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How to Maximize Profit on Airbnb from Special Events (Ep 280)

How to Maximize Profit on Airbnb from Special Events (Ep 280)

How to Maximize Profit on Airbnb from Special Events

We know that special events afford Airbnb hosts the opportunity to make extra money on the platform. But how do you decide how much to charge for your listing? When do guests start making reservations for events like the Super Bowl or SXSW? Are there ways you might earn additional revenue by offering add-on services?

Tyler Olson is the founder and CEO of Away Agents, a unique property management startup out of Minneapolis that specializes in short-term vacation rentals. Tyler’s team provides homeowners with the tools to optimize their listings and bring out the best in every property. Today, Tyler joins me to discuss the origin of the company and explain how he maximized profits during the Super Bowl to earn an impressive $50K!

Tyler addresses how he determines pricing for special events and shares the additional services he offered Super Bowl guests to bring in additional revenue. Listen in to understand Tyler’s process of finding landlords who allow short-term rentals and get advice around capitalizing on special events to maximize profit on Airbnb.

Topics Covered

The origin of Away Agents

  • Start business with University of Minnesota intern
  • Rent apartment in downtown Minneapolis July 2016
  • Made $5K in first month on $1500/month lease
  • Automated operations processes
  • Expanded to 8 units by Fall 2017

The additional services Tyler offered during the Super Bowl

  • Stocked refrigerators
  • Drivers and bodyguard
  • Cold-weather gear

How Tyler determined pricing for the Super Bowl

  • Studied averages for last 2 years
  • Based on premium end of spectrum
  • Half booked year in advance (15X rates)
  • Average of $1500/night, total of $50K

Minneapolis’ Super Bowl Airbnb stats

  • Established Airbnbs booked out by March
  • Listings jumped from 600 to 4K
  • Wave of bookings in summer + 2 weeks prior

Tyler’s tips for creating a winning Super Bowl listing

  • Establish listing year in advance to build reputation
  • Create separate listing with ‘Super Bowl’ in title
  • Optimize listing to rank high on Airbnb

How Tyler finds willing landlords

  • Research # of open units in advance
  • Offer to take off hands for permission to do STR
  • Discuss zoning, insurance, security, etc. up front

Tyler’s advice for new hosts looking to capitalize on special events

  • Quality of listing comes first
  • Consider offering additional services

Tyler’s experience with the Turo car sharing site

  • Put winter car on site, earned $900/month ($300/month lease)
  • Added cars in Minneapolis + expanded to Denver
  • Partner with Hassle-Free Car management team
  • Average daily rate decreasing as supply grows

Connect with Tyler

Away Agents

Tyler on LinkedIn

Tyler on Twitter

Tyler on Facebook

Resources

Turo

Hassle-Free Car

Connect with Jasper

Email: jasper@getpaidforyourpad.com

Twitter: @GetPaidForUrPad

Instagram: @GetPaidForYourPad 

Facebook: www.facebook.com/getpaidforyourpad

Airbnb News Facebook Group

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