Do you set yourself hosting goals?

[Katie]

 

Hi everyone,

I hope you’re all welcoming in the New Year! It’s that time when everyone talks about a fresh start, and making new resolutions to give up all sorts of unhealthy habits. That got me thinking: I know that some of you have told us about reaching hosting milestones in the past, but do you set yourself hosting goals? 

Maybe you find it easier to take things as they come, or maybe something to aim towards keeps you motivated - 90% occupancy over the high season, or three consecutive stays where guests don’t need any extras perhaps.

Do you set yourself goals in your hosting journey? If so, what are they?

Thanks,

Katie

[Katie]

Hahaha @Robin4 being a grown up sucks so I'm on board with staying youthful as long as possible (in mindset if not physically!).

This doesn't sound like a hosting goal to me though... do you set yourself aims with your listing, or just go with the flow? You're pretty determined with stuff so I imagine you to be a goal-oriented person 😊

[Ann72]

@Katie  My first goal is to average more income per day than expense per day.  I keep a spreadsheet with the running totals.  Last two years have been in the black so that's a trend I want to continue 🙂

[Katie]

Love that you break it down per day @Ann72 - the spreadsheet sounds boss 😎  Do the running costs change over the course of the year or remain pretty flat?

[Ann72]

@Katie  They change.  For instance, for the first 8 days of 2021 I'm in the red because I paid the bill for my lawn renovation that began in December - 25 yards of compost, 25 yards of topsoil, and hydroseeding the whole thing.  This is more in the nature of a capital improvement than a running cost or an annual cost, but I throw everything into the mix!

[Robin4]

@Katie 

Katie, you have to run a spreadsheet or you have no idea if you are making money or losing it. 

Like @Ann72  I run a profit and loss to establish what I actually need to charge in order to make hosting worthwhile.....

And then as well as that I keep monthly spreadsheets that chart the course of my hosting through the year.......

 

I can, on a moments notice, go to any night over the past 5 years and tell what guest I had..... and how much I made from hosting them.

This is why I have frequently said here on the CC to take no notice of Airbnb's suggested pricing tips. Accepting Airbnb's advice is guaranteed to lose you money.

@Katie , As to hosting goals, at the moment it is impossible to set hosting goals, and it will probably be years before we can be back into a situation where we can host with any confidence. As well as the current virus problem is being handled here, we are all the time getting hotspots flare up in one state or another with borders being opened and closed all the time. I had 5 reservation cancellations in December from guests who were not allowed to fulfill their travel, but, I got 4 other bookings to fill those canceled dates. You can't set goals you just have to do what Covid will let you do! 

At the moment all I can wish for is a 'steady as she goes' approach, my January and February are full so I am just happy with that!

Cheers.........Rob  

[Ann72]

Brilliant, @Robin4.  I remember when you and @Ben551 did a post about this and that's what gave me the idea.  I don't work as hard as you, though, Rob, since I run everything through QuickBooks and get the reports that way.  It can't do the average income / average cost per day the way I like to see it in Excel, though, so I do that one by hand.  

I have another more complicated spreadsheet I call Airbnb Stats.  It tells me total income, average number of nights booked per listing, average price per night, and whether these numbers are up or down from the year before.  I update it every two or three weeks.  Like Rob's sheets above, it's the kind of information that hardens your heart against discount seekers and suggestions to lower your rate to get more bookings.

[Katie]

Love this level of organisation @Robin4 @Ann72, this is my kind of thing! It clearly works really well for you both as I know you have done incredibly well with your hosting, and even had a respectable amount of bookings in the past year when things were tough 👏

(p.s. @Robin4 I've just removed surnames in your screenshot to anonymise 🤓 )

[Melodie-And-John0]

m@Robin4 and @Ann72 , you guys have it all going on, talk about super!   Unfortunately, my book keeping is no where as good as my Inn Keeping!!!!!   That will be my administrative goal for this year, make my books do more work for me than get me through tax day.   Thanks for the inspiration you two!!!!!   Stay well, JR

[Robin4]

@Katie 

Looking to the future, I would love to  list our houseboat on Airbnb, I feel it would be a real winner! The Murray River is 2,000 Kms long so there is lots of river for users to explore.....

But it's occupancy is good with the company that are currently handling it....and if something goes wrong, they just fix it! I don't think I would get the same level of support from Airbnb.

I am fighting two realities here, the houseboat is a depreciating asset, every year it loses value! Although it is still in great condition, maintenance is going to become an issue and I may be better off turning it into a land based asset which will appreciate in value rather than depreciate! 

As much fun as it is, I am not sure I am going to hang onto it!

Cheers.........Rob

[Katie]

Aw I love the houseboat @Robin4, it looks so roomy that it's actually like an apartment on the water. Yes, I can see how it depreciates in value (a bit like a car does), but the boat also makes money through listing it for rental, which offsets this somewhat? 

[Melodie-And-John0]

That is the coolest @Robin4, what way to cruise, I have a friend that works a couple months a year for a local canal cruiser rental company so he can get one of their units for a couple weeks free every year,  he just loves the slow pace and variety of historical and beautiful country, town and city vistas.   Rob, I would be scared to death to rent it out without an experienced captain at the wheel and a solid insurance policy but it does seem like it would rent well!  Best, JR 

[Robin4]

@Melodie-And-John0 

John, if you did it you would do it as our guests, it would not form part of the booking, just something we would do jointly as part of a stay.....besides, there aren't a lot of cruise ships or oil tankers on the Murray!

Anyone with a current motor vehicle drivers licence can pilot a houseboat, the rules of the river are simple....keep to the left! Ours is powered by two 90 hp Honda 4 stroke outboard engines which give it a max speed of about 11 knots in a favourable wind.

It does rent well but, the rental company take the lions share, I only get 35%, but they supply everything, the fuel, the provisions and guests special requirements including car parking whilst on the river ......all I provide is the mobile facility. But when you consider these things rent for $3,000 + per week ($45 per person per night) , even at 35% we are doing ok!

Cheers.......Rob

[Katrina79]

@Katie Yes I do have a hosting goal this year! I’ve been mulling over this idea for quite some time and I am at the point where I have the space, location, time and motivation to start! I have recently opened up a new Airbnb (very risky right now) and am running it currently to just make a bit over break even. My goal is to brand it as, “live like a local, support local”. The location is wonderful and will attract families, youth, and seniors. It is up and running now and holding its own, so I now have time to focus on branding. I’m reaching out to local artist’s and crafter’s to allow a space for them to display their work. I’m slowly hand picking and contacting them and so far have two eager artisans committed to the idea. One makes beautiful sun catchers that will display lovely in my 1912 Airbnb. The other does macrame plant holders and wall hangings. I refinish furniture so will also be working on smaller pieces as I go along. I’m taking things slowly so I don’t become overwhelmed, but hope to accomplish the local artisan vibe by the summer. 

[Ann72]

Love this idea @Katrina79 

[Katrina79]

@Ann72It is a lovely idea, I like everything about it, now just have to try it out and give it a go. @Emilia42 Yes the idea is to support and promote local so the items will be available for purchase. I was thinking just a business card with a QR code to scan, but a bio would be much more interesting. I still haven’t figured out all the details yet, I’ll do that as I go along. 
I did think having one board in the house with business cards and the QR Codes to scan would be easy to keep organized, but not every artist will have a QR Code to link. I like your idea of an artist bio framed! I have been somewhat busy, but I’ve definitely enjoyed some relaxing time around the holidays. Just getting another house set up and running is quite the project!