A flexibility plan that will last long after Corona is forgotten just like its many predecessors that nobody can name anymore, but were all the rage. Look, we have one of these “THE SKY IS FALLING!!!” viruses every two year election cycle for the past two decades *yawn*. Opinions will vary, and that’s ok, this is about succeeding despite market turbulence or politics.
Pitch to a different audience:
If you’ve been diligent about staying in your lane, perhaps it is time for a lane shift? Consider who your potential market is, and if you’re doing anything to get in front of them. People always need basics like housing; the reasons for housing needs and duration can change, and every market is different, and every listing has its own “personality”. Chances are good that your market has untapped potential. One example: Tourism demand may decrease due to some near term catalyst, while at the same time, industrial, or medical housing demand can increase due to that same or other catalyst. There’s always a bull market somewhere; are you doing anything to get in front of those eyeballs from other categories?
Invest in your product or brand now:
Slow times might not seem like a good time to spend money, but I promise that busy times are the worst time to take your inventory offline to make improvements or design changes. Seize the opportunity to get in your listing and do that modification or improvement you’ve been putting off. When the dust settles, and demand returns with a vengeance (it will), you’ll be glad you didn’t give into fear and are now positioned to hit the ground running to make the best deals possible for your situation.
Panic = buying opportunities:
Consider expanding during this brief period of contraction. The market is giving us a short opportunity to acquire additional inventory; be it buying property or approaching other property owners to manage their listings. Landlords fearing the worst might be willing to discuss your Airbnb ideas now, and make you a more favorable lease structure for your guaranteed rent check after sitting on vacant listings for 30 or 60 days.
Let others pick the low hanging fruit:
This is more of a pricing strategy, and might sound counterintuitive. It can be hard to stand your ground after sitting on empty inventory for any length of time, however, if you’re going after those other markets that used to only be in your peripheral view, you will quickly realize the value in being able to provide an insurance provider with a 3-6 month furnished solution for their client whose house suffered fire or water damage. You can only do that if you are able to let other hosts pick the low hanging fruit and keep your calendar open. Besides, my biggest challenges as a host stem from the “bargain hunter” guests. You can compete on price to attract those if you want to, I’ll pass for now.
My approach is one that holds to the belief that warm weather of spring and summer will sweep viruses away like it never happened, cheap $30/barrel (as of writing) oil will drive travel to record highs here in the north east, and people will continue to have greater discretionary funds available. All of which equates to demand growing faster than supply. In other words, prepare for a banner year in 2020. Shame on you if you fall for the unfounded hysteria and miss out on your opportunity to better position yourself for success. Good luck, wash your hands, take your vitamin C.
