How to BEAT the Competition on Airbnb
Summary
TLDRIn 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
🏠 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.
📸 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.
💰 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.
Mindmap
Keywords
💡Airbnb
💡Oversaturation
💡Market Cycle
💡Professional Photos
💡Headline
💡Amenities
💡Pricing Strategy
💡Be a Great Host
💡Listing Description
💡Photo Captions
💡Market Competition
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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me know in the comment section down
below with that being said thanks so
much for watching and I'll see you in
the next video
[Music]
thank you
[Music]
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