26 Dec 5 Steps to Researching Your Airbnbs Market and Regulations
What Holds Most People Back…
Have you ever been uncertain about something, so you don’t pursue it?!
Don’t let uncertainty about your cities Airbnb market and regulations hold you back…
Get yo questions answered!!! And we’re here to help you get started!
One of the biggest obstacles you might run into when starting an Airbnb is area regulations, and we (Sarah and Annette) actually first met at a city council meeting when our city was trying to regulate Airbnb.
We think that the sharing economy is (not so slowly) becoming the new normal, but it’s still weird for some people and there might be some pushback.
Here’s What We Do…
So today we’re going to discuss what kind of market research you need to do to make sure your new Airbnb will be legal, and what you need to know to make sure you position and price your rental appropriately.
Market Research 101
Are there any city or county laws that currently exist or are proposed that limit short-term rentals?!
If any regulations already exist, we obviously can’t recommend starting your business there. However, if one is proposed, you can go to public hearings on it and speak up like we did!
Does your neighborhood, HOA, or condo association have any regulations against short-term rentals?
Again, you don’t want to start your business off on the wrong foot.
Where is your competition?!
Look for competition – not just other short-term rentals in the area, but also hotels.
Check their calendars to see when they’re busy and what their pricing is like. Look into what amenities are offered.
You need to know everything about your competition so that you can position yourself well against them and price accordingly.
What attractions are in your area?
For example – convention centers, concert halls, and anything else that may bring people to your area. Make calendar rules and price adjustments based on those events/holidays! Learn more about this here!
Are there other local hosts you can network with?!
Go out and talk to other Airbnb hosts! Collaborate, talk about pricing, be honest, and be open.
If you all do better and no one is trying to undercut everyone else, it’s just going to be good for your area’s economy! At the same time, if you have a hot tip (like an annual event that everyone should be aware of), share it!
Want to learn more?!
We continue this conversation about market research and area regulations on our podcast! Listen here to learn more!