These mistakes are Destroying my Airbnb Business

Summary

The speaker candidly discusses the struggles they've encountered since returning to manage their Airbnb business after a year off. They highlight operational mistakes, a lack of hospitality mindset, and a need for cultural change within the company. The video emphasizes the importance of high standards, initiative, and treating guests as the top priority to succeed in the service-based short-term rental industry. The CEO also touches on the challenges of scaling a business, the need for delegation, and the importance of hiring the right management to support growth and maintain a healthy work-life balance.

Takeaways

• 😣 The speaker's Airbnb business is currently underperforming due to mistakes made during their absence from the company.
• 🛠️ The business has been running too operationally, focusing on risk mitigation rather than hospitality service, which is a key issue.
• 💡 Upon returning as CEO, the speaker plans to address these issues and improve the company's service and operations.
• 🤔 The speaker acknowledges the need for balance between being tactful and maintaining an uncompromising vision for the organization.
• 🏨 The hospitality mindset is emphasized, suggesting that the business should 'swing for the fences' to serve customers at all times.
• 📝 An example of poor customer service is highlighted, where guests' inquiries were met with minimal effort responses, leading to negative reviews.
• 🔗 The importance of going above and beyond to help guests, such as providing direct links and additional assistance, is stressed.
• 📉 The speaker mentions an Airbnb algorithm bug that affected bookings, but also points out that some listings underperformed due to service issues.
• 🌟 The speaker intends to hold the company to a higher standard, expecting five-star service and reviews from the team.
• 📚 The concept of 'multipliers' from a book is referenced, advocating for leaders to empower their teams by setting high expectations and appreciating their contributions.
• 🚀 The speaker aims to instill a culture of initiative and problem-solving within the company, encouraging team members to take ownership of tasks and solutions.

Q & A

Why is the speaker's Airbnb business currently not performing well?

The speaker's Airbnb business is not performing well due to a series of mistakes that have been made, resulting in financial losses, negative reviews, and a general mismanagement of the business operations.

What was the speaker's role in the business before taking a year off?

Before taking a year off, the speaker was actively involved in running the business, presumably in a leadership or managerial capacity.

What is the speaker's current position in the company after returning?

The speaker has returned as the CEO of the company, taking charge of operations and looking to rectify the issues that have arisen.

What is the speaker's approach to addressing the mistakes within the company?

The speaker is taking a stern approach to address the mistakes, emphasizing the need for a hospitality mindset and high standards to improve the company's operations and reputation.

Why is the speaker critical of the team's response to guest inquiries about check-in instructions?

The speaker criticizes the team's response as lacking effort and a hospitality mindset, suggesting that they should provide more helpful and attentive service to guests, rather than simply directing them to previous messages.

How does the speaker plan to improve the company's customer service approach?

The speaker plans to improve customer service by encouraging a more proactive and helpful approach, where team members go the extra mile to assist guests and ensure they have the best possible experience.

What is the speaker's view on the Airbnb algorithm and its impact on bookings?

The speaker acknowledges that there was an algorithm bug affecting bookings but believes that it has been resolved. They also note that some listings were not performing well enough, contributing to the issue.

What is the speaker's opinion on the company's current culture and how does he plan to change it?

The speaker believes there is a culture of complacency and lack of initiative within the company. He plans to instill a culture of ownership, autonomy, and high standards, where team members take initiative to solve problems and provide excellent service.

How does the speaker intend to address the issue of team members not taking initiative on projects?

The speaker is considering various strategies, such as incentivizing those who do take initiative, addressing the engagement issue with those who do not, or potentially letting go of those who consistently fail to step up.

What is the speaker's view on the importance of providing excellent service in a service-based business like Airbnb?

The speaker emphasizes that providing excellent service is crucial in a service-based business. They believe that even in less expensive properties, five-star service can lead to five-star reviews, providing a competitive advantage.

What advice does the speaker give to those who are feeling burned out from managing their Airbnb business?

The speaker advises to hire management staff to take some of the workload, allowing for rest and separation from the business. They also recommend letting go of the need to be involved in every aspect and trusting the team to handle issues in their absence.