2021 has been a unique year for the short-term rental industry.
As the pandemic continued to limit international travel, people opted for unique experiences closer to home. And many Airbnb hosts benefitted from the circumstances.
Hostfully conducts an annual survey of STR hosts to identify trends and offer property managers insights into how the industry is evolving. So, what are the key takeaways from this year’s report? What did successful hosts do in 2021 to improve the guest experience and maximize their revenue?
David Jacoby is the Cofounder and President of Hostfully, an all-in-one property management platform that helps STR hosts embrace automation and deliver an exceptional guest experience.
On this episode of Get Paid for Your Pad, David joins me to share his top takeaways from the Hostfully 2021 Hospitality Report, exploring where STR reservations are coming from and why some markets report more competition in 2021—while others report less.
He discusses the trend toward digitization in the short-term rental industry and weighs in on what software tools Airbnb hosts counted as most valuable in 2021.
Listen in to understand why cleaning and turnover management is an ongoing challenge and find out what short-term rental hosts plan to do to increase their revenue in 2022!
Why some STR markets report more competition in 2021 while others report less
- Secondary markets have more competition and increase in revenue
- Hosts in large cities have less competition (COVID, regulations)
Where short-term rental reservations are coming from
- Small property managers get 50% from Airbnb, only 18% direct bookings
- Large property managers get 21% from Airbnb, 44% direct bookings
The trend toward digitization and automation in the short-term rental industry
- Huge jump in number of hosts using digital guidebooks in 2020
- QR codes to direct guests to instructional videos or guidebook
- Smart lock use shot up in 2021, especially with small property managers
The overlap between what hosts would make easier and what was easier
- Guest communication
- Turnover management
What hosts count as their most valuable software tool in 2021
- PMS was largest category, especially among large property managers
- 56 different tools mentioned (e.g.: Zapier, Zoho, Canva, Trello, etc.)
What the Hostfully survey reveals about the value of dynamic pricing
- Large property managers use more and report higher income
- Losses significantly less among hosts using dynamic pricing
Why cleaning and turnover management remains a pain point for STR hosts
- Challenge to implement and track new cleaning protocols in 2020
- Shortage of good, reliable contractors in 2021
What short-term rental hosts plan to do differently in 2022
- Implement dynamic pricing
- Add properties to portfolio
- Grow revenue with upsells
Connect with David Jacoby
Hostfully [Discount Code PAD]