Should you add a SAUNA to your Airbnb?? (And Other Amenities)

What’s up guys in today’s video, I’m going to be walking you through what my process is for figuring out the best amenities to add to your short term rental property or your air b&b, I’m gonna walk you through how I decide which amenities are going to be most worthwhile to add to different properties, and which ones are going to produce the best total ROI. So let’s walk through the process step by step. And the first place I always like to look is the list of potential amenities. Now, obviously, you could add anything to your property you want. But what you really want to do is optimise it for platform performance. So if you’re on Airbnb, for example, you want to optimise by getting amenities that are actually going to enhance your performance on that platform. And that’s going to be a combination of two things that will drive that performance that additional revenue you’re going to get from having this amenity. One is just more people booking or people being willing to pay a higher nightly rate because your place has that amenity. And so for that, we really need to look into some different quantitative measures to see how much that thing is actually going to be worth and how much more in demand. That particular amenity is than not having it. But even before that, it’s also going to produce a better return for your investment because it’s going to drive additional traffic to your listing in the first place. But in order to do this, you need to make your property more searchable by adding that amenity. So what I mean by this is if you select an amenity that you can actually toggle on that you have it on a platform like Airbnb, then by toggling that on it’s going to drive more people to your listing, because Airbnb the platform is actually going to know you have that amenity not just the individual guests if they happen to get to your listing. So a really great example of this is having a dedicated workspace on your property. Having a dedicated workspace at your listing is going to be something you can specifically check off on the backend, the hosting dashboard of Airbnb to say that you have it and then when people search specifically for properties with a dedicated workspace, your property is going to show up, they’re always going to recommend it more to people that they know are travelling for business travel, because they know that that’s an amenity that they really want. So the best thing that I like to do to get inspiration for potential amenities to add is going to look at the hosting dashboard of all a big list of amenities that you can toggle on or off and use that as inspiration to figure out initially which amenities are going to be worth adding. Now that being said, you also have to remember and this is where the kind of second stage of figuring out the right amenities comes in. You have to remember that this amenities list on Airbnb on the back end as a host is the exact same for every host of every property all over the place. And so just because it’s on the list doesn’t mean that it makes sense for your particular listing. For example, they have hot tub on the list. Or if you have a condo that already has a hot tub, then adding one on your balcony is probably not going to make a lot of sense. If you have a listing, it’s geared towards individual travellers like business travellers, for example, then those types of manage probably aren’t going to make sense a hammock probably not going to make sense. But if you have a listing that’s geared more towards families or larger groups than those amount of knees can make sense. So the second thing you have to consider is who your ideal guest is that’s actually booking your property or going to be booking your property and why they’re booking their property. And that’s going to lead you to what amenities are going to be most useful and most valuable to them. So if you have people that are primarily looking for business, think about what people that are business travellers are going to look for when it comes to amenities, they’re going to probably want a dedicated workspace like we talked about, they’re going to want high speed internet, they’re going to want coffee in the morning, they’re going to want easy access to transit, they’re going to want a good interactive map are good and map that tells them exactly how to get to different places, they can be efficient, all these different things, great restaurants nearby, maybe like a kitchen to do some cooking to make sure that they can you know heat up their food, that sort of stuff. So those type of amenities are going to be the most high value to them. Guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb ease and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties. There’s actually another free training linked in the description down below as well. That’ll be a really great fit for you. So whether you want to invest in short term rental properties and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income managing other people’s properties on Airbnb, we’ve got some awesome trainings that are linked in the description down below. That’ll definitely help you out. When you sign up for the trainings. We’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all tools are completely free. So make sure to register for the trainings, links in the description down below. Whereas if you think about a large group of friends that are travelling, they probably don’t care nearly as much about the internet being the fastest speed possible. It’s not to say that you shouldn’t get high speed internet, I recommend that for every listing, but it’s not going to be nearly as important to them as it is going to be to the business traveller. A dedicated workspace is another example of something that they probably aren’t going to care about that much if they’re not going to be working while they stay there. Whereas if you get a movie theatre set up in your basement, like with a projector and a sound bar, or you get some board games, or some yard games, or a hot tub, or a sauna, those things are generally going to be more attractive to larger groups of family or friends that are travelling together for leisure as opposed to for business. So that’s the first thing is you really want to look at just the list of amenities to get inspiration. The second thing is then thinking about who your ideal client actually is your ideal guest, and what they’re looking for in this particular stay, and which amenities are actually going to cause them to pay more money for this listing, or to extend their stay and stay longer because it’s a nicer place. Or to to just book more in general, they’re going to choose your listing over another listing, because you have the specific amenities. So that’s kind of the second stage, but then that’s going to get you enough headway to figure out some of those lower ticket amenities, which ones are going to be make sense to add. Because really, it doesn’t take a whole lot of analysis to make a $50 purchase decision on a coffee maker, or a board game. But what about some of those bigger ticket items, like for example, an Evie charger, a hot tub, a sauna, a pool, maybe even those are things that are larger investments to the tune of 510 20 $30,000. And you probably don’t want to make that investment just based off of a best guess that this is going to be valuable for the people or knowing that it’s gonna be valuable for your guests, but not knowing how much more revenue it’s actually going to drive. And that’s where I really like to use the tool price labs, price Labs has a dashboard where you can basically go in so a lot of you will know price labs as a pricing tool to automate and optimise your pricing for your listing. And while I use it for that, I also really like to use their dashboard feature. And I want to say up front, as well as video is not in any way shape, or form sponsored by price labs, I’m not being compensated by them for saying this, I just personally really liked using their software, I’ve tried out a few different software’s out there, price up is one I like the best. And the thing I really liked about their dashboard feature is that you can actually go and look in your market. So you can specify where your property is located when you can create a radius around that property, and then go and analyse what different amenities are most popular in that area. And the way you do this is not just by looking at how many how many people have a hot tub, because obviously that doesn’t tell you how much how valuable the hot tub actually is. But what you really want to look for is the difference. So what they give you is two bars for every single amenity that you could want to look at the first bar tells you out of the total number of listings available, how many of them have, for example, a hot tub. So let’s say there’s 100 listings, and it’ll tell you that 80 of them have hot tubs, or 20 of them have hot dogs. For the sake of this example, let’s say that 20 of the 100 properties have hot tubs, then it’ll tell you the second graph, and this is the one that gives you a really, really good insight. It tells you how many bookings there are four properties in that area during a period of time and tells you so there’s let’s say 100 bookings over the next 30 days for properties in this area. 100 days are booked and tells you what percentage of those are for properties with hot tubs. So just to give you an idea, let’s just look at this as an example. Let’s say that in the market 20 out of 100 properties have hot tubs. But out of 100 bookings or 50 bookings 40 of those 50 bookings are for properties with hot tubs. Well, that’s a really, really good sign. Because that tells us that there’s only a small portion of properties in the area have hot tubs, but the lion’s share of the bookings are for those few properties that have that anatomy. So it tells us that’s kind of part of the 8020 rule. Yeah, sure. 20% of properties have hot tubs, but 80% of the bookings are going towards those 20% of properties that have that amenity. So that tells you that those properties are actually getting booked up more as a result of that amenity sure it’s not conclusive, we could there could be other correlated factors that are causing that. But it definitely gives you a really good indication that the return on investment is going to be there much better than just speculating. So that’s the third step that I like to use when there’s bigger ticket items I’m looking to purchase is to go and look at the data on price labs to see if it’s actually going to make sense and make sure that there’s not going to be just every property has a hot tub, well then getting it is really just going to be status quo, I should just include that and I need to get that but it’s not going to really cause a boost in performance above the

average versus if there are fewer properties that have hot tubs than having one is going to make my listing stand out and I can see if it’s actually going to lead to more bookings and then I can actually analyse and see how How much additional return I’m gonna get. The other thing you can do to kind of dial in your numbers even further is to actually look at comparable properties on air DNA to see a property without a hot tub versus a property with a hot tub and look at two properties that are very similar to see which one performs better. And you can do this with larger datasets and get five properties without hot tubs and five properties with do the same thing with swimming pools, Evie, chargers, whatever you want to do, so that you can actually try to quantify if it’s going to be worth your while. And my experience tells me that in different markets, the answer this question is going to be very different with different properties, the answers to these questions are going to be very different. So I do recommend that if you’re investing in a property that you put on your investor hat and do this due diligence, don’t just look at it as spending $5,000 or $10,000. To get that amenity, you’re actually investing that money. So you want to make sure that investment is going to provide a really good return in order to make sense of actually making the investment in the first place. So that’s my thoughts. That’s my strategy, the kind of process that I go through for adding amenities let me know yours if you have any questions, comments, thoughts, anything that you think I could do to improve that process or any questions you have about it overall, just let me know in the comment section down below. If you got value out of this video if it was helpful to you and help you make a decision for your property, give the video a thumbs up hit that like button it really does help me out tremendously with getting these videos in front of more people and helping more people invest successfully in short term rental properties. And last but certainly not least, make sure you hit the subscribe button. It really helps me out I love growing this channel. I love getting more you guys watching these videos, and we post two new videos every single week. They’re completely free and they’re geared towards helping you to succeed with Airbnb. So if you subscribe then you will never miss a beat. So make sure you hit the subscribe button hit the like button. Let me know your thoughts in the comments below. And with all that said, I’ll see you in the next video.