models has come up over and over in conversations with clients: every hotel wants to know what, where and how their guests are booking online. When you fully understand your online conversions, you can make better decisions when doing something as complex as allocating budgets, or as simple as going through a report.
Attribution is one of the trickiest aspects of the industry: in a world where each and every user is interacting with your brand through a multitude of channels, it becomes very difficult to properly assign the correct value to each channel.
So, most of the time, we end up using the simplest attribution model available in order to at least have something to base our conclusions on.
We aim to clarify some of the concepts behind successful attribution models.
A 5 Step Guide to Email Retargeting: Overcome Hotel Booking Abandonment!Net Affinity
Booking abandonment plagues hoteliers everywhere. Numbers in the range of 81% abandonment are often quoted, despite all the time and money poured into driving traffic to hotel websites and encouraging bookings. Email retargeting is a way to overcome this.
Properly done, email retargeting can see conversion rates of over 30%. That's 30% of your abandoned bookings reclaimed, all with a simple email!
Landing Pages Turn Paid Traffic Into Serious RevenueNet Affinity
Landing pages are an important part of the booking funnel. They help you convert your paid traffic, carefully targeted and acquired by your marketing efforts, into profitable direct bookings.
You can always simply drop your paid traffic onto your website’s homepage, but you’ll risk losing a lot of interest and focus straight away. Landing pages have a single message for a single campaign, so they’ve focused on converting the traffic that lands there.
Landing pages allow you to send the right message to the right person at the right time.
However, there are a few do’s and don’ts to cover with your landing pages.
Today, we’re going to take you through a few Do’s for your landing pages, and a couple Don’ts.
Keep Your Room Rates in Check: How to Fight Rate DisparityNet Affinity
Rate disparity, if left unchecked, can seriously impact your hotel’s bottom line. Hotels often find themselves with lower rates on OTAs and other third party channels than they do on their own website – that’s not good! So what can hotels do?
This presentation will cover:
1. The impact of rate disparity on your hotel’s bottom line
2, Causes of rate disparity
3. How hotels can combat rate disparity and encourage direct bookings
Let’s get started.
11 Things to Look For in a Hotel Booking Engine ProviderNet Affinity
What should you be getting from your hotel booking engine provider? Which features are most important to your hotel, and which can you live without?
From our perspective, your hotel booking engine provider should be giving you a highly flexible, fully controllable, feature-rich solution, along with in-depth reporting and a team to support you.
If you wish to have some extra income every month, then perhaps, you want to have a vacation rental. A vacation rental can be a spare room or it can be an entire property that isn’t utilized. If you will look at the numbers, it does seem like a good idea as more people today are using Airbnb compared to a few years ago.
As a new bee in investing, you must try to thrive the financial crisis so that your business or investing can survive in the nearest future.
And here are few tips that can really help you out!
Whitepaper - Beginner's Guide to Hotel Revenue ManagementDuetto
Revenue management has become synonymous with managing rates, but it is really much more and the first step to a comprehensive revenue strategy.
If you don’t know who your customers are and when they’re coming, it’s hard to properly manage your property and set rates to maximize profits. By using basic approaches to segment, forecast and price, operators can run their hotels more efficiently and profitably.
In this whitepaper you can read how you can get started with revenue management today by taking a few simple steps.
Marketing plan for new feature of airbnbTouseef Ahmed
analysis of the positive and negative impacts of the environment on Airbnb. Examine the company’s marketing strategy and the factors contributing towards Airbnb’s success. Devising a marketing plan that could envision the company towards higher performance.
Airbnb is an American based online marketplace company that connects travellers with the local inhabitants of a place who wants to rent their property to earn money. Airbnb provides services to the travellers so that they can get an affordable place and they get a chance to know the local residents of the place.
Read our full Bog : https://www.appsrhino.com/how-airbnb-work-business-model-and-revenue-model/
Your rental property deserves the best tenants, so for that, you should be doing a lot of background verification which is said to help you in the long run. This piece of writing will give you loads of ideas about how to find a not so good tenant such that you can be trouble-free beforehand.
Airbnb's business plan revolves around providing an online platform connecting hosts with travelers seeking unique accommodations. The platform allows hosts to list their properties, and travelers to discover and book lodging options worldwide. Airbnb earns revenue through service fees charged to hosts and guests, facilitating a decentralized and diverse lodging marketplace.
How to find quality tenants in a disorganized marketLandwin
The most important factor for any commercial property investor is to find quality tenants for his property. It is a known fact that the commercial property leasing market is very lucrative due to the handsome returns on leases. However, quality of tenant is a critical factor that you must consider while taking on the leasing of a vacancy, an asset or a large investment property. Go through the slide to know the ways to find quality tenants in a disorganized market.
Different prices for different guests is the foundation of the revenue management strategy in airlines, trains, cabs, cruises as well as hotels. But now we have discovered a beautiful new strategy called "Open pricing" where we keep all types of room rates open till the last moment. Learn more in this paper.
Another file in the series on Revenue Management, the most important topic in Hotel front Office. Concepts are presented in simple language.
If you wish to have some extra income every month, then perhaps, you want to have a vacation rental. A vacation rental can be a spare room or it can be an entire property that isn’t utilized. If you will look at the numbers, it does seem like a good idea as more people today are using Airbnb compared to a few years ago.
As a new bee in investing, you must try to thrive the financial crisis so that your business or investing can survive in the nearest future.
And here are few tips that can really help you out!
Whitepaper - Beginner's Guide to Hotel Revenue ManagementDuetto
Revenue management has become synonymous with managing rates, but it is really much more and the first step to a comprehensive revenue strategy.
If you don’t know who your customers are and when they’re coming, it’s hard to properly manage your property and set rates to maximize profits. By using basic approaches to segment, forecast and price, operators can run their hotels more efficiently and profitably.
In this whitepaper you can read how you can get started with revenue management today by taking a few simple steps.
Marketing plan for new feature of airbnbTouseef Ahmed
analysis of the positive and negative impacts of the environment on Airbnb. Examine the company’s marketing strategy and the factors contributing towards Airbnb’s success. Devising a marketing plan that could envision the company towards higher performance.
Airbnb is an American based online marketplace company that connects travellers with the local inhabitants of a place who wants to rent their property to earn money. Airbnb provides services to the travellers so that they can get an affordable place and they get a chance to know the local residents of the place.
Read our full Bog : https://www.appsrhino.com/how-airbnb-work-business-model-and-revenue-model/
Your rental property deserves the best tenants, so for that, you should be doing a lot of background verification which is said to help you in the long run. This piece of writing will give you loads of ideas about how to find a not so good tenant such that you can be trouble-free beforehand.
Airbnb's business plan revolves around providing an online platform connecting hosts with travelers seeking unique accommodations. The platform allows hosts to list their properties, and travelers to discover and book lodging options worldwide. Airbnb earns revenue through service fees charged to hosts and guests, facilitating a decentralized and diverse lodging marketplace.
How to find quality tenants in a disorganized marketLandwin
The most important factor for any commercial property investor is to find quality tenants for his property. It is a known fact that the commercial property leasing market is very lucrative due to the handsome returns on leases. However, quality of tenant is a critical factor that you must consider while taking on the leasing of a vacancy, an asset or a large investment property. Go through the slide to know the ways to find quality tenants in a disorganized market.
Different prices for different guests is the foundation of the revenue management strategy in airlines, trains, cabs, cruises as well as hotels. But now we have discovered a beautiful new strategy called "Open pricing" where we keep all types of room rates open till the last moment. Learn more in this paper.
Another file in the series on Revenue Management, the most important topic in Hotel front Office. Concepts are presented in simple language.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
The digital marketing industry is changing faster than ever and those who don’t adapt with the times are losing market share. Where should marketers be focusing their efforts? What strategies are the experts seeing get the best results? Get up-to-speed with the latest industry insights, trends and predictions for the future in this panel discussion with some leading digital marketing experts.
SEO as the Backbone of Digital MarketingFelipe Bazon
In this talk Felipe Bazon will share how him and his team at Hedgehog Digital share our journey of making C-Levels alike, specially CMOS realize that SEO is the backbone of digital marketing by showing how SEO can contribute to brand awareness, reputation and authority and above all how to use SEO to create more robust global marketing strategies.
When most people in the industry talk about online or digital reputation management, what they're really saying is Google search and PPC. And it's usually reactive, left dealing with the aftermath of negative information published somewhere online. That's outdated. It leaves executives, organizations and other high-profile individuals at a high risk of a digital reputation attack that spans channels and tactics. But the tools needed to safeguard against an attack are more cybersecurity-oriented than most marketing and communications professionals can manage. Business leaders Leaders grasp the importance; 83% of executives place reputation in their top five areas of risk, yet only 23% are confident in their ability to address it. To succeed in 2024 and beyond, you need to turn online reputation on its axis and think like an attacker.\
Key Takeaways:
- New framework for examining and safeguarding an online reputation
- Tools and techniques to keep you a step ahead
- Practical examples that demonstrate when to act, how to act and how to recover
Search Engine Marketing - Competitor and Keyword researchETMARK ACADEMY
Over 2 Trillion searches are made per day in Google search, which means there are more than 2 Trillion visits happening across the websites of the world wide web.
People search various questions, phrases or words. But some words and phrases are searched
more often than others.
For example, the words, ‘running shoes’ are searched more often than ‘best road running
shoes for men’
These words or phrases which people use to search on Google are called Keywords.
Some keywords are searched more often than others. Number of times a keyword is searched
for in a month is called keyword volume.
Some keywords have more relevant results than others. For the phrase “running shoes” we
get more than 80M relevant results, whereas for “best road running shoes for men” we get
only 8.
The former keyword ‘running shoes’ has way more competition from popular websites to
new and small blogs, whereas the latter keyword doesn’t have that much competition. This
search competition for a keyword is called search difficulty of a keyword or keyword
difficulty.
In other words, if the keyword difficulty is ‘low’ or ‘easy’, there won’t be any competition
and if you target such keywords on your site, you can easily rank on the front page of Google.
Some keywords are searched for, just to know or to learn some information about something,
that’s their search intention. For example, “What shoe size should I choose?” or “How to pick
the right shoe size?”
These keywords which are searched just to know about stuff are called informational
keywords. Typically people who are searching this type of keywords are top of a Conversion
funnel.
Conversion funnel is the journey that search visitors go through on their way to an email
subscription or a premium subscription to the services you offer or a purchase of products
you sell or recommend using your referral link.
For some buyers, research is the most important part when they have to buy a product.
Depending on that, their journey either widens or narrows down. These types of buyers are
Researchers and they spend more time with informational keywords.
Conversion is the action you want from your search visitors. Number of conversions that you
get for every 100 search visitors is called Conversion rate.
People who are at different stages of a conversion funnel use different types of keywords.
In this presentation, Danny Leibrandt explains the impact of AI on SEO and what Google has been doing about it. Learn how to take your SEO game to the next level and win over Google with his new strategy anyone can use. Get actionable steps to rank your name, your business, and your clients on Google - the right way.
Key Takeaways:
1. Real content is king
2. Find ways to show EEAT
3. Repurpose across all platforms
Core Web Vitals SEO Workshop - improve your performance [pdf]Peter Mead
Core Web Vitals to improve your website performance for better SEO results with CWV.
CWV Topics include:
- Understanding the latest Core Web Vitals including the significance of LCP, INP and CLS + their impact on SEO
- Optimisation techniques from our experts on how to improve your CWV on platforms like WordPress and WP Engine
- The impact of user experience and SEO
Mastering Local SEO for Service Businesses in the AI Era is tailored specifically for local service providers like plumbers, dentists, and others seeking to dominate their local search landscape. This session delves into leveraging AI advancements to enhance your online visibility and search rankings through the Content Factory model, designed for creating high-impact, SEO-driven content. Discover the Dollar-a-Day advertising strategy, a cost-effective approach to boost your local SEO efforts and attract more customers with minimal investment. Gain practical insights on optimizing your online presence to meet the specific needs of local service seekers, ensuring your business not only appears but stands out in local searches. This concise, action-oriented workshop is your roadmap to navigating the complexities of digital marketing in the AI age, driving more leads, conversions, and ultimately, success for your local service business.
Key Takeaways:
Embrace AI for Local SEO: Learn to harness the power of AI technologies to optimize your website and content for local search. Understand the pivotal role AI plays in analyzing search trends and consumer behavior, enabling you to tailor your SEO strategies to meet the specific demands of your target local audience. Leverage the Content Factory Model: Discover the step-by-step process of creating SEO-optimized content at scale. This approach ensures a steady stream of high-quality content that engages local customers and boosts your search rankings. Get an action guide on implementing this model, complete with templates and scheduling strategies to maintain a consistent online presence. Maximize ROI with Dollar-a-Day Advertising: Dive into the cost-effective Dollar-a-Day advertising strategy that amplifies your visibility in local searches without breaking the bank. Learn how to strategically allocate your budget across platforms to target potential local customers effectively. The session includes an action guide on setting up, monitoring, and optimizing your ad campaigns to ensure maximum impact with minimal investment.
10 Video Ideas Any Business Can Make RIGHT NOW!
You'll never draw a blank again on what kind of video to make for your business. Go beyond the basic categories and truly reimagine a brand new advanced way to brainstorm video content creation. During this masterclass you'll be challenged to think creatively and outside of the box and view your videos through lenses you may have never thought of previously. It's guaranteed that you'll leave with more than 10 video ideas, but I like to under-promise and over-deliver. Don't miss this session.
Key Takeaways:
How to use the Video Matrix
How to use additional "Lenses"
Where to source original video ideas
Financial curveballs sent many American families reeling in 2023. Household budgets were squeezed by rising interest rates, surging prices on everyday goods, and a stagnating housing market. Consumers were feeling strapped. That sentiment, however, appears to be waning. The question is, to what extent?
To take the pulse of consumers’ feelings about their financial well-being ahead of a highly anticipated election, ThinkNow conducted a nationally representative quantitative survey. The survey highlights consumers’ hopes and anxieties as we move into 2024. Let's unpack the key findings to gain insights about where we stand.
SMM Cheap - No. 1 SMM panel in the worldsmmpanel567
Boost your social media marketing with our SMM Panel services offering SMM Cheap services! Get cost-effective services for your business and increase followers, likes, and engagement across all social media platforms. Get affordable services perfect for businesses and influencers looking to increase their social proof. See how cheap SMM strategies can help improve your social media presence and be a pro at the social media game.
Digital Money Maker Club – von Gunnar Kessler digital.focsh890
Title One is a comprehensive examination of the impact of digital technologies on
modern society. In a world where technology continues to advance rapidly, this article delves into the nuances and complexities of the digital age, exploring Its implications across various sectors and aspects of life.
3. I started a business on Airbnb in 2010, ultimately
grossing seven figures throughout my ten years of
using the platform. Although my successful streak
ended during the global pandemic, I've decided to focus
my energy on coaching others to be successful while
using the Airbnb platform. There wasn't a lot of
information when I decided to get into this industry. So,
I enrolled at NYU's hospitality management program to
pursue my master's degree in hospitality management.
I learned valuable information from hospitality experts
and professionals on operating a successful hospitality
business during my enrollment. As a result, I started to
see a drastic increase in revenue upon joining the
program.
Martine Lacroix
4. 03
The success of your Airbnb depends primarily on the location you've selected.
Unfortunately, not all hosts realize this and often jump into buying a property without
researching the neighborhood beforehand. They may decide to get started because they
saw someone else's success with this venture. Don't make that mistake, or it could cost
you more money in the long run. First, understand the different hospitality terms and their
meanings when researching properties to use on the platform.
There are a few things to think about when choosing the right location for your Airbnb.
The most important factor is that the neighborhood you select is desirable to guests. This
means it has attractions and amenities nearby, like restaurants, bars, shopping, and
public transportation. If your listing is located in a run-down area or one without many
tourist attractions, it will be much harder to attract guests, and you may not make as
much money.
Another important factor to consider is the zoning laws in your city. Make sure that the
property you're interested in purchasing or renting is actually allowed to be used as an
Airbnb. In some cities, there are restrictions on how many short-term rentals are allowed
in a given area and restrictions on what kind of properties can be rented out.
Next, you should look into the safety statistics for your neighborhood and how it
compares to other areas nearby. If there is too much crime or not enough police activity,
guests will feel uncomfortable staying at an Airbnb listing located there. You don't want to
spend money on improving your listing only for guests to never rent it out because of
safety concerns.
Finally, you should consider the prices of nearby hotels and other short-term rentals in
order to get a sense of what similar properties are worth. This will help keep from
overpricing or underpricing your own Airbnb property. If you price your listing too low, you
may not make much money. If you overprice it, guests will feel like they're paying more
than other properties nearby and choose to book elsewhere instead.
5. 03
There are hundreds of neighborhoods that fit the requirements for a successful Airbnb
business venture for every city. The key is knowing which neighborhood would best suit
your needs and researching it before you make any decisions. Don't jump into this
without doing your homework, or you may find yourself in a less-than-ideal situation.
The occupancy rate is important to know before you invest in a property and list it on the
platform. The occupancy rate refers to the number of occupied rooms or rentals within a
specific property. Before Covid, New York City had an occupancy rate of 90%, which
dropped to less than 50%. You need to choose a location with an occupancy rate of at
least 60%. However, it's always ideal to aim for an even higher rate.
There are a few reasons you should consider the occupancy rate when investing in
property. The first reason is that it's an indicator of how popular a location is. If an area
has a high occupancy rate, then there's a good chance that people will want to rent from
you. Additionally, suppose you're looking to invest in property overseas. In that case, it's
important to research the occupancy rates for different cities and neighborhoods. This will
help you determine which locations are most desirable to investors.
Another thing to keep in mind is that the occupancy rate can change over time. For
example, if there's a pandemic or other significant event that affects travel, the occupancy
rate could drop significantly. So it's important to stay up-to-date on these types of news.
Finally, suppose you're looking to invest in a property with a very low occupancy rate. In
that case, that might not be the best move for your business. The lower the occupancy
rate is, the more difficult it will be to find tenants. Instead of focusing on properties with
extremely low rates (less than 30%), focus on ones that have high occupancies but still
need some work. This way, you can get an even greater return while also making sure
there's demand for rentals or rooms within your building.
6. 03
The occupancy rate is an indicator of how popular a location is.
The occupancy rate can change over time.
If you're looking to invest in a property with a very low occupancy rate, that might not
be the best move for your business. Instead, concentrate on those with a high
number of guests but still require improvement. This way, you can get an even
greater return while also making sure there's demand for rentals or rooms within your
building.
So, to recap, here are the three things you should keep in mind when it comes to
occupancy rates:
In addition to determining the occupancy rate of a specific area/property, you need to
calculate the average daily rate. Commonly used throughout the hospitality industry, this
calculation is necessary because it lets you know how much you can earn per room on
different days of the week, with the daily rate increasing during peak times.
Understanding your room's average daily rate is essential for managing your business.
Knowing when your rates are highest and lowest allows you to make more accurate
projections and budgeting decisions for your property.
7. 03
Another important term used in the hospitality industry, the RevPar metric, can help hosts
determine how much money they generate per room. It's essential to have this data on
hand to find out if you're filling spaces at an average or above-average rate. If you can
only fill rooms by dropping the price, it becomes an issue because you're not earning the
best profit. When your RevPar index falls below 100, it's an indication that you're charging
less than the average price, ultimately making less than what you could've earned for that
specific market.
Now let's talk about how to calculate your own RevPar so you can see if you're above or
below average in filling rooms.
If I were calculating my RevPAR, this would be the equation that I'd use: R = Total
Revenue / NN (Number Of Nights). Basically, it means "revenue per night" divided by the
number of nights available for revenue generation. So let's say that your property has
been open for 30 days, and there have been 24 bookings total during those 30 days with
14 occupied nights between them:
Calculating Your Own RevPar:
R= Total Revenue / NN (Number Of Nights).
R= $3500/24 Nights = $144 Average Per Night In Revenue!
Now we need to figure out how to make this number go up. Let's start by looking at our
occupancy rate:
14 occupied nights / 24 total bookings = 58% Occupancy Rate
Now that we know how many people are staying in our rooms and the average nightly
revenue, we can increase those numbers! Increasing occupancy means more money for
us, so it's always a good goal to shoot for. You can do things like advertising your
property better, pricing it correctly, or even renovating it to make it more appealing.
Whatever you decide, remember that knowing your RevPAR is an important step in
making your host business successful!
8. 03
Understand the importance of researching the hotel pipeline in any area where you're
thinking of investing in property and using it to succeed on the Airbnb platform. The hotel
pipeline consists of different hotels that will appear in the city over the next several years.
If major corporations have decided to invest in hotel development within your city, it's a
good sign that you can have a profitable Airbnb. These corporations would only invest in
developing large hotels when they know there is a demand for them in that specific area,
so it speaks volumes.
In addition to the hotel pipeline, find out how close the Convention Center is to the area
you'd like to invest in and use for Airbnb. If the Convention Center is nearby, you can
easily attract business travelers and tourists looking for a convenient and cozy spot to
stay during their visit. The three primary indicators of a successful location include hotels,
convention centers, and hospitals. While you don't necessarily need to find an area with
all three options within proximity, it's good to have at least one of these options close to
your location for the convenience of your guests. If you can find a spot close to other
hotels, the city's Convention Center, and at least one hospital, you've got an excellent
property in a prime location.
9. 03
Step One: A Simple Google Search
Step Two: Airbnb Website & Maps
The hotel pipeline research is one of the most critical steps when considering investing in
Airbnb properties for commercial purposes. This will help you understand how many
rooms will be available on Airbnb and what locations and categories they belong to all
over the next several years. You can also use this knowledge to cut your losses if there's
a lot more competition than you'd initially thought. So we must find out everything
possible about our target city before getting started with property acquisition or
renovation, so let's see some techniques I've used in order to do just that!
We always start by doing a simple search using words such as "hotel pipeline" and the
name of our city. This will usually give us a good overview of what's to come in the next
few years and some articles from respected news sources that can help us dig deeper
into this research. For example, if we're looking at investment opportunities in Barcelona,
a quick search for "Hotel Pipeline Barcelona" pulls up several recent articles about hotel
development in the city – perfect for giving us an idea of what type of properties are being
built, where they're located, and how many rooms they'll have!
Once we have a general understanding of what's going on in terms of new hotels in our
target city, it's time to take this one step further. We can cross-check our findings with the
Airbnb website, which has a "What's Hot" section that displays popular cities and trending
neighborhoods for tourists in given countries. In this case, we might want to look at
Barcelona again since it is so popular among travelers these days! Clicking on the What's
New tab gives us an idea of what areas have become trendy recently – perfect
information when you're deciding where to invest your money as well as how many
properties you should acquire or renovate there.
10. 03
Step Three: Property Development & Construction Blogs
Another great way of learning about hotel pipeline activity in any city is by checking out
real estate development and construction blogs. For example, let's say we're looking at
developing properties in Barcelona. We can type "Barcelona Property Development Blog"
into Google and find several good ones to read through. This will give us a much more in-
depth understanding of which areas are being targeted for new hotel construction and
their types (budget, mid-priced, luxury, etc.). We can also learn about the challenges
developers face and get some tips on finding good investment opportunities.
So there you have it – three easy steps for researching the hotel pipeline in any city! By
following these techniques, we can ensure that our Airbnb investment properties are in
line with current trends and ready to increase tourists' increasing demand.
11. 03
Because research plays such a significant role in the success of your Airbnb business
venture, be sure to use tools that work in your favor, such as AirDNA. The website offers
valuable tools that will allow you to perform rental research with ease. For example, you
can review market performance trends, use the rental property calculator to determine
costs and profit earned from renting to guests on a short-term basis, and get short-term
analytics to help you make wise financial decisions.
Accessing AirDNA is free. However, if you want to obtain a detailed report with more
information, you'll need to pay for it. The price paid is worth the information you can get
from the report because you can use it to make better decisions that will drastically
increase your revenue earned throughout the year. Consider it an investment worth
making for the sake of your success because of everything it offers, including important
hospitality metrics, such as the occupancy rate and RevPar for your Airbnb.
For example, you can use the site to determine how many bookings your rental property
has during a given time period. This information is useful because it will help you
determine whether or not you need to purchase more inventory by adding more rental
properties. You'll also be able to estimate how much income you can make from renting
your Airbnb if booked throughout the year. This will allow you to accurately calculate
expenses and net profits earned at the end of each month.
Make wise decisions based on facts instead of emotions using AirDNA for your research
needs. The possibilities are endless with this helpful tool because it provides real-time
information that reflects the latest market trends, occupancy rates, price changes, and so
on. As a result, turning your Airbnb into a full-time job is much easier when you have this
data to rely on.
12. 03
Put effort into determining your seasonality. No matter the destination of your Airbnb
property, it's going to have a low season, mid-season, and high season, like any other
rental property throughout the country. Once again, it requires research. For example, if
you're in the New York City area, you're less likely to see tourists in January and
February because it's often coldest during those times. In addition to the frigid
temperatures, snow and ice tend to accumulate, making it hard for tourists to enjoy
themselves and find different things to do. Again, of course, determining the seasonality
for your property requires research on your behalf.
Once you determine the months that fall under the low season, mid-season, and high
season, it's time to price your property accordingly. You can't expect to use the same
price from the high season during a low season. If you do that, it's going to result in no
bookings. I know this from personal experience during the winter months of 2011 after
having great success in the summer and fall of 2010. I kept rates the same in January
and February and ended up with NO bookings. You can avoid that mistake by lowering
the prices during the mid-season and low season.
Most Airbnb hosts do not understand seasonality and price their properties accordingly.
The majority of them use the exact pricing for all months, thinking that they're going to get
just as many bookings in January and February as they would in June and July, where it's
warmer outside. This results in a considerable loss every winter because you can expect
half of your regular bookings during those times since there are so many other options
available such as hotels, motels, hostels, etc.
13. 03
So how do you determine your seasonality? If possible, you can
start by looking at past guest arrivals data from the previous year
or even years prior. Once you have this information readily
available and determine which months were low season
(November-February), mid-season (March-May), and high
season (June-October), it's time to set your prices accordingly.
Again, if you have past data, this should be easy to do by looking
at revenue per week or monthly figures throughout the year.
If you don't have any prior guest arrival data available, that
doesn't mean there's no hope for success. It just means that it
will require more research on your end in order to determine the
average number of bookings each month during normal weather
conditions. Many websites can help provide historic climate
information for a specific location, including AirDNA. With all this
data right at your fingertips, researching the demand will be an
easy task.
14. 03
The price for your Airbnb will not stay the same throughout the year. Instead, you have to
adjust it according to the season. Naturally, you want to set a reasonable price during
those low and mid-seasons, but you don't want to sell yourself short either. If you have a
fully booked Airbnb, it's a sign of lower rates. On the other hand, if you're not setting your
rates correctly, you will lose out on bookings or have too many bookings to handle, both
of which can lead to frustration.
Success with a property listed on the Airbnb platform means understanding that rates can
fluctuate each night. It all depends on the demand. For example, if there is an increase in
demand for rentals on a particular night due to a concert in the area, you would raise your
property's price. You want to increase the price when there is greater demand. You're not
adequately pricing your property if you have a static rate, which is a problem. In addition
to setting the correct price, make sure that your pricing is the same across any of the
other platforms you may decide to use. Selecting the same price and using it across the
board on different platforms is known as rate parity. Rate parity is essential because you
don't want to alienate anyone using a specific platform to find a rental by making them
feel like they're paying more than others.
Why is there a price difference during the different seasons?
During low and mid-seasons, you can expect lower rates. During high season,
you should be prepared to raise your prices accordingly. You will attract more
guests if you offer competitive or discounted rates during low and mid-season.
For example, if your room is $250 per night in high season, you should charge
$150 or $200 during off-peak days.
This is why smart pricing depends on understanding the number of guests you
can expect for your Airbnb. Then, it's about working out how much money you
want to make in total throughout the year and using that to set your price strategy
according to which time of the year it is.
15. 03
When should you set your rates?
You should set your price when the Airbnb calendar is available to guests. It
usually takes about three weeks for potential guests to check out your page and
book your room, so it's best not to wait too long after posting to start setting
prices.
As an Airbnb host, there are several strategies you can follow to get the most out
of your listing. I've put together some guidelines that will take you step-by-step
through the process, like a menu.
Work out what you need to earn during low and mid seasons.
Work out how many bookings you can expect during the high season.
Divide the total by the number of nights you want to host guests.
Use this information to decide on a daily price – the lower your costs, the more
lucrative it will be for you to offer a competitive rate.
Here are some tips on how to set prices for Airbnb:
Finally, remember that you can always change your rates as needed. If it doesn't work
out, you can always try something else.
Be aware that setting your rates too low or high will reflect poorly on you with guests and
potential guests. For example, if you set your daily rate at $100 during high season (when
most other hosts in the area ask for $120), potential guests will assume that your property
is of lower quality, not as described on the listing, or both.
On the other hand, if you set a daily rate of $150 during low-season (when most other
hosts charge $80), then guests will assume your property is overpriced and more upscale
than those they can find for less.
16. 03
Whichever prices you choose, you have to set a strategy for your pricing. This will help
guests understand what they can expect when staying with you and ensure that you can
make the most of your property without running into any problems.
Now that you know how to price Airbnb in different seasons go ahead and adjust your
prices! Start setting prices for your listings today and watch the bookings pour in!
Use Yielding Software
Did you know that hotels use yielding software to help determine the price of different
rooms throughout the property? It's a great tool that simplifies the steps involved in
setting an ideal price for a room. Be sure to use this software to your advantage. Beyond
pricing is one of several great options to use. It's a popular yielding software used by
many Airbnb hosts. Besides Beyond Pricing, several other convenient pricing software
products are available, including Hostaway, Hosthub, and Hostify.
17. 03
Before using any software, it's essential to know what it offers. With Beyond Pricing, you
can easily access reasonable pricing options for your properties to ensure that you're not
overpricing or undercharging for the rental. It's easy to use and offers many convenient
features, including automated reports for you to review, local demand tracking to keep
you informed, and booking management. The software even provides local event tracking
that lets you know when important events occur in the area, leading to a greater demand
for rentals. It's easy to use and great for both experienced and beginner hosts.
Pricelabs already exist in Airbnb's form in each city they have listings. But what's different
about this tool compared to the ones currently being used by private homeowners on
Airbnb?
This tool is the first attempt by a company that is not Airbnb to create a dynamic pricing
tool for short-term rental properties.
The role of the online company in this scenario is Pricelabs. This Amsterdam-based
startup has created a proprietary algorithm that calculates price ranges based on
variables such as time of day, events happening in the city where the apartment is
located, and other data points. This tool aims to help hosts price their rentals more fairly,
so there aren't situations where people book out all the good dates by accident or charge
too much because they are unaware of what their competition is charging for similar
stays.
18. 03
Location and pricing are critical, but it's just as important to know your target market in
this industry. If you don't know your target market, you won't have as much success as
those who've researched this information and are advertising themselves to a specific
group of people. Unfortunately, many Airbnb hosts are not optimizing to make the most
profit possible. Instead of learning more about their target market, they focus solely on
tourists visiting the area. However, there are many types of travelers, including those
visiting for business, concerts, and more.
If you want to find out more about your future guests, visit the tourist website of your city
to gather valuable data and learn more about what your future guests may plan to do
while visiting. You can use data compiled from research and surveys from airport arrivals
entering your destination to understand better what your guests likely plan to do.
This information is valuable to understanding your target market and what they are likely
planning to do. Gathering this data will inform your listing to make it more appealing to
potential guests, increasing the chance of success with Airbnb.
Many types of travelers look at Airbnb listings in most destinations, so careful planning is
paramount when booking a unit through the service. As mentioned before, business
travelers booked an Airbnb rental for their stay that was more cost-effective than staying
at a hotel or hostel. Bachelorette parties also look for fun activities while visiting a city with
fellow party members. Concerts can also be one of the most popular events putting
people in need of short-term rentals, and there are even weddings where some guests
need short-term rentals for their stay.
Most Airbnb listings are advertised to the average traveler. However, it's important to
target your listing to specific types of guests you think will be interested in your rental.
You'll find more success with bookings and earning profits through Airbnb by listing to the
target market. Many great cities worldwide offer affordable accommodations for travelers
who want an alternative form of accommodation. It's only a matter of figuring out where
those travel markets are and how to tap into them in many excellent places worldwide.
19. 03
For example, suppose you're living near or in Paris, France. In that case, targeting
bachelorette parties is likely not bringing much value. This doesn't mean that there aren't
people looking for these types of accommodations, but it's hard to compete with the
larger hotel chains. Instead, consider yourself a "luxury bed and breakfast" where you
provide this type of experience for guests looking for an alternative to large hotels found
in Paris.
Although it may be difficult at first, learning about the various target markets around your
destination helps generate more profits through Airbnb. By targeting these groups of
people, you're also bettering your chances of attracting repeat visitors looking for short-
term rentals near their favorite tourist destinations.
Be sure to determine if you're in an international or domestic destination. Some of the top
destinations for international visitors include New York City, Miami, and Los Angeles.
Some of the most common domestic destinations include Atlanta, Denver, and Chicago.
20. 03
Airbnb is becoming increasingly competitive, but that doesn't mean you can't succeed.
However, it does mean that you need to find a niche to separate yourself from the rest of
the Airbnb hosts in your area. Not sure which niche to choose? These are a few great
options to consider:
The pet industry is worth $60B. Nearly 85 million Americans have pets at home, with 50
percent of those pet owners choosing to travel with their animals instead of leaving them
behind with family or in pet hotels. As an Airbnb host, you have the potential to cash in on
this opportunity. Most hotels don't allow guests to bring pets with them. However, if you
have a pet-friendly property available for rent, you can expect to bring in more guests
who prefer traveling with their animals. There are different ways to cater to pet owners,
such as purchasing a large crate, pet bed, toys, food, and more. When you go the extra
mile, it pays off.
If you live in a big city like New York, Los Angeles, or Chicago, there's a good chance
people will be willing to pay for the ability to bring their pets with them on vacation.
However, smaller-sized cities will still tap into the "pet travel" niche by catering to pet
owners who are willing to travel with their dogs or cats at any cost.
USA Today recently reported that members of the LGBTQ+ community are more likely to
travel and are currently taking the lead in helping the tourism industry recover from the
massive hit experienced since the start of the global pandemic. Providing members of the
LGBTQ+ community with a safe and comfortable place to stay when visiting your area is
an excellent idea. You want to make them welcome. Because these individuals are more
likely to travel, catering specifically to this incredible community makes sense.
21. 03
Thousands of skilled, trained nurses are taking the initiative to travel for access to higher
pay for the services they provide. Because Covid-19 and variants of the virus continue to
spread, the demand for travel nurses is still there, with roughly 30,000 positions currently
available throughout the United States. You can cater to travel nurses looking for a cozy
place to stay while away from home. Make the rental space feel like home with a
comfortable, welcoming environment that offers books to read, delicious snacks, a comfy
robe, and more. Think of anything a nurse would appreciate having access to and then
include it in your rental to leave a lasting impression.
The arts, culture, and entertainment travel market continues to thrive, with millions of
people choosing to travel to visit museums, amusement parks, and other fantastic places.
You can target travelers planning a stay for a few nights because they're going to a local
concert or planning to head over to an amusement park in the area. When targeting these
people, be sure to include some entertainment-themed items in the decor and items you
offer inside your rental to make it that much more exciting for them.
The luxury travel market is worth $945.6B, so why wouldn't you want to cash in on an
opportunity to provide a truly luxurious experience? If you're going to set yourself apart as
a luxury destination, you need to put in the effort to offer extraordinary things to your
guests. For example, it would be good to have a small in-home gym, indoor pool, hot tub,
sauna room, gaming room, and more. While this means you need to make an initial
investment, it's worth it in the long run because you can charge more while providing your
guests with genuinely luxurious experiences.
22. 03
Nearly 1.3 billion people will travel for business each day in the United States. With so
many people traveling for business, you can always use that to your advantage to cater
to individuals visiting your area while on a business trip. If you're going to do that, you
should have reliable wireless internet available, a spacious office desk with a comfortable
chair, desk phone, and other business-related essentials.
People who like to work out while on vacation or business trips can be a great niche to
target. Sports travelers will often want the "total experience" when traveling—not just
exploring the area but also trying out fitness activities in their new destination. That
means that you have an opportunity to attract these guests by offering items that are
related to fitness. Be sure to include information about the local gym in the area, and
provide little extras like yoga mats or an exercise ball.
Not all environmentally-conscious guests will be vegan, but many of them are. You'll be
able to attract vegans and vegetarians who want an environmentally-conscious
experience when they travel. Make sure that your rental is stocked with vegan soap,
organic cotton towels, and other items that these guests will appreciate.
Raw foodies fit into this category, as do people who care about their health and wellness.
If you can make your rental as healthy as possible, including stocking it with vegan
snacks and organic fruit, you'll attract guests who want to stay in a place that makes them
feel healthier while they're traveling.
College students rent Airbnb properties for various reasons. For example, they may travel
home to visit their loved ones but prefer a private space instead of going home to stay
with their parents. On the other hand, some like to rent these properties for a weekend or
a night out with friends or a significant other to get away from the dorm. No matter the
reason for their stay, you can cater to college students by stocking up on snacks and
drinks and providing neat amenities, such as facial care products, hair care products, a
speaker for listening to music, wireless internet, a mounted television, and more.
23. 03
Stocking up on snacks and drinks is an excellent idea because they can be consumed at
any time. Beverages such as soda, energy drinks, iced tea, etc., are good to stock up on
because most people would like something cold to drink when it's burning hot outside or
during the wintertime, if you live in an area where there's snow on the ground. When it
comes to snacks, you could stock up on granola bars for those running late and who don't
have time to eat breakfast before rushing off to class or work. Cereal is another good
option because college students may not have time to make breakfast in the morning or
may not feel like preparing anything. They may not have time to sit down and eat
breakfast their first day of class, so they'll need a quick thing to munch on.
Moving onto neat amenities.
Facial care products are suitable to stock up on because you never know when one of
your guests might get back from class or work and want to relax in bed or take a nice hot
shower before heading out for the night. As far as hair care products go, it's good to have
these stashed away as well because some people may not have time to properly dry and
style their hair in the morning if they need to be somewhere, so stocking up on hair ties,
sprays, gels, creams, etc. is a good idea for those overnight guests you may have every
now and then.
Another great idea is to provide a speaker or speakers because some people like to listen
to music while getting ready in the morning instead of turning on the television. Other
amenities like wireless internet and a mounted television are always good to keep around
as well because some people may need fast internet speeds to work on projects for
school or careers, while others might want to watch their favorite show.
Try catering to a specific niche to yield better results while gaining an edge over the
competition. For example, not only can you list your property on Airbnb, but you can also
list it on places that cater to your niche, such as Misterbnb for the LGBTQ+ community.
As an example, if your property's location is in San Francisco, a city known for welcoming
the LGBTQ+ community, it's a good idea to list it on Misterbnb.
24. 03
If you want to set yourself apart from other Airbnb hosts, you need to become an expert
in short-term rentals. It's a niche of the hospitality industry that allows you to rent to
guests on a short-term basis, where guests may stay for as little as one night at times.
It's beneficial to join a short-term rental association, such as the Vacation Rentals
Managers Association. While there is a fee to join the association, it will pay off in the
long run because you can attend their annual convention and learn valuable information
to use when running your short-term rental business through the Airbnb platform. In
addition to joining the association, be sure to signup for free short-term rental association
newsletters, including Skift and PhocusWright, to stay up-to-date on the latest hospitality
news and trends for short-term rentals.
Suppose you're investing some time into gathering the latest information and staying on
top of the trends. In that case, you can quickly become an expert and professional
instead of being the average Airbnb host.
25. 03
I hope that my free guide has helped you on your journey to launching a new Airbnb
property. Having spent a decade in the industry, I've learned a lot along the way through
trial and error, along with formal education from the university I attended. My goal is to
share my knowledge with others to help them attain a level of success they never thought
was possible until now. I'm wishing you the best of luck in your endeavors with the hope
that you achieve financial success while enjoying time spent on your short-term rental
venture. Happy hunting!
Thank you so much for reading! This book is part of a series in which I share my own
personal experiences, lessons learned, and recommendations for anyone thinking about
going into the short-term rental hosting business or up-leveling their current operation.
Please check back regularly as there are always new topics being added :) If you found
this information helpful, please consider sharing it with your network and social media
friends by using the links at the bottom of the page to announce it or linking directly from
your site - much appreciated.