Things you need to know to run your Airbnb business in 2020
Covid-19 affected all airbnb hosts and travelers in 2020. Some of the hosts had to survive and some took this situation as a rear opportunity to improve and make the most money and to adjust. Here are a few things that you must know to effectively to run your business in current situation.
1. If you have a furnished home that you were using as a short term rental and because of the Covid-19 you put it up for a long term, try to get back into short-term if possible. Find creative ways to stay booked, it is still more profitable than a long term lease.
2. The short term rental market for homes by far has out passed recovery for hotel industry. Most of the hotels are still only at 60% occupancy. Do not look at the hotels statistics, you will still do well because it is more difficult for the hotels than for the home owner to recover.
3. Flexible vs Strict refund policy. Airbnb changed all bookings to flexible policy but regardless all the benefits it is probably better to stay with strict policy because you will still get the same booking as you were flexible. Use it only if your listing is a price leader in the market.
4. If you are not monthly stay friendly you should be considering this. It is increased by 40%. Airbnb retool the whole dashboard try to push monthly stays to win first responders to stay on the platform and push them first.
5. People care about cleanliness a lot more then before. You need to find the way to communicate it to them by photos and your cleaning checklist.
6. Airbnb just recently banned parties. You can not have more than 16 people at your home now.
7. We are about to go through an eviction wave in the USA. And the landlords see it coming. You might find that rental arbitrage will be a good way to go since the landlords are more opened minded right now and it is a good time to negotiate on amazing leases.
You are a short term rental operator and you sell time.
Stay safe and profitable.