Get Paid For Your Pad | Airbnb Hosting | Vacation Rentals | STR Revenue Management EP137: How Two Brits Rode the Short Rent Revolution and Lived to Tell the Tale
Mar 20, 2017
27:13
There is no doubt that the short-term rental market is here to stay. Airbnb has experienced a wildfire expansion in the last ten years, and it only continues to grow.
Listen in to learn about a new book that looks at the development of the industry through a series of interviews with eight players, both large and small, exploring the details of its expansion and predicting its future direction.
Today Jasper speaks with Tristan Rutherford, travel reporter for The Times, the Guardian, and the Daily Telegraph as well as co-author of Room for Profit: Make Airbnb and the Short Rent Revolution Work for You. They cover the rise of the short-term rental market and its ecosystem, the regulation of the industry, and how to use negative reviews to your advantage.
Topics Covered
How Tristan and his co-author got the idea for Room for Profit
•Interview with neighbor struggling to make ends meet
•Tristan has been a host himself since 2004
•Market has been life-changing for many individuals
The rise of the short-term rental industry
•Consolidation on mega-sites like Tripping.com mirror the automobile industry
•TripAdvisor survey indicates enormous growth in users interested in booking short-term vacation rentals
•52% in 2014
•70% in 2016
•Beyond Pricing CEO Ian McHenry predicts that Airbnb-style vacation rentals will account for 20% of bookings worldwide by 2018
Pros and cons of the short-term rental industry
•Potential negative effect on local housing markets
•Helps the ‘little guy’
•Half of the hosts in Berlin make less than the median household wage
•Provides a place to stay in locations where hotels aren’t available
The regulation of the short-term rental industry and Travis’ Law
•Theory introduced by Brad Stone in The Upstarts
•Politicians forced to accept new services (i.e.: Uber, Airbnb) via peer pressure
•Popularity the result of benefits for consumers and profits for users
The importance of reviews
•TripAdvisor survey indicates that 72% will not consider booking a listing without a review
•One or two five-star reviews is a game changer
How to respond to negative reviews
•Be polite
•Thank the guest for their feedback
•Explain the improvements you have made
The exponential growth of the Airbnb ecosystem
•Startups designed to complement Airbnb have become their own industry
•Beyond Pricing CEO Ian McHenry predicts that 50% of hosts will be using a third-party tool by 2018
Connect with Tristan
www.rutherfordtomasetti.com
Resources Mentioned
Room for Profit: Make Airbnb and the Short Rent Revolution Work for You by Tristan Rutherford and Gayle Roberts
The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley are Changing the World by Brad Stone
Connect with Jasper
Email: jasper@getpaidforyourpad.com
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.facebook.com/getpaidforyourpad
This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!
Listen in to learn about a new book that looks at the development of the industry through a series of interviews with eight players, both large and small, exploring the details of its expansion and predicting its future direction.
Today Jasper speaks with Tristan Rutherford, travel reporter for The Times, the Guardian, and the Daily Telegraph as well as co-author of Room for Profit: Make Airbnb and the Short Rent Revolution Work for You. They cover the rise of the short-term rental market and its ecosystem, the regulation of the industry, and how to use negative reviews to your advantage.
Topics Covered
How Tristan and his co-author got the idea for Room for Profit
•Interview with neighbor struggling to make ends meet
•Tristan has been a host himself since 2004
•Market has been life-changing for many individuals
The rise of the short-term rental industry
•Consolidation on mega-sites like Tripping.com mirror the automobile industry
•TripAdvisor survey indicates enormous growth in users interested in booking short-term vacation rentals
•52% in 2014
•70% in 2016
•Beyond Pricing CEO Ian McHenry predicts that Airbnb-style vacation rentals will account for 20% of bookings worldwide by 2018
Pros and cons of the short-term rental industry
•Potential negative effect on local housing markets
•Helps the ‘little guy’
•Half of the hosts in Berlin make less than the median household wage
•Provides a place to stay in locations where hotels aren’t available
The regulation of the short-term rental industry and Travis’ Law
•Theory introduced by Brad Stone in The Upstarts
•Politicians forced to accept new services (i.e.: Uber, Airbnb) via peer pressure
•Popularity the result of benefits for consumers and profits for users
The importance of reviews
•TripAdvisor survey indicates that 72% will not consider booking a listing without a review
•One or two five-star reviews is a game changer
How to respond to negative reviews
•Be polite
•Thank the guest for their feedback
•Explain the improvements you have made
The exponential growth of the Airbnb ecosystem
•Startups designed to complement Airbnb have become their own industry
•Beyond Pricing CEO Ian McHenry predicts that 50% of hosts will be using a third-party tool by 2018
Connect with Tristan
www.rutherfordtomasetti.com
Resources Mentioned
Room for Profit: Make Airbnb and the Short Rent Revolution Work for You by Tristan Rutherford and Gayle Roberts
The Upstarts: How Uber, Airbnb, and the Killer Companies of the New Silicon Valley are Changing the World by Brad Stone
Connect with Jasper
Email: jasper@getpaidforyourpad.com
Twitter: @GetPaidForUrPad
Instagram: @GetPaidForYourPad
Facebook: www.facebook.com/getpaidforyourpad
This episode is sponsored by Hostfully.com where you can create a custom digital guidebook for your guests!
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