The Untold Truth.. Why Airbnb Hosts are Quitting
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- Опубликовано: 27 авг 2024
- The Airbnb bust hit airbnb businesses HARD this year. The covid boom brought beginner airbnb hosts and it was too late before it started. they can't keep up. Here's when and why hosts are quitting.
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You have a lot of very valid points. Most “hosts” aren’t true entrepreneurs or business owners. The idea of charging more when it’s busy and lowering prices when it’s slow is a foreign concept to them. They think their rental has “the same value” year round and that is just not true.
Typically we follow the recommendations to lower our rates as suggested for our rental. This typically brings in some business. In the off season. Not a ton, but better than none. We sold a popular rental last year getting out of the market at the top. There were people moving into the area that changed the dynamics and guest experience IMO. We had a property we used ourselves closer to a big lake just sitting so we fixed it up for a rental. What really helps is having no mortgage, and living close enough to manage, clean and maintain it ourselves. We are retired. We opened 7/6 and have covered all of our costs for the next 8 mos. Back to school is upon us and things have slowed greatly as they always do here. We did our best in the last crash because our place is smaller and low overhead allows us to offer lower prices. Our area is feast or famine. Travelers don’t go to the lake when it gets cold, the fall leaves are gone and snowmobiling is iffy. People are building vacation homes like crazy here now. 🤷🏼♀️. There isn’t that much to do here so I wish these buyers a lot of luck. I hope they did their homework given economic predictions.
I run airbnbs in Asia. Been doing it for a year now. I think I watched 90% of Sean's videos when I first started and now I have 5 listings. Starting this year 5 ahead than last year. Had to leave a comment here to thank Sean. Thank you Sean. You are the man.
May I ask what country are you doing your Airbnb? I am planning to do a few properties in Asia too cuz I figure it'd be much lower risk and lower start up cost.
I am a new host. Started May 2024. As I am writing this it is May 19. I have had 7 guests. Four 5 star reviews. Still, as we exit May, I have no bookings in June. One in July. And one in September. All of these bookings were made in the days after I first listed my property, where AirBnB “pushed” my listing. I will give it June, but if this continues, I’ll absolutely be taking my property off the platform as the juice wouldn’t be worth the squeeze
this happened to me too, got bookings initially then slow
As an owner of a single STR I wont even consider Air BnB. I like the quality of VRBO guests we get and I have all the work I can manage. Air BnB screams frat party city to me and houses with 15-20 people. Tons pf cars that don’t fit in the driveways and tons of trash after a few days. I see them here locally all the time. Young people hanging off the balconies of homes on fake lakes. Im in a quiet subdivision within walking distance to the lake. I like quiet guests. 😊 we listed our 2 bdr cottage on 7/3 and have booked 11 different reservations for the period of 7/6/2024 through 9/4/2024. I think that’s pretty respectable for a place that just opened. We’re an off water property in the upper midwest close to a sizeable lake.
I’ve been doing STR for 15 months, the whole year was very strong for my 2 units in the Los Angeles area. I remodel and converted my other two units also. This January is the first time I have 0 bookings on all 4. My occupancy rate dropped from 80-95% to 0% all of the sudden. My adjusting prices and putting promotions. Thanks for your content Sean, it helps a lot!
OUCH. im rooting for you, keep me posted
How much is your daily rate vs its market monthly rate? I'm in the area and used STR to fill in the gap between leases. I was willing to stay in cheap places because I wanted to save the money, I was staying in $50-60/nt ($70-90 after fees) and I can tell you they were absolute dumps in undesirable areas that would never rent at that monthly equivalent rate.
@@tonystark19631
What do you expect for $70 a night? A bachelor room motel charges more
Doing your own housecleaning will help you beat the competition when prices are down.
1000%
^^This is exactly how we have wintered the areas saturated STR market. I’m tired at times, but overall, I think I do a better job because I’m always thinking of the guests arriving to crazy clean rental.
I'm a budget traveler that slow travels the world. The majority of us need basic accommodation and not luxury
Try hostals and guest house
Greed is running rampant among air bnb hosts.
Seriously -- it's basic business 101. Not everyone needs a luxury stay. There are so many people who are looking for accessible access to spaces that still feel special. That volume is WAAAAAAY higher than high-ticket buyers. I launched my space specifically to be accessible and launched Nov 2022. Made a profit on it through 2023 and had December perform as well as one of my summer months. Slow season happens if you don't know how to respond like a real business owner who's watching the metrics and what consumers need/want.
We also are investing in how we can help the local community in Austin. STRs that care about their communities and show up for the legislative process with receipts as to how they IMPROVED the community and took care of the neighborhood -- will do better than those who are only in it for themselves. Honestly surprised by Airbnb not helping to mobilize more hosts for policy change and to develop regulation, especially given their business model, how much they've made, and how much they stand to lose.
great call on the mention of accessible. ADA Is big big right now.
My bad - I didn’t mean ADA accessibility - I was talking about financial accessibility.
That is where you are 100% incorrect. I have been a mid-term host with my own website for over 5 years. 16k+ night over four doors in 5 years. I catered to people who needed a mid term rental to relocate, buy or sell a home, travel pros, etc. The hosts that are going by the wayside are those who can't offer a pool, spa, gameroom, mini golf course and 100 pinball machines. You all win. I'm done. Over and out. But if you think some plane jane shit is going to get you paid in 2023 you couldn't be more wrong.
@@imnitguy financially accessible doesn’t mean plain jane - ALL consumers want to FEEL like their money was well spent. They’re on vacation after all - no one wants to stay in a cardboard box with no character or style. You can do mid-tier and still create quality spaces with charm. Your approach to creating middle-income spaces may not have worked for you but that doesn’t mean my approach is incorrect or not working for me or others.
Love the audacity you have to tell me I’m wrong when you’re the one leaving the game and I had a growth year in 2023. 😆
They found out it wasn't Passive Income but a new job.
The heart of the problem is that the original concept was for hosts to make money on an existing space that would otherwise have been underutilized. Host who fall in this category will never quit. The space either makes money or it doesn't, but it exists regardless because the generation of passive income was never the reason for which it was created.
The host charges too expensive compared at the beginning of Airbnb. The price is the same as a hotel today and even more expensive. I book hotels instead. The hosts are to blame because they are too greedy.
Totally NOT true. There are plenty of hosts who charge reasonable rates, you probably are just looking at the high end ones trying to get a deal. Also, Airbnb adds a HUGE guest fee to every booking that the host has NO control of so if you want to blame EVERY host then go ahead but you are wrong, you also need to blame Airbnb
7 years as a superhost, 1000's of guests, 5 units. I've weathered so many storms but it just wasn't worth it in the end. I've packed up shop months ago. The Airbnb house of cards is starting to fall. Just wait till the regulation comes in.
@@miketrav absolutely agree with you on everything. Airbnb know they are going to he regulated into oblivion and have already pivoted to high end high income properties and off grid properties ect. This is why everyone's booking suddenly disappeared when the changed the algorithm. They are preempting the shit storm. It's a dead platform and it's not worth doing anymore. Sean definitely had his part to play but it is what it is.
my airbnb is $50 a night.
I'm booked.
You forgot, high rates, high taxes and high insurance, and also a lot of places are blocking AIRBNB.
Some Hosts invade privacy by showing up announced which breaches Airbnb terms, maybe because it’s because they’re insecure or unprofessional. If they have less bookings as a result they are the cause of their own issues.
We're seeing several STR properties up for sale or switching to mid-term and long-term rentals in the Poconos.
Fortunately, we have plenty of cash reserves and can "ride out the storm".
With any luck, this slowdown will shake out the casual operators and address the oversaturation in that market.
Overall, my property has followed the demand under seasonality as expected. I am in the middle of the road between the market demands, and testing the waters with new strategies or lack thereof...so it's not easy to point my finger at one reason over the other for my slow down in bookings...this video only reminds me that I have to get back into being an "active" STR owner.
That's a great takeaway. I have a few recent videos that are right up your alley if you're looking for free tips on things you can do right now. My most recent one about saving listings is about bedroom design, the algorithm one is super helpful and the 10 must haves may have some new info worth digesting. keep me posted on your progress please.
I had 5 unitd is the centre of one of the busiest cities in my country. How do you account for a 40% drop in bookings overnight with 1000s of reviews and superhost status? It's not just your region. The whole platform is going under.
@@buuuuuuuuuuuuuu sure
Thank you Sean, I have learned so much from your videos and appreciate all that you do to help hosts be successful. I have 2 units in Myrtle Beach, SC not on the beach but 15 minutes away and it has been a challenge, so much competition. I however think there is going to be a chunk of hosts dropping off here if they cannot start getting higher prices. There has been a huge increase in the cost of insurance and HOA fees that is killing hosts, especially locations on the beach. Myrtle Beach is quickly moving away from being a beach vacation value. Will be interesting to see how the market changes and adapts. We do a lot of midterm rentals combined with shorter stays during the summer, but considering just focusing on midterm. Best of luck to everyone in these crazy economic times.
I think there may be opportunity here
Find non-competitive hosts. Offer to assist in pricing and housekeeping for a very small % fee
@@AirbnbAutomatedGood idea, thank you for your input.
As always! great content and thank you for your vids
happy to provide the content! thanks for tuning in.
Airbnb is the biggest trash heap ever. I have hosted for about 3 years. The ambassadors are a disaster.
It’s a tough industry… even FrontDesk just filed bankruptcy and laid off all their staff 😢 they had over 1000 units (VC funded company)
Free furniture for us!!!! 🚀
I’ll race ya
I’m not quitting but not expanding. The economy is just insane. From inflation to interest rates unemployment people not traveling as often and them damn rent prices 😮 Airbnb is horrible to hosts so ita time to market and advertise my butt off
Multichannel, direct, Peerspace and gigster maybe too
All the booking platforms are disgusting towards their hosts.
Update your status in 12 months, I can't wait to hear how much you've expanded! LOL!
I'm thinking the same thing. Good luck!
people are traveling more than ever but switching to hotels. sign up for otea, the airbnb for restrooms
Racial profiling, greed, dishonesty of hosts ruined it
9 of 10 airbnb of my experience are bad
Hosts are not trained to provide customer service. Hospitality needs special and professional training, and people around the world no exception are losing ethical and moral values, therefore the guest and hosts will use their worst character to deal with anything, good faith in others is opted completely, and Airbnb management who sits somewhere in California has no control whatsoever
It is unlike a hotel or motel where guest and host and property in one place under control.
Airbnb is a good idea when people will start to behave. Not happening anytime soon!!!
San Diego went to licensing… they threatened a lottery to squeeze the 16,000 strs down to 5,000. But they couldn’t even get the 5,000 max licenses so they cancelled the lottery. I’m guessing only 3,500 licenses. And the prices are down. Demand is down. It just doesn’t make sense.
I think travel behavior has modified. People are traveling shorter distances, and they are choosing hotels more because there's less fat in the price. BUT the best listings still get booked. That detail is about the design and the experience provided. listings that are one of one.
were there ever actually 16,000 active and operating STR’s? my guess is that most of these were not operational / profiles that someone set up and then never used, like fake accounts on twitter. maybe there were only ever 3,500 STR’s. but politicians love to lie for their bullshit social justice missions
My Airbnb is located in Fair Oaks Ranch, which is near Boerne. We are within the path of the total eclipses, but most of my competition is already fully booked for the eclipse event. My property remains unbooked at the current rate of $1,250 per day. I’m seeking your advice on whether I should continue to hold out at this price or lower it to secure bookings.
Additionally, I’ve been contemplating a strategy adjustment. Would it be advisable to offer one booking at a slightly higher rate for Friday and Saturday nights, targeting guests attending weddings or family gatherings, and then another booking at a significantly higher rate specifically for the eclipse event? Your insights would be greatly appreciated!
How much of a % increase is this from your rate? What does local hotel booking behavior suggest?
Without even knowing any details, $1250/day sounds ridiculous for 4 minutes of total eclipse in the middle of nowhere. Especially when a person/family could stay in San Antonio for
I actually just got booked yesterday for 3 nights with checkout that day of the eclipse. Guest paid $1,000 to $1,250 a night. Now I need to find a right price for 4/8 the day of the eclipse.
The lowest Airbnb out there that is also further way from me is $800 a night. We are still 3 months away and almost everything nearby is fully booked.
This is the worst time to host. At least during Covid, there were plenty of mid term bookings since everyone was renovating their homes
The first 24 seconds are why I quit hosting after 16,629 across four doors in 5 years. All leased long term now. Anybody want to buy rooms of furniture? And I own my homes. Arbitrage? Good fucking luck with that shit in 2023!
It's pretty easy to sell furniture on fb marketplace if you're in a decent sized city.
Airbnb is a predator's charter.
What’s the best way give discount and attract more clients ?
We should all be grateful for you
Happy to help.
Question: what is the cost to attend Algorithm IIII ?( I might have missed it). Thanks
I would not rent a airbnb because i know company that cleans them and found out that most of them have hidden cameras!!!!😮
yasss i’m just getting started now ! i’m ready !
So many bad hosts out there. Cities should ban them.
I love Airbnb, and am currently a superhost. The only reason I’m taking a break is because New York is becoming a communist state. They’re forcing us to shut down 😢
I heard... it's absolutely terrible. If I catch wind of any workaround, ill be letting you know.
Typical blameshifting onto STRs. Zoning laws and corporations plus high rents are more to blame than the tiny percentage of STRs. Thanks media and influencers!
Good luck to you though. 😏
There are still 100's of illegal airbnbs on other platforms now.. its crazy...
@@AirbnbAutomated appreciate it Sean, love your videos 🙏🏽
Canada has the same issue. The government shutting down all str saying that it would fix housing crisis
Why is housing considered an investment? If you want to be an entrepreneur, start a real business instead of leeching off people.
You can always count on this guy by the end of video to tell you to just work harder no matter how bad Airbnb sucks. Wonder if he is funded somehow by airbnb?
That’s the difference between winners and losers my friend
GUESTS ARE TERRIBLE AND AIRBNB IS ONLY THERE FOR THEIR CUT
My friend had a guest stay for 4 of her 5 days and she withdrew on the 4th day. My friend did not receive his money. First the said he didn't accept, it was instant book. Then they said he didn't send instructions, he did its in messages then they said you didn't report it. He reported the day it happened.
This is seriously messed up
Awesome video man I've been watching you for a while and I see the recovery coming
Thanks for tuning in Adam.
Stay diligent, slow season will end soon enough
I always see people hating on Sean in these comments. Jealousy is a disease, sweaty 💅
How about we just dont like airbnb as a company? Customers left airbnb brcaude they simply dont like how airbnb operates.
Dont leave out when people detest your company and would sleep with alligators before using their platform again (im in this boat from bad experiences with host).
This could have been 3 short videos.. but thanks
Are you still running airbnbs currently, I checked your profile on airbnb but doesn’t look look like you’re getting booked
I am. You’ll see my calendars in recent videos. This time of the year, if you don’t have longer term bookings in advance. most of your bookings will be super last minute
YOU got wrecked. We are still here.
Agorythm ?
The face! Lol you about to sneeze? Fart??? 😂
where is the data that hosts are quitting more than normal? or this just another attempt for views and selling something? luckily youtube gpt summarizers keep me from wasting my time on this stuff
The premise of the video is hosts quit when revenues are down. Hosts don’t quit when revenues are up. If you’d like to debate this I can hunt for data, perhaps put together a study.
@@AirbnbAutomated that's quite an assumption. Probably should put the good ol' RUclips click-baity "?" on the end of your title. But Betteridge's Law of Headlines will tell you the answer
@CyrusMurphy
Speaking of laws related to this video.
the law of loss aversion
Where all thing being equal. In a downturn, shrinking margins have a psychological impact.
I could also cite general data on the correlation between recessionary markets and the failure of consumer product based businesses.. I will still need to extrapolate that a slow season in the short term rental industry behaves much like a recessionary marketers just for a short period of time.
I would then need to add the data showing the increase of supply since Covid, and then the reduction of spending on Airbnb after the revenge travel boom.
But I can put that all together for you and make a new video
Is the aging grunge Santa Claus look making a comeback, Sean?
Bad Santa for president in 2024
I like it 😂
These video feel sooo empty now… where is the meat less fear and click bait
This video is for the masses. My last 10 videos are for my regular watcher. Massive amounts of education in those.
Have you watched any of those or is this the only thumbnail you’ve chosen?
By the way. This is exactly what I’m talking about at 7:27
@@AirbnbAutomated dang bro you are sharp. How can I private message you a question.
You can ask here
Airbnb is awful
This is all the fault of Airbnb hosts themselves for placing cameras inside their homes and spying on guests. And especially for the prices they are charging, yes they do have to take care of cleaning up after a guest has left. Otherwise get out of the hotel business.
How much is the course please?
HTTPS://rakidzich.com/realgo3
Like last year. The webinar is only $80
You can the entire course added on for $110 more
Attend your program.... Riiiiiight 😂
Bro.
I literally saw you there.
And you were screaming about getting banned by airbnb through your webcam.
I can’t get you unbanned by airbnb, I’m sorry.
Especially for sending nudes to your airbnb guests.
AI as hell
what is even the friggin point of this video ?
Man, I’ve been asking the same thing
😄
People often forget that most hotels now have "resort fees" that are per day, non negotiable. These are usually WAY more expensive then cleaning fees. And most hosts DO NOT actually clean themselves, they hire cleaners which DO cost them, so they are not pocketing ANY additional funds, simply paying their cleaners.
👍👍👍😁😁😁👏👏👏
Stupid... just a dumb long Ad for this guy's class.
In the whole year that you've been a subscriber, have you watched any of my videos?
@AirbnbAutomated yeah I use to watch all the time until I realized all you're doing is just hawking your classes constantly. Never giving any real advice in these videos. You took 9 minutes in this video to say "People quit when the going gets tough" yeah thanks for those wise words... there's not a single bit of information on this video on HOW to improve your listing except "sign up for my class and i'll tell you"...
@mattbarnes3325
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If you watched even 10% of my videos you would get more value than watching 100% of anyone else’s.
I’m sorry that you only click on clickbait. That’s why you haven’t seen Any of these other videos. Perhaps you should discipline your attention and where it goes.
@@mattbarnes3325 thats harsh, i to have followed Sean and have picked up loads of FREE information, if someone is making money from education upsets you why are you in business? I call this wage slave mentality. I paid €1000 on Abnb education it returned me €20,000 in my first year with 1 property.
PS. The content is free. Sit through my commercial or don’t watch.
You wouldn’t be posting shade if the video was “sponsored by squarespace”
I wish you better in 2024