The serviced accommodation industry is changing fast, especially the Airbnb sector, which means that what has worked in the past is not going to work in the future. Without scare mongering, Alex & Pooh share the changes that they and their students are seeing as a result of market saturation, legislation, tax rulings and other new challenges.
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KEY TAKEAWAYSThe Airbnb market is saturated. Yet, SA course providers are not telling people this, which means even more people are entering the industry, making things worse.
You can no longer take a short crash course and then go out, rent a property, put it on Airbnb, and make money.
Relying solely on bookings to cover your Airbnb business overheads is now aprecarious business model.
Airbnb entrepreneurs need to pivot and create further streams of income to maintain cashflow, remain solvent and make a decent profit.
Using the knowledge, skills, and connections you already have to diversify is the best way to generate consistent revenue.
Understand your strengths and hire people to cover your weaknesses.
Relying solely on OTAs for bookings is no longer viable.
Selling enquiries and leads to other hosts and taking a cut is a great way to makeadditional revenue and do so consistently, but you need the right training.
BEST MOMENTS“That´s what we are about, being real, genuine, bringing some ethics to this business.”“We need to learn other ways to maintain consistent revenue.”“The truth is there's just too many people doing it (SA/Airbnb).”“You can no longer rely 100% on bookings.”“Right now, we have to accept that … if we want to make real money, we’ve got to change up the way we’re doing things.”“I like to set things up and then have much more capable people do the rest for me.”“I think the key is just to make a lot of money for other people and you take your cut. Its fair.”
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HOST BIOSAlex & Pooh have built a portfolio of over 16 Serviced Accommodation Units and 10 Buy-To-Lets collectively over the last 5 years. - This AirBnB Business has allowed each of them to create their own tailor-made ‘lifestyle by design.’Pooh chose to escape the corporate life as an electrical engineer instead to spend his time at home with his young and growing family, and Alex likes to spend most of his time in sunny Spain enjoying his love for road cycling or even hiking in the Tramuntana mountain ranges.