How the Coronavirus Impacts Airbnb Hosts (Part I)

The Coronavirus has people scared. Though the perceived risk is much higher than the actual threat of contracting COVID-19, many would-be Airbnb guests are cancelling their travel plans. What does that mean for us as STR rental hosts? And what can we do to keep our businesses going in this difficult time?Today, I’m addressing the Coronavirus and its impact on STR hosts, discussing the markets most affected by the outbreak as well as the details of Airbnb’s extenuating circumstances policy—and how some guests are getting full refunds even if they don’t qualify.I go on to offer my best advice for hosts who are afraid of exposure and explain why I don’t recommend making any big investments or taking on an expensive lease in the current economic climate. Listen in for insight on how long we might be dealing with Coronavirus and learn what you can do to get more bookings (and maintain your visibility in search results) during this challenging time.Topics CoveredThe markets most impacted by the CoronavirusChina, South Korea and JapanItaly (entire country on lockdown)NY, LA and west coast of USAirbnb’s extenuating circumstances policyFull refund for guests within guidelinesHosts can cancel guests from effected areasGiving refunds outside the extenuating circumstances policyHosts under no obligation to offer full refundsPolicy meant for people at real riskOffer guests option to change travel datesMy advice for hosts afraid of exposureDon’t panic and cancel reservations outside policyOffer self check-in, ask about recent travel historyUp your game when it comes to cleaningHow to get more bookings during this difficult timeOffer discounts, reach out to friends and familyEmphasize extra measures taken in listingSet cancellation policy to flexibleList on additional channelsStay informed re: local market, events cancelledStock up on suppliesShift target audience to domestic travelersWhy there may be light at the end of the tunnelAirlines have slashed rates to promote travelWarmer weather can help contain virusesFewer new cases in China (where COVID-19 began)What STR hosts can do to survive this challenging timeTry to cut costsTake less riskWhy I’m risk averse in the current economic climateParallels to 2007 (e.g.: markets at all-time high)Interest rates already at nearly zeroDrop in oil prices likely to impact US companiesResourcesCoronavirus on WorldometerAirbnb’s Extenuating Circumstances PolicyAirbnb Profit Club on FacebookSTR Legends MastermindSTR Profit AcademyGet Paid for Your Pad Email ListEmail [email protected] subscribe to the podcast, please use the links belowClick Here to Subscribe via iTunesClick here to Subscribe via Stitcher (Android users)If you like the show, please consider leaving the show a review in iTunesor Stitcher. A couple minutes of your time can help the show immensely! Thanks! Hosted on Acast. See acast.com/privacy for more information.