When can you make top dollar renting your home on Airbnb? Certainly, it’s when you live near a venue that can hold 400,000 people, like the Indianapolis Motor Speedway venue with one of the largest seating capacities in the world.
Every Memorial day weekend for the last 100 years, motorsports fans have flocked to Indianapolis to attend the Indy 500 top American Championship motor races at the Motor Speedway. People camp and bring their RVs for weeks at a time. Hotels and motels get booked up months in advance. With 175% more people than average looking for a place to crash this one weekend, this still leaves a huge housing shortage. Fortunately, Airbnb and other short-term renting / homes-sharing platforms have picked the slack.
For homeowners that live in a less desirable area for most of the year, but near a seasonal venue like the Motor Speedway, they can stand to make a small fortune in a short amount of time if they play their cards right. Here are 10 top things to consider on Airbnb when pricing for major events like this one:
- Higher demand means higher pricing so the closer you are to the area of attraction, in this case – the Track, the more value it adds to your rate.
- Be cautious when using Airbnb’s “Smart Pricing Tool”. This tool hasn’t always been very reliable. You think it would recognize local events but it doesn’t. While automated Smart pricing may reduce time devoted to managing your calendar, the algorithms do not always accurately price for these major local events. You may need to go in manually to adjust the rates.
- Search around on Airbnb for other similar rentals to gage how much you could charge for yours. Or message hosts that already have bookings and inquire with them how much you should charge.
- Consider NOT using Instant book for this event. This way you can negotiate pricing for more additional guests, terms and better screen your guests.
- With many traveling in groups, Airbnb seems to be the most convenient option when keeping everyone together, without the headache of having multiple hotel rooms. Charging extra per guest is another benefit and way to add a lil more cash to your location for the weekend.
- Some people will pay more, last minute. Consider keeping your listing off-line until the last minute (1-2 weeks or days pre-event.)
- Consider adding a listing for camping in your yard or RV parking in your driveway.
- Add in a la carte services like an Airport pick up or shuttles to the track.
- Make sure you log into your account regularly. Airbnb awards active hosts with better visibility for your listing.
- Tell your friends. Sometimes they will have friends and family coming in who will rent out your place instead of strangers.
If you are interested in owning a short-term rental Airbnb home here in Indy get a hold of me! email me at: info @ rentalpreneur.com or firstname.lastname@example.org
HOSTS OF INDY – short term rental
INVESTMENTS | MANAGEMENT
Rachel Prince, REALTOR
Written by Rachel Prince & Alexa Foy