How to BEAT the Competition on Airbnb

Summary

In this video, the host discusses strategies to excel in the competitive Airbnb market amidst concerns of oversaturation and decreased demand. Emphasizing the importance of exceptional property photos, compelling listing descriptions, and competitive pricing, the host outlines key steps to ensure a property stands out. The video also highlights the significance of being a responsive and accommodating host to secure top rankings and bookings, ultimately capturing more demand than competitors.

Takeaways

• 😀 Despite market saturation and downturns in demand, top Airbnb hosts continue to perform well.
• 🏆 The top 25% of hosts are least affected by market fluctuations, emphasizing the importance of standing out.
• 📸 Investing in professional, exceptional photos is crucial as they are the primary factor guests use to select properties.
• 🏡 Make sure your listing's headline is compelling to attract clicks and provide relevant information.
• 📝 Include detailed captions for each photo and a clear, bullet-pointed listing description to answer potential guest questions.
• 💰 Pricing your property correctly is key; use data-driven strategies and tools to align with market rates.
• 📈 Utilize tools like AirDNA or pricing software to understand market trends and set competitive prices.
• 🌟 Ensure you are a great host by focusing on guest satisfaction and aiming for five-star reviews.
• 🔍 List all available amenities in your property's backend on Airbnb to appear in relevant guest searches.
• 📈 The middle group of properties is most affected by market changes, so strive to be in the top percentile.
• 📢 The video offers free training for those interested in investing in or managing Airbnb properties.

Q & A

What is the main topic of the video?

The main topic of the video is how to beat your competition on Airbnb.

Why is the topic of beating competition on Airbnb relevant right now?

The topic is relevant because there is a perceived oversaturation of Airbnb listings and a downturn in demand, leading to discussions about 'airbnbust' and doubts about the viability of making money through Airbnb.

What does the speaker claim about the distribution of bookings among Airbnb hosts?

The speaker claims that not all hosts are affected equally by market saturation or drops in demand. The top 25 percent of hosts are almost not affected at all, while the middle group (50th percentile) is more significantly impacted.

What is the key to beating the competition according to the video?

The key to beating the competition is to be a great host, ensuring five-star reviews from guests and satisfying their needs.

Why are professional photos so important for an Airbnb listing?

Professional photos are crucial because they are the primary way guests sift through properties and decide where to stay. Good photos can make a property stand out and get booked.

What should be the focus of the headline in an Airbnb listing?

The headline should grab attention and highlight the property's unique selling points, such as amenities like fast Wi-Fi, a hot tub, or a swimming pool, rather than less recognizable neighborhood names.

How should the listing description and photo captions be formatted to provide the most information to potential guests?

The listing description should start with a persuasive narrative and then use bullet points to list key details and amenities. Photo captions should answer potential questions guests might have about the property.

What are some strategies the speaker suggests for optimizing an Airbnb listing?

Strategies include having professional photos, optimizing the headline, writing detailed listing descriptions and photo captions, and ensuring all amenities are listed in the Airbnb backend.

Why is pricing so critical in the context of an Airbnb listing?

Pricing is critical because if a property is priced too high, it won't get booked regardless of how good the listing is. Conversely, pricing too low means leaving potential earnings on the table.

What tools does the speaker recommend for setting the right price for an Airbnb property?

The speaker recommends using tools like AirDNA, a target occupancy rate tracking spreadsheet, or pricing software like PriceLabs to set the right price based on data.

What is the benefit of being in the top 25 percent of Airbnb hosts?

Being in the top 25 percent means a property is likely to get booked more frequently, reducing the impact of market fluctuations and ensuring a steady stream of bookings.

Outlines

00:00

🏠 Beating the Competition on Airbnb

The speaker begins by addressing the common concern about the oversaturation of Airbnb properties and the belief that it's no longer profitable to list on the platform. They emphasize that not all hosts are impacted equally by market changes and that the top 25% of hosts typically remain unaffected. The key takeaway is that it's possible to succeed on Airbnb, even in a saturated market, by outperforming the competition. The speaker shares their expertise in property management and consulting, asserting that success is achievable by focusing on being an excellent host and ensuring guest satisfaction, which is fundamental to all strategies discussed.

05:00

📸 Prioritizing Professional Photography for Listings

The speaker stresses the importance of professional photography for Airbnb listings, noting that it is the primary factor guests use to select properties. They advise against amateur photography and recommend hiring a professional with experience in short-term rental properties. The goal is to make guests envision themselves in the space and to highlight the cover photo, as it is the most visible part of the listing. The speaker also discusses the significance of the listing's headline, suggesting that it should be attention-grabbing and focus on the property's amenities rather than the neighborhood's name, which may not be familiar to guests.

10:01

💰 Pricing Strategy and Listing Optimization

The speaker discusses the importance of pricing strategy, cautioning against both overpricing and underpricing. They recommend using data-driven tools and resources to align with market rates and ensure competitiveness. Additionally, they advise hosts to list all available amenities on Airbnb's backend to increase visibility in search results. The speaker also touches on the significance of the listing description and photo captions, suggesting that they should provide guests with as much information as possible to facilitate bookings without the need for further inquiries.

Keywords

💡Airbnb

Airbnb is a marketplace that allows people to rent out their properties to travelers. In the context of the video, it represents the platform where hosts list their short-term rental properties to compete for guests. The script discusses strategies for hosts to stand out among the competition on Airbnb and maximize their bookings.

💡Oversaturation

Oversaturation refers to a situation where there is an excessive number of similar offerings in a market, leading to increased competition and potentially reduced demand for each individual offering. The video addresses concerns about an oversaturated Airbnb market and suggests that not all hosts are equally affected by it.

💡Market Cycle

A market cycle refers to the fluctuating patterns of supply and demand in a market over time. The script mentions that top-performing hosts on Airbnb are less affected by market cycles, as their properties tend to perform well regardless of market conditions.

💡Professional Photos

Professional photos are high-quality images taken by a professional photographer to showcase a property in the best possible light. The video emphasizes the importance of having exceptional professional photos for an Airbnb listing, as they are the primary factor guests use to evaluate properties during their search.

💡Headline

A headline in the context of an Airbnb listing refers to the title or main heading of the listing that appears in search results. The video suggests optimizing the headline to grab potential guests' attention and entice them to click through to the listing for more information.

💡Amenities

Amenities are the features or services provided in a rental property that enhance the guest's stay, such as Wi-Fi, a hot tub, or a swimming pool. The video advises hosts to highlight their property's amenities in the listing to attract guests and ensure they are marked in Airbnb's backend for better visibility in searches.

💡Pricing Strategy

A pricing strategy involves setting the rental price for a property in a way that is competitive and maximizes revenue. The video discusses the importance of aligning with market rates and using data-driven tools to set effective prices, rather than relying on guesswork or emotional pricing.

💡Be a Great Host

Being a great host means providing excellent service to guests, ensuring their satisfaction, and receiving positive reviews. The video stresses that regardless of other strategies, being a good host is fundamental to success on Airbnb, as it directly affects guest satisfaction and repeat bookings.

💡Listing Description

A listing description is the written content of an Airbnb listing that provides details about the property, its features, and the experience guests can expect. The video recommends using a combination of narrative and bullet points to effectively communicate the property's highlights and answer potential guest questions.

💡Photo Captions

Photo captions are the text descriptions accompanying each photo in an Airbnb listing. The video suggests using captions to provide additional information about the property, which can answer potential guest questions and reduce the need for them to contact the host before booking.

💡Market Competition

Market competition refers to the rivalry among hosts on Airbnb to attract guests to their properties. The video's main theme revolves around strategies to outperform this competition, ensuring that a host's property remains desirable and booked despite market conditions.

Highlights

Discusses strategies to beat competition on Airbnb despite market saturation.

Dispels the myth that all hosts are equally affected by market changes.

Notes top 25% of hosts are hardly affected by market saturation or demand drop.

Middle group of properties is most impacted by market changes.

Stresses the importance of being a great host to get five-star reviews.

Advises getting professional photos for the property listing.

Highlights the cover photo's role in attracting potential guests.

Recommends hiring a professional photographer experienced with Airbnb properties.

Suggests optimizing the listing headline to grab attention.

Advocates using bullet points in the listing description for clarity.

Cautions against neglecting to be a good host despite strategic efforts.

Encourages listing all amenities in Airbnb's backend for better visibility.

Warns against pricing the property too high or too low.

Recommends using tools like AirDNA or pricing software for competitive pricing.

Provides free training for investing in Airbnb properties for wealth building.

Offers free training for managing other people's properties on Airbnb.

Encourages viewers to subscribe for weekly videos on succeeding with Airbnb.

Invites viewers to share thoughts and questions in the comments section.

Transcripts

what's up guys in today's video we're

going to be talking about how to beat

your competition on Airbnb

now the reason I want to do a video on

this specific topic right now is because

there's so many people right now that

are talking about the oversaturation of

airbnbs in the market right now they're

still talking about airbnbust and

there's a whole bunch of people saying

that it's just not the right time to get

started with Airbnb and that you can't

make money anymore with Airbnb and the

thing I always like to remind people is

that whenever there is an increase in

Supply in the market or a downturn in

demand what most people Envision

happening in their heads is they think

that all Airbnb hosts across the

platform are going to get an equal share

of the bookings and so when there's more

listings it means that everyone gets

slightly fewer bookings and people think

that that means it as well if there's

fewer people looking for properties to

book that everyone sees a slight

decrease in demand and that just isn't

true I invest in properties I own a

number of short-term rental properties

I've managed dozens of short-term rental

properties I've consulted at this point

on thousands and worked with property

management companies investors and hosts

all across the world and I can tell you

without a doubt with absolute certainty

that that is not what happens when

there's an over saturation Airbnb Market

or a drop in demand in an Airbnb Market

not all hosts feel that that impact

equally in fact the top 25 percent of

hosts in any given Market are almost not

going to feel it at all and we can see

this by looking at the numbers we can

look at the data and what you'll notice

is that if you look at the top 25

percent of listings in a given Market

year over year over year it doesn't

really tend to change that much one way

or the other those properties tend to be

really performing well no matter what's

going on in the market cycle where you

start to see a really big impact is when

you look at that middle group the

properties considering that 50th

percentile range those properties are

the ones that get booked after everyone

else and so naturally if there's an

increase in Supply in the market then

those properties are going to have a

worse chance of getting booked and if

there's a drop in demand in a given

Market those properties are going to

have a worse chance of getting booked

because the only time that those low

performing properties actually get

booked is when the high preferring

properties are no longer available as

options and so

the name of the game at any point in

time no matter what's going on in the

market no matter where we're at is

always beating the competition certainly

at this type of a point in the market

where there are some markets that are

oversaturated and there is a decrease in

demand from what we've seen over the

last couple years in a lot of markets as

well the name of the game isn't let's go

run out and get the next shiny object

there's still tons of money to be made

with short-term rentals the name of the

game though is beating the competition

so I want to share with you a few things

that you can do right now to outperform

your competition and make sure that you

have a blockbuster year with your

short-term rentals whether you own them

whether you manage them whatever it

might be I want to make sure that you're

successful and the way to do that is by

beating the competition now first and

foremost the most important thing that

is going to really underpin every single

one of the strategies I'm going to share

in this video is you have to be a great

host meaning you have to actually care

that you get five star reviews from your

guests and that you do what it takes to

make sure they're satisfied now there's

tons of nuance to that and I'm not going

to dive into that in this video and

share all the different nuanced

situations of what can happen with hosts

and guests and how to deal with all that

that's something I dive into in other

videos as well but I just want to really

make sure that said up front is that if

you apply all the strategies and tactics

I'm going to talk about in this video

and you neglect to actually be a good

host and make sure you satisfy your

guests then none of it's really going to

matter so with that said and out of the

way let's talk about some of the main

things the highest leverage things that

you can do right now on your short-term

rental to beat out the competition first

and foremost number one is make sure you

get professional photos and make sure

those professional photos are

exceptional not good not great

exceptional because the number one thing

that people use to sift through

different properties when they're

looking for a place to stay on Airbnb

and find the one they want to stay at is

photos you if you imagine if they're

looking through the search results what

are they looking at well there's a

little bit of text for your headline so

that is important I'll touch on that in

a moment but the most important thing

they're looking at the thing that

occupies most of the search result

actual real estate on the search result

page are the photos specifically your

cover photo so it's super super

important your photography is done

exceptionally well because a lot of the

times great properties get eliminated

from buyers uh you know ideas of like

their their short list just simply based

on poor photography so you want to make

sure that you hire a professional

photographer do not try to do this

yourself and make sure you get a

photographer that specializes in and or

is experienced with shooting Airbnb and

short-term rental properties

specifically it's quite a bit different

from shooting other forms of real estate

shots or you know other types of

Photography altogether so make sure you

have someone that knows what they're

doing that's going to be able to help a

guest to Envision themselves in that

space and actually get the Optics

they're going to want to see the visuals

they're going to want to see in order to

actually book that place and pay top

dollar for it so photography is number

one most important and specifically you

want to really highlight your cover

photo now next after that you want to

optimize other parts of your listing

like for example your headline make sure

it's a headline that grabs people's

attention and makes them want to click

and learn more about your listing don't

bother telling them about the things

that it's close to like the neighborhood

that it's in that nobody knows the name

of who's traveling there sure if you're

in a really really recognizable area

like let's say for example you're in New

York City and your steps to Central Park

well it's a pretty safe bet that most

people traveling in New York City know

exactly where Central Park is and know

it's an awesome place to be but if

you're in some obscure City and you tell

them it's near a certain neighborhood

that they've probably never heard of

before that's not giving them

information that is actually relevant to

them or is going to make them more

likely to click through that listing

you'd be better off highlighting things

like your fast Wi-Fi the hot tub you've

got the swimming pool you've got

whatever amenities you have that are

really going to attract them if you're

nearby to a specific neighborhood that

has restaurants shopping Etc don't name

drop the neighborhood that's not going

to be meaningful to anyone say that your

steps to restaurants shopping the things

that are actually attractive to that

potential guest so really try to cram as

much of value into that headline as

possible with the goal of getting people

to click through to your listing now

once they've clicked through the other

elements you're listing that are super

super important are gonna be your

listing description and the photo

captions make sure that on every single

photo you have a caption that gives the

guests as many answers to potential

questions they're going to have as

possible you want to give them all the

information they're going to need at

this point in order to feel comfortable

booking your place without having to

message you in advance with different

questions they might have the listing

description should be no different use

that first pair paragraph to really sell

them on the place but then what I like

to do is convert over to bullet point

lists that are going to give them all

the information the key details that

they're going to be looking for I like

to break that down uh in terms of just

the top amenities that are the most

desirable and then go into each room

specifically and highlight the different

amenities in each room that way the

information is exceptionally easy to

find if a guest wants to know if you

have a dishwasher they just find the

heading for kitchen and look to see if

dishwasher is listed there makes it

really easy and I find that a lot of

hosts just revert to this big wall of

text and as a guest you're probably not

going to read that so just do away with

it all together inform in in exchange

for a nice bullet point list

guys just want to take a quick break

here to say that for those of you

watching who want to build cash flow and

long-term wealth by purchasing airbnbs

and short-term rental properties there's

a link in the description right down

below for a free training that'll walk

you through my exact strategy for

investing successfully in airbnbs now if

you're not ready to actually buy

properties and you want to get started

managing other people's properties on

Airbnb the same way I got started and

build a full-time income managing other

people's properties there's actually

another free training Linked In the

description down below as well that'll

be a really great fit for you so whether

you want to invest in short-term rental

properties and actually build amazing

cash flow and long-term wealth by

acquiring the assets buying the

properties themselves or you're looking

to earn a full-time income managing

other people's properties on Airbnb

we've got some awesome trainings that

are linked in the description down below

that'll definitely help you out when you

sign up for the trainings we're also

going to send you a few other tools and

resources completely for free just to

help you get started again the links to

sign up are in the description down

below and both trainings and all the

tools are completely free so make sure

to register for the trainings links in

the description down below

now the other thing that I think is

really really often overlooked or just

avoided by hosts that don't really know

how to do it is pricing now it should go

without saying that if your property is

priced too high then it doesn't really

matter how great your photos are or how

great your listening description is

because the competition is just going to

be a much more reasonable option for

anyone looking to book so unless you

have some unique factor that is so

sought after in your Market that it

really sets you apart from the

competition puts you in a league of your

own you want to be in alignment with

what other listings are listed at in

terms of pricing now the best way to do

this is to look at sites like air DNA or

use tools like a Target occupancy rate

tracking spreadsheet which you've got

Linked In the description down below or

tools like price Labs or other pricing

softwares the reality is you cannot

price your property effectively with

your best guess or emotional pricing you

can't just look at Airbnb either to see

what other properties are listed for

because all that tells you is the price

signal properties that haven't yet been

booked and it tells you what the pricing

is after airbnb's markup not before it

so that's going to lead you astray you

want to make sure you have a good solid

data driven pricing strategy and I've

talked about this tremendously at length

in other videos so make sure you check

those out as well if you want to learn

more about exactly how to set up a

Daydream pricing strategy but that's

just another one I had to absolutely

mention in this video have you ever

missed if I didn't say that hey if your

property is priced out of the market

then you're just not going to get

bookings no matter how good your listing

is you're not going to beat the

competition now if you price your

property too low you can still get

bookings over your competition but

you're still going to be leaving money

on the table too so that's not a great

option either now

once you have those things dialed in

you'll be far ahead of most people one

other tip that I always recommend to

people is make sure you go into the back

end of Airbnb and select all the

different amenities that your property

has go and get exhaustive it's going to

take you 30 minutes there's a huge huge

list of all the amenities you can check

off the thing to remember though is that

these are often searchable so if people

are specifically looking for properties

with that given amenity they might go

and tick it off and if your property

doesn't have it specifically checked off

as an amenity on airbnb's back end then

you probably won't even show up in those

search results so make sure you've got

all that done that's really going to go

and make sure that you're one of those

top 25 listings now I can reassure I can

assure you that if you do all of that

you're going to have a property that

gets booked far more than most people in

your market and you're really not gonna

need to worry too much about competition

the freedom that gives you is it means

now you don't have to worry about what's

going on in the market around you you

can pay attention to it you can use the

info your decisions but it's never going

to be a make or break situation for you

if you can beat the competition there's

always going to be demand for short-term

rental properties you're going to be the

one that's going to capture it so I hope

this video is valuable for you if it was

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much for watching and I'll see you in

the next video

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thank you

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