These days, Airbnb has given hotels some pretty stiff competition. Read here to learn more about how Airbnb investment properties are battling with hotels.
Airbnb has taken the hospitality industry by storm. Airbnb has nearly 33,000 hosts just in Florida alone.
But is Airbnb a serious threat to a hotel in your market?
The short answer is, yes, it may be. An investor who owns multiple units in one or more locations is stealing share right under a hotel's nose - and you should be concerned.
My Airbnb Investment Is Stealing Your Valued Customers
Many hotels bank on the idea that their loyalty programs will help hold onto their most valued customers. But that's just not the case.
In fact, customers in loyalty programs are using Airbnb more than guests not in loyalty programs.
A staggering 36% of loyalty program guests say they've tried out Airbnb, whereas only 15% of other travelers reported having used Airbnb.
What's more, after trying Airbnb once, travelers are more likely to continue using Airbnb instead of hotels according to a recent survey.
You Can't Compete With Airbnb's Prices and Amenities
There's no denying that quality hotel stays can be pricey - especially if you're staying for a length of time.
Airbnb has created a way for people to travel but still experience interesting and excellent amenities.
For some, the price will always be a deciding factor and for others its about the experience that you can not find in a typical hotel.
Airbnb Is A Unique Customized Experience
More and more travelers are looking for an original traveling experience.
Large chain hotels tend to all feel the same, so Airbnb really appeals to consumers who want to be exposed to something different.
Hotels are predictable, and while this works for some - others are tired of the same old thing and want to experience adventure.
Bottom line: In a world that's used hotels for decades and decades, people are starting to crave variety.
Better Amenities And A More Local Experience
Most hotels don't come with fully equipped kitchens or have the amenities that a condo, house or apartment with Airbnb can provide.
Especially for a large group of people or a family traveling for longer periods of time - Airbnb offers much more in comparison.
You also get the chance to meet the locals in the town or city you're staying in. Hotels don't offer that personalization
I'm sure the people you rent from will even offer up suggestions on the best places to eat or where the best places to sightseeing are. No tipping the concierge needed!
There's no doubt that Airbnb has become widely popular, especially in Florida but also around the world.
The unique and personalized experience is alluring to travelers, their prices can't be beaten, and they're stealing your customers right from under your feet.
If your a hotel owner its time to start listing your suites or room on Airbnb and if you own a investment property why not start capitalizing on a serous ROI!
Do you have any questions regarding your investment property or a hotel that wants to jump on Airbnb? Feel free to reach out