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Airbnb Business Host Resources

Airbnb Business Host Resources

Agency.CapeHolidays.info runs is an Airbnb Management agency in Cape Town with offices in Simonstown and Green Point for owners who are not interested in the hassles or owners who are absent. 

See our Youtube Channel (subscribe link) on Airbnb Business Hosting (Our Airbnb Profile). Various are busy creating weekly tutorials on all aspects on Airbnb Hosting. From Airbnb Host Tips and Tricks for new hosts or experienced hosts, it may not be easy to beat the top hosts but why not try. 

Get all the Airbnb Business Host Tips And Tricks Tutorial articles (here)

These resources are freely available to the subscribers of our Youtube channel. It’s easy to subscribe just see the button below. To really become a successful host I not only suggest you subscribe but also set some time aside to watch the Airbnb Host Youtube Video Tutorials.

For example, I’ll be sharing Airbnb research like the following:

An extensive study using 6 million bookings, about 450 000 listings, and 250 000 hosts. It has a wealth of information. One of the graphs I refer to is the correlation between the number of reviews and occupancy. In other words, there is a very strong relationship between average occupancy and an average number of reviews. The higher the number of reviews the higher the occupancy. Therefore, if you have competitors’ rates and a number of reviews you can estimate their annual income. This can assist you to see what is real competitive pricing. And how to use pricing and occupancy to maximise income. 

But that’s only one of many. And as I add more weekly Airbnb Host tutorial videos I’ll update the list. 

Some of these Airbnbresources are available on the internet but not easy to find. Some others were developed in house. 

Research:

  1. LearnAirbnb.com Research-based on 6 million bookings. You should read it.  The main focus is to use the graph with the number of reviews to establish occupancy and potential annual income of your competitors. Direct Download.

Spreadsheets: 

  1. Competitive Pricing: This spreadsheet was developed to assist Youtube Members who wanted to do Airbnb competitive prizing research. The spreadsheet is a Google Doc sheet. To use it, open this link and make a copy of it. 
  2. Setting Seasonal Rates: The same spreadsheet as per the link above you can use and adapt to plan your seasonal rates.
  3. Discounts. The discount spreadsheet is on the same sheet as the link above. If you downloaded it before get the latest here.
  4. Airbnb availability: Set the availability window to be closed by default. When you have a rolling window you may not have set your rates and Airbnb will use your base price to auto-set your rates. And you may get bookings at low rates you did not anticipate. Rather open at least 18 months in advance. And set your own prices up to this time. Every 3 to 6 months you can open your calendar by 6 or 3 months. You will never have a bad surprise. 
  5. Discounts. The spreadsheet I used is the same spreadsheet but you may have not downloaded the latest version (Get it here link).

Video Tips: 

    1. If you plan to purchase an expensive Airbnb investment property or need to make a lot of money to cover your cost; alarm bells start ringing. As you know I suggest you should make money at 35% occupancy at zero or few reviews. If you are forced to make lots of money quickly with say, an investment property, or if it’s your own and you cannot walk away rather use my conservative approach. The strategy you will try and use to make lots quickly will set you into a frame of mind that will set you up for failure. Obviously properties differ, set up differ but be warned; anything requiring more than 35% occupancy must be done after thorough investigation.

Setting Airbnb custom minimum length of stay (MLOS):

Click to open: Setting Airbnb custom minimum length of stay (MLOS):
  1. Setting Airbnb custom minimum length of stay (MLOS): 
    1. How we set our Airbnb minimum length of stays? The objective is to reduce change over cost while not reducing occupancy or income. Research, I read indicated 4 days minimum stays are ideal. Initially, we had the minimum length of stay for the lowest demand period at 2 nights. This allowed people to book a weekend. What I call the pudding periods and it attracts party-goers. Then we changed it to 3 and today our general minimum is set to 4 nights. But we override the minimum stay for higher demand periods.
    2. Obviously, the minimum length should not be 4 nights if your passing tourists or business guys don’t stay more than a night.
    3. In these cases, you must increase your change owner fee a lot. Or set your daily rates higher but give excellent discounts for 4 night stays or longer. If you want more info on this let me know as I am not going into the details here. But it is important for hosts with tourist stays requiring very short stays.
    4. Let me share one example using price. Let’s assume your price is a very competitive 750 per night (3000 for 4 nights). Instead, increase your daily to 1250 per night. If someone stays a night they pay this premium. Two nights they pay R2500. If they stay 3 nights give a discount of 25% and it becomes 2812. For a few bucks more they stay a night longer. From 4 days stays until a week give them a 50% discount; they are staying it your ideal 750 per night - or 3000 for 4 nights. I am sure you get the idea.
    5. 4 Night Long weekends should ideally be 4 nights. If it’s a Friday to Tuesday. Set your 4-day minimum starting from Thursday evening.
    6. Summer: We are happy with 4 nights during the summer.
    7. But peak or rather very high demand periods we set our minimum stay 12 nights if it’s long in advance. As we are creeping closer to the high demand period and it has not been booked yet we reduce it to 10 nights. If it’s ready bad we can then reduce the high demand daily price. And tweak it as we move closer. But if there are still no takers we cut the minimum stay to 7 nights.
  2. Handling objections and critical reviews.
      1. Feel. Tell them “I understand how you feel”. This is intended to tell the customer that you have heard them and can empathise.
      2. Felt. Tell them about someone else who felt the same way initially. You’re telling the customer that they are not alone and that things can change.
      3. Found. Then tell them how that person found that when they did what you wanted/bought the product, they got what they wanted.
        1. The standard formulation of the objection handling technique goes like this: Example on how to use this to respond to a negative review. 
        2. You are getting 5 Star reviews. And then one guest complained about your Casper soft mattress. 
        3. Response. Feel. "Thanks for your review. I really understand how you feel. And we apologise". 
        4. Felt. "When we looked for the best soft mattress available, reading the reviews other buyers felt the same". 
        5. Found. "Investigating it further these same buyers indicated that after getting used to these mattresses, they found them extremely comfortable. You will note that all our previous guests never had an issue. We even asked all to be critical as we must learn". "That, however, is no excuse and we will make sure guests sensitive to new soft bed technology will be aware of it before they book"
        6. Now you can see how we turned a negative into a positive. We never judged, or justified. We just gave the truth. 
        7. And future guests will respect you for your honesty
        8. This reminds me. When you say you'll warn people about an issue you are exposing an objection. When exposed it cannot be used against you. Never oversell. Always make guests aware of the issues. It creates trust. And trust sells. 


P.S. Earn trust, earn trust, earn trust. Then you can worry about the rest. Seth Godin

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