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 CoveredThe origin of Away AgentsStart business with University of Minnesota internRent apartment in downtown Minneapolis July 2016Made $5K in first month on $1500/month leaseAutomated operations processes with GuestyExpanded to 8 units by Fall 2017The additional services Tyler offered during the Super BowlStocked refrigeratorsDrivers and bodyguardCold-weather gearHow Tyler determined pricing for the Super BowlStudied averages for last 2 yearsBased on premium end of spectrumHalf booked year in advance (15X rates)Average of $1500/night, total of $50KMinneapolis’ Super Bowl Airbnb statsEstablished Airbnbs booked out by MarchListings jumped from 600 to 4KWave of bookings in summer + 2 weeks priorTyler’s tips for creating a winning Super Bowl listingEstablish listing year in advance to build reputationCreate separate listing with ‘Super Bowl’ in titleOptimize listing to rank high on AirbnbHow Tyler finds willing landlordsResearch # of open units in advanceOffer to take off hands for permission to do STRDiscuss zoning, insurance, security, etc. up frontTyler’s advice for new hosts looking to capitalize on special eventsQuality of listing comes firstConsider offering additional servicesTyler’s experience with the Turo car sharing sitePut winter car on site, earned $900/month ($300/month lease)Added cars in Minneapolis + expanded to DenverPartner with Hassle-Free Car management teamAverage daily rate decreasing as supply growsConnect with TylerAway AgentsTyler on LinkedInTyler on TwitterTyler on FacebookResourcesGuestyTuroHassle-Free CarConnect with JasperEmail: [email protected]: @GetPaidForUrPadInstagram: @GetPaidForYourPad Facebook: www.facebook.com/getpaidforyourpadAirbnb News Facebook GroupTo subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.