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Why You Need to Pick A Niche for your Airbnb Business

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SUMMARY:

Before you begin your Airbnb Business,the most important decision that you will need to make is to determine your niche.  Why does it matter? Because it lays the foundation for everything that comes next and will set you up for success. 

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When I’m coaching people in starting their Airbnb business, the first thing they ask is how to get clients?  How do I convince people to let me manage their properties? 

You need to take a step back.  It is more essential and more foundational to figure out your niche, who you are going to service. 

The example I like to use is to look at doctors.  When you have a tooth problem, you don’t go to your family doctor or GP.  You go to a dentist.  If you need braces, you specialize even further and go see an orthodontist. 

The point is that you see a specialist to deal with a specific problem. 

Now, who is getting paid more? The more specialized a doctor is, the more they will be getting paid.  It’s not because they are more educated – it’s because they are providing more value. 

Every industry is the same.  The people that are getting the most clients and the highest rate are the most specialized.  

With Airbnb Management, you cannot be everything to everyone and it will hurt your business if you try to be.  You are not going to offer a valuable service.  You will have properties in different areas, assisting property owners with different priorities.  There are going to be areas where you simply do not have the right expertise to help eliminate their challenges and pain points.  

As you can see, before you start out your business, pick a niche.  Pick a specific group of property owners and specialize in helping them.  Figure out exactly what their challenges and pain points are and figure out how to solve them. 

Step 1: Who do you want to serve? 

Step 2: What are their problems?

Step 3: How can we create solutions to those problems?

Once you have that in mind, then you can craft your offering around those answers.  For example, say your niche is owners in a mountain region who want to rent out their vacation property.  

You can then begin thinking about what their pain points specifically will be.  These owners will want to use their property sometimes, since it is their vacation property.  Guest screening will be a priority since it is their second home.  Generally speaking, these owners aren’t going to have this as a large focus.  This isn’t a business to them and they will not want to manage guest communication, dealing with cleaners, and things like that. 

When you present the answer to their problems, they will see you as the person they didn’t even know what they were looking for.  They will see problems that they didn’t see before and quickly decide to use you because you are the right fit for them. 

When we come across someone with a pinpoint solution for our specific problems, we make decisions to sign on quickly and with confidence.  

Our other videos will go into how to find these clients and how to tailor your messaging so they feel understood and understand what it is that you are offering. 

However, the first step which is a foundation to the whole business is figuring out what that niche is and how you can solve their problems. 

We developed a systematic approach to finding the most profitable niches and what offer is going to make you the most successful.  To learn more about that step-by-step approach, check out our FREE BNB Mastery training.  See the link above for more information. 

VIDEO TRANSCRIPT:

What's up everyone its James Svetec here, and in today's video, I want to talk to you about why you need to pick a niche for your Airbnb management business.

Now, this is probably one of the most common questions that I get asked all the time, when I'm first starting to teach people how to grow a business on Airbnb managing other people's properties. The first thing that people want to know about is how do I get clients? Like how do I actually get properties under management? What do I say? How do I convince people to start managing properties for me?

And I always tell people, well, you know, we'll get to that. And it's important to have a bulletproof strategy for exactly how to set up appointments with property owners how to actually close those properties under management, all those pieces of the business are important, you know, client attraction, client conversion, those are essential parts of any business at all.

But what's even more important and more foundational, the step that comes before any of that is figuring out your niche. And the simple explanation I give to it is this like, as far as Why you need to pick a niche as well?

You know, look at any industry look at, you know, for example, I always like to use the example of doctors, right? You think about doctors and when you have a problem with your teeth, where you go, you don't just go to your your GP you don't just go to your regular family doctor, you go to a specialized doctor, ie a dentist, you know, someone's going to help you specifically just with your teeth.

And, you know, if you were to go and you needed braces, you know you had crooked teeth. Well, where would you go to for that? Would you go to your dentist for that? No, you go to an even more advanced specialist, someone who specializes just in malocclusion, you know, messed up teeth, your teeth being crooked. That's an orthodontist, someone who can help you to outfit you with braces.

And who do you think is getting paid more along that chain. And obviously the dentist is typically getting paid more than a GP, they're more specialized. And an orthodontist is usually getting paid far more than a dentist because they're more specialized. And it's not just that they're getting paid more Because they went to more schooling, it's that they're getting paid more because they're providing more value.

And the same can be said in any different area, any different industry. If you look at any industry, the people that have the most clients being the path to their door, and you're getting the highest rates are the people that are the most specialized.

And when you kind of relate that over to property management managing properties on Airbnb, specifically, if you try to be everything to everyone, if you just try to manage anyone's property on Airbnb, and you say, I want to manage anyone's property out there, who will let me manage it for them, then realistically, you're not going to have very valuable service offering.

You're gonna be torn between some people that are focused really heavily on the numbers, other people that are focused really heavily on they, they really want a reliable cleaner, you're gonna have people in different areas as well, you're gonna have some people out in one neighborhood, other people, another neighborhood.

So you're not going to know how to price the properties effectively for the different seasonal fluctuations for the different events that are going to be coming into the area throughout the year. There's going to be all these areas that you just don't have the right expertise in order to really fully serve that client, and help eliminate all their challenges, all their pain points, all the problems that they're experiencing, and really just target your offering to them.

And so what we want to do when we're first starting is we want to figure out a niche, we want to figure out a specific group of property owners that we're going to be working with, and then we're going to specialize in helping them. And then what we do from there is we want to figure out exactly what those people's pain points are, what their needs are, what their challenges are.

And then from there, we're going to go Okay, let's figure out how to solve them. And so the first step is, let's figure out who do we want to serve. Step number two, is how do we like what do they actually need help with? What are their problems? And then step number three, how do we go and solve those specific problems.

Then we want to get really good and start crafting our offer our messaging everything around just specifically solving those problems for those people. Now Suddenly, you've got a person that fits within that niche.

Let's say that you decide that you're managing properties for mountain property owners, people that have their properties up. And let's say you're in Colorado and you want to manage properties in the mountains there in Colorado, and you want to specialize just in people that own a second property.

They're not really looking at like big time real estate investors are gonna care more about the financial projections, they're gonna have a different set of needs different set of pain points, you want to focus on the people that vacation homes, and you start crafting a service offering specifically geared around that. And you really tailor to the fact that, you know, these people want to use their property for a couple weeks of the year, and they want the ability to do that.

Because after all, it's a second home, you really tailor to the fact that you know, these people are gonna want to know that the guests are being screened effectively, because again, it's their second home, they care about getting good, high quality guests in there throughout the year. And you really tailor to the fact that you know, these people are not really heavily focused. They don't have the time to invest into this property. It's a vacation property.

It's meant to your real life. For them, they don't want another job managing all the all the guests communication, all the pricing dealing with cleaners, all that sort of stuff things. And so you figure out a solution to take all that off their plate to solve those problems. Now, when you speak to one of those people, and you talk to them about this is what I offer.

And this is these are the problems I solve, it's gonna feel to them, like you know them better than they know themselves, that you're going to be like the answer to their prayers, exactly what they've been looking for. And they didn't even know they were looking for some of it probably, you know, the people that are just getting started, they're going to realize that there are problems that they didn't even foresee having that they can now see would be an issue down the road.

And they're going to jump on board quicker than anything because they know that you're the right fit for them. And so all that we as consumers, people in the market, we just want solutions to our problems. And if we come across someone that has a really pinpointed tailored solution to our specific problem, that's when we make decisions really quickly. That's when we can make those decisions with a lot of caution. Confidence.

And we know that problem is going to be really, extremely effectively alleviated. And so, in the following videos, I'm also going to talk more about, you know, how do we actually then go and find those properties that fit within our niche? And then how do we tailor our offer and our messaging to specifically deal with, you know, making sure they feel understood, they understand our service offering, and they're going to come on board really quickly without hesitation and talk about all that.

The first step as you can see, now, that foundational piece is really just figuring out what this niche is, and then how you can start solving their problems. If you want to learn more about the step by step exactly, we've, we've developed a real systemized approach to this. So there's not a whole bunch of trial and error. There's not a whole bunch of guesswork involved for exactly how to find the most profitable niches, the best niches to get started into and how to figure out exactly what offer is going to resonate with them on the highest level.

If you want to learn more about our step by step approach to that, and the link is in the description below. You can sign up for our free training for BMB mastery program where we'll walk you through step by step completely free. We go into about a two hour training and go through this stuff more in depth.

So if you want to learn more about that, then just click the link in the description below and you can learn more about that check out the free training and otherwise I will look forward to seeing you in the next video.

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