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To maximize revenue from your Airbnb listing, you have to adjust your pricing based on demand. But how do you identify when you can command a higher nightly rate for your short-term rental and when to keep your prices low? What do you need to know about your market to set your calendar up for success?

Andrew Kitchell is the Founder and CEO of Wheelhouse, a revenue management platform that offers market insights for professional short-term rental operators. The Wheelhouse software provides data-driven pricing recommendations, while allowing STR hosts to customize a pricing strategy around their individual risk tolerance. Andrew is a serial entrepreneur with ten years of experience building startups in the real estate data and vacation rental space.

On this episode of Get Paid for Your Pad, Andrew joins me to share his top revenue management secrets for short-term rental hosts. He walks us through the three demand drivers in any given market, discussing the best free resources we can use to identify the seasonality, day-of-week and local events curve in our area. Listen in for Andrew’s insight on reacting to the market as bookings emerge and learn the #1 way to optimize your STR revenue going into 2021.

Click on the video below to watch and listen to this podcast episode:

Topics Covered

How Andrew hosted Airbnb CEO Brian Chesky at his STR

  • Early adopter (on platform since 2010)
  • Interviewed for ABC news story

The challenge of creating a pricing automation tool for STRs

  • Large amount of data
  • Diversity of supply

What drives demand in a given STR market

  1. Seasonality
  2. Day-of-week
  3. Local events

The free resources for determining seasonality

The free resources for identifying the day-of-week curve

The free resources for finding local events

  • Flight information or conference center website
  • Sort events by relevance on Ticketmaster

Andrew’s insight on how to react first and win

  • Compare lead time with market average
  • Find patterns as bookings emerge and adjust price

Wheelhouse’s personalized pricing feature

  • Set parameters around strategy/goals
  • Choose suggested, aggressive or conservative risk

The #1 way to optimize STR revenue going into 2021

Connect with Andrew

Wheelhouse [Referral Code PAD]

Andrew on LinkedIn

Resources

STR Legends

Andrew on GPFYP EP071

Wheelhouse Market Data

Weather Spark

Google Flights

Ticketmaster

Wheelhouse Dynamic Minimum Night Stays

Email jasper@getpaidforyourpad.com

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