Being a real estate investor can get hectic and overwhelming at times, but that is not always the case.
Airbnb rentals give you the luxury of spicing up your traditional investment property strategy. Rather than the traditional long term tenants, these short term rentals allow different guests to stay in your property at a price you set.
Airbnb investment is just another channel for making money in real estate. Mashvisor is a good tool when it comes to coming up with an Airbnb pricing strategy, as we provide you with analytics such as Airbnb occupancy rates, Airbnb rental comps, and average Airbnb cash on cash return, all of which are required when you are setting up Airbnb prices.
Here, we list some important events to consider, along with other tips, to aid you in setting up your most profitable Airbnb pricing strategy.
What Is Airbnb and How Does It Work?
Airbnb allows you to rent out your investment property to short term tenants. The plus side is that Airbnb hosts get to set the price they want for that period of time. Most of the time, these visitors are in town for a short amount of time but want areas nearby whatever they are in town for.
Your location might be ideal just for the beach that is down the street from your Airbnb rental, or for a number of different events that may be going on in the area. These areas also have respectable Airbnb regulations. While keeping those limited Airbnb charges in mind, you can expect to make maximum profit.
Important Places to Look Out for This Year
Airbnb rental income can be considered as one of the most profitable ways to make money in real estate. The months have passed in 2018, but it is far from over. There is a number of different events you can look out for in some of the hottest cities for Airbnb investment these days. Some of the events are as follows:
- Magic Las Vegas | August 13th-15th | Mandalay Bay Convention Center, Las Vegas, NV
According to 10times.com, this is the number one ranked event. At this event, you can expect to find the latest in apparel, footwear, accessories, and manufacturing. It is estimated that 200,000 visitors attend. You can expect a good amount of those travelers to look for Airbnb rentals near the Mandalay Bay Convention, so prepare, prepare, prepare! Airbnb Las Vegas might be your way to make money from real estate in 2018!
- Bronner Bros International Beauty Show | August 4th-August 6th | Georgia World Congress Center, Atlanta, GA
Coming in at number two, the Bronner Bros International Beauty Show groups together over 30,000 beauty professionals. This event gives the opportunity for attendees to take part in professional education classes, innovative workshop sessions, evening entertainment, and a number of creative competitions. Prepare for between 50,000 to 200,000 visitors and potentially Airbnb guests, most likely ambitious millennials looking for Airbnb Atlanta rentals to be assured good places.
- International Gem & Jewelry Show | July 13th-July 15th | San Mateo Event Center, San Mateo, CA
Here takes place a display of select jewels and gems such as diamonds, pearls, platinum, gold, and so much more. Those that look for the diamonds will pay diamond prices for an Airbnb San Mateo rental property close by the event. Pull your diamond moves.
- National Restaurant Association Show | May 22nd-24th | McCormick Place Convention Center Lakeside Center, Hall D, Chicago, IL
A platform to discover, connect, inspire, network, and gain new skills in the international food marketplace. There is some serious food bonding going on here. Restaurant leaders from all over the nation come to deliver a number of different strategies for exponential business growth. These travelers will have a strong palette, so be prepared to meet those needs with your Airbnb Chicago property.
- Los Angeles International Textile Show | October 3rd-5th | California Market Center, Los Angeles, CA
The fashion industry uses this platform to premier West Coast destination for textile, design, and production resources from around the world. Hundreds of international fabric collections and designs are showcased, as the program is filled with fashion and trend experts. These potential tenants have a keen eye for design, so make sure your Airbnb Los Angeles rentals live up to par.
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- Florida International Medical Expo | August 7th-9th | Orange County Convention Center, Orlando, FL
FIMA is considered one of the biggest medical device marketplaces. It is considered one of the most attended medical trade exhibitions, as it hosts over 38 countries worldwide. At this event, you can expect a primary focus on medical technology, products, supplies, and equipment. A number of different types attend this event, so expect a huge pool of different eligible Airbnb guests. Set yourself up for success by setting your Airbnb pricing strategy with Mashvisor and preparing your Airbnb Orlando investment property with hospitality.
- Comic-Con International | July 19th-July 22nd | San Diego Convention Center, San Diego, CA
Comic-Con has been host to thousands of guests at its conventions over the years. This event brings comic creators, science fiction and fantasy authors, and more all with one common passion: comics. Thousands of comic lovers attend to take part in the number of events that take place, like hands-on workshops and intriguing comic discussion. These potential Airbnb guests are bound to have a wild imagination, so get creative when considering to rent out your Airbnb San Diego rentals.
What to Take into Account When Contriving an Airbnb Pricing Strategy
When it comes to coming up with an Airbnb pricing strategy, there is a number of things to consider. To start, you want to make sure you have some basics down.
- Focus on a target guest demographic
Check up on local attractions and keep tabs on your Airbnb guests. Get to know who they are. Check if they are mostly tourists from across the sea or just domestic travelers maybe visiting families. They could even be business travelers coming to an event hosted in your area.
The more you understand who your Airbnb guests are, the better you can prepare for their arrival. You can also take note for coming years when events are going on. This way, you will be ready to provide tenant needs and have recurring Airbnb visitors.
- Focus on the season
Airbnb seasonal pricing needs to be taken into consideration. It is a known concept that houses on the beach during the summer will cost travelers much more than they would during the winter. That is how you will adjust your Airbnb pricing strategy to whatever season you are renting the property. Make sure you are setting a fair price for both you (the Airbnb host) and the tenant (the Airbnb guest).
You do not want to hinder your Airbnb rental income because you failed to adjust your pricing to the season at hand. Do not overcharge cabins during the summer, but make sure you’re amping up that Airbnb price during the snowy winter months. This same strategy applies to the weekends versus weekdays. All of these factors should be taken into account when organizing your Airbnb pricing strategy.
- Do Your Research
Look out for your competition. Find out just how much they are renting out Airbnb property for and better yet, figure out what their Airbnb pricing strategy is and beat it. If you lack the knowledge of knowing where you stand versus your real estate investment competition, you will fail to make the needed adjustments to your Airbnb prices.
A smart real estate investing tool to use is an Airbnb profit calculator, which gives you an idea of just how much profit you are making on your Airbnb rentals. There is always the choice of doing your manual research on Airbnb.com to see a number of different Airbnb rentals, but this is more time-consuming. With Mashvisor’s Airbnb profit calculator, a variety of our rental property calculator, you can see the forecast Airbnb rental income, Airbnb cash on cash return, Airbnb cap rate, and Airbnb occupancy rate for any investment property in the US housing market within a few minutes.
Prepare wisely for these upcoming events. You can adjust your investment property to really accommodate for those Airbnb guests and keep them coming. These events usually occur yearly, and sometimes even more than once a year. Make a good enough impression on your tenants, and they will come back. These are assured customers if you earn their appreciation, meaning more coins in that pocket of yours. Moreover, happy customers are more likely to give you positive Airbnb reviews.
Contriving a smart Airbnb pricing strategy, setting acceptable Airbnb prices, and maintaining Airbnb occupancy rates are your keys to making money in real estate. Mashvisor is always here for you. Don’t hesitate to visit us when you need a little help with that Airbnb pricing strategy!
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