Category Archives: Airbnb

Big Data Now Available for Airbnb Micro-Entrepreneurs

Los Angeles based RentingYourPlace.com today announced the launch of AirDnA, a new analytics tool that provides performance data to Airbnb entrepreneurs.airdna

AirDnA (an acronym for Airbnb Data and Analytics) provides free data on over 150,000 Airbnb listings in nearly 1,000 cities across the United States. Using a Google map, users can select a state and zoom into their particular city of interest to uncover information such as: average nightly price, number of listings, guest reviews, and the availability of amenities such as air conditioning or cable TV. AirDnA paints a picture of how pervasive short-term rentals have become across the country. From the mountains of Aspen, Colorado, where the average price of the 48 available homes is $705 per night, to the coast of Lihue, Hawaii, where an average home goes for $138 a night. Exploring the presence of Airbnb across the 50 states provides a glimpse into the cost of staying in each town and how much micro-entrepreneurs are capable of earning by renting their own place.

For an additional fee (starting from $19.99), AirDnA provides sophisticated “city intelligence” reports for the more advanced user. By analyzing the performance of over 100,000 properties each week, the dynamic report creates neighborhood pricing guides, recommends reservation settings, and shares insights about the most successful Airbnb hosts.

“Hosts make dozens of crucial decisions when creating and pricing their Airbnb listing” says Scott Shatford, Founder of RentingYourPlace.com and author of The Airbnb Expert’s Playbook. “I developed AirDnA to set the standards and best practices for maximizing each properties earning potential.”

A former Sr. Director of Operations at Korn/Ferry International where he specialized in business intelligence, Shatford created AirDnA due to his own frustration finding a resource that helped hosts make data-driven decisions. “It took me two years of trail and error to increase my revenue by 20%. It should now take the typical host about 20 minutes to see the same results,” he says.

Come check us out! AirDnA – Free Airbnb Data & Analytics

At last.. Airbnb Analytics

Ever wondered why Airbnb doesn’t help you set better prices for holidays, or show you how your property is performing compared to your neighbors? Wouldn’t it be nice to know what the typical cleaning fee is for your type of place, or what the average occupancy rates are in your area. I’ve decided to fill the knowledge gap, grab the data, and answer all the question I’ve encountered running an Airbnb business over the past two years.

By collecting data from Airbnb and doing extensive analysis, I’ve been able to answer questions such as:

airbnb listings

  • Can I make more money by increasing my weekend rates?
  • What exactly is my neighborhoods high, mid, and low season?
  • Does charging a deposit lower my chances of getting bookings?
  • What is the average cleaning fee for a two bedroom apartment?
  • How many more inquiries will I receive with a 5 star rating vs. a 4 star rating?
  • What is average occupancy rate through the summer for my city?
  • What is the standard discount for week and month booking?

With this data I’ve been able to craft my listing, pricing, and fee’s to maximize my occupancy and daily price in order to run an efficient, optimized, and hugely profitable Airbnb business.

Live Data as of June 6th, 2014

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As well as better understanding the big picture, I’ve gained countless insights into the pitfalls most host are falling into. Did you know that 66% of hosts in Los Angeles never change their daily pricing for holidays? Can you imagine how much revenue airlines would miss out on if they didn’t increase their prices around Christmas?  Can you believe that 21% of hosts don’t charge any type of cleaning fee?

With the new sharing economy comes an army of new micro-preneurs ready to realize huge benefits from big data.

What questions have you had about your property? Visit my blog page at rentingyourplace.com and leave a comment.  I may just have the answer you’ve been looking for.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

This report is just scratching the surface of what is possible.

Sign up for my newsletter at Rentingyourplace.com to know when you can run your own report for your city.

 

 

 

 

 

Airbnb Competitive Intelligence

Have you ever wondered what the average occupancy rate is for you neighborhood or what’s the best price to charge for a holiday weekend?  If so, then an Airbnb competitive intelligence is the source of all of your answers.

By compiling the information from all of the Airbnb listings in the United States, I have produced a method of guaranteeing at least a 10% increase in booking revenue in less than 30 days.

Here is an example of a live summary report for the my home town Santa Monica, CA.

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Want to get an snapshot of your town? Go to rentingyourplace.com and signup for the newsletter.

The Airbnb Expert’s Playbook

I’ve received so much interest from friends and family on the success of my Airbnb ventures that I’ve written an entire Ebook on the subject called The Airbnb Expert’s Playbook – Secrets of a Six-Figure Rentalpreneur. I spent 6-months researching the sharing economy, Airbnb, and interviewing super hosts to create best practices for everything from interior design, pricing techniques, SEO and tax considerations. You can purchase the book through Amazon now for only $9.99.

 


Maximizing your AirBnB profits

In an attempt to recoup some of my overhead during an extended trip to southeast asia, I decided to list my Santa Monica apartment on Airbnb. Six months later I’ve grossed $35,000 and have moved into a second house. Is Airbnb a micro-prenuer business that will be squashed by regulations? Will the market be flooded with units until there is no margins left for the average host? Or will Airbnb be the biggest disrupter in the history of travel?
I’m betting on the longterm success of Airbnb and will share a few tips on how you too can pay the bills by renting out your apartment.

Pictures – Airbnb offers a free professional photographer for your listing.. Use it! They will want to use as much light as show as much color as possible. So grab those throw pillows and replace those burnt out bulbs. Make sure the place shines and is free of nic naks and as many personal belongings as possible. People want to imagine your home as their own.

Pricing – Research all of the places in your neighborhood for different dates a couple months in the future to make sure you have the largest number of units in your search results. Do the standard location and size comparisons and price your place 25% under market value to get started. Once you’re up and running, price your available days over 30 days in the future at a higher price than what you have available this month.  Many vacation planners and are willing to pay a premium to secure the perfect place far in advance.  Lower you rates for the gaps in the reservations and for the upcoming week to ensure that you have as close to 100% occupancy as possible.

Greeting Guests – Don’t waste your time meeting every guest that comes to your place. It will drive you crazy waiting around for people stuck in traffic and take to much time out of your day. Have hideaway keys or remote entry available. Most guests will appreciate skipping the awkward walk through after their red-eye.   Create a detailed House Guide that answers every imaginable question.   You can also include maps of the area and local recommendations to create some personal flare.

Cancel your Cable – Get all of your cost on your place as low as possible. Like running any business, make sure you have all of your cost contained. Get a Roku and share passwords with your home account for all you streaming content. Almost no one is going to book your place because of the basic cable. Your losing $5 a day by having it.   Maybe even try to cozy up to your neighbor for a WIFI password to cut out as many utilities as possible.

Cleaning – Do it Yourself! Get your hands dirty when turning the apartment around between guest and have a cleaner come in only once per month. 95% of cleaning between guest can be done in an hour. Cleaners in my area will charge $70 to do the same thing. Get your hands dirty and have a professional get the bathroom scum once a month. I average 6 turnovers per month. It saves my bottom line $400.

Positive Reviews – People want to see that other have had a great experience and the guest on AirBnB are more than happy to enthusiatically endorse you. Make sure you leave every guest with a nice note and follow up with them after thier stay to make sure they review your place

Buying in Bulk – It seems ridiculous when your walking out of Costco with 500 rolls of toilet paper but it will get used and people expect there to be plenty of these household goods. Save yourself the weekly trip to CVS.

I think you’ll find becoming your own real estate tycoon is much easier than you’d expect.  Try it on your next vacation and see where it may take you.