The success of a vacation rental business isn’t just merely a stroke of luck, or about certain seasons. Like pretty much everything else, it requires immaculate planning and effective marketing tools.
Airbnb is a wonderful digital tool that allows you to run a short-term rental service. The app and website are virtually free and provide you with a plethora of information regarding this rich market. The detailed listings include houses, apartments, and even private rooms.
However, the plethora of data still needs careful management and execution to be successful. If you are a beginner and don’t know where to begin, we have some tips for you to maximize your profits via vacation rental business.
Here are 5 ways you can supercharge your Airbnb property:
- Enter all the details
Having an ambiguous profile can be your number one enemy when it comes to supercharging your Airbnb property. So, be mindful to fill in all gaps as it increases the authenticity of your profile. An authentic profile improves your listing, which in turn ensures that you can supercharge your occupancy rates. You can include a picture of yourself along with a short introduction. You must not forget that your profile is a key element when it comes to Airbnb. Many people choose this platform because they want a more personal experience than hotels. They want to know more about the host and thus leaving gaps in your profile might not be the best idea here. Make sure to give some relevant and authentic information about yourself on the site so that your customers will be more encouraged to make bookings.
Another important thing you need to consider is the reviews. In the digital era, reviews and testimonials are everything. Your entire image is based on the reviews that your customers leave, so, you might want to focus more on how to ensure they’re all stellar!. Make sure that you answer each review, this gives the image of a very attentive host which is always a reassuring signal to potential customers. Besides, consistently good reviews help to boost your visibility on the site.
- Work on your pricing strategy
The digital era makes it all the easier to compare and contrast prices. Therefore, you need to put a little more thought before setting your price. Consider important factors such as the season, day of the week, location, and any special events set to take place in your area. Even small, localized events can greatly affect your pricing from one day to another, so don’t discount anything!
There are many digital tools available in the market which incorporate extensive market research and help you set the best possible price for your Airbnb property. But if you are reluctant to invest in any such tools, just be mindful of the following tip before setting a price: Try to imagine yourself in your customer’s place. What would be the ideal price for you? It won’t matter how beautifully decorated your space is, if your pricing is too high, you probably won’t attract a lot of bookings. Consequently, you need to ensure that your price is level with other lodgings. Of course, this doesn’t mean that you should set the bar too low either. Your quoted price might not be the actual price your guests pay (see: service fees, etc). Try to include the charges for service and any additional costs you would bear during their stay.
- A little research will do you a lot of good
This might not be what you want to hear, but there are no hacks to bypass this. You need to conduct a little market research if you want to supercharge your Airbnb property. The best place to start is by checking out similar rental spaces in your area. Consider key factors such as the type of your property (is it an apartment, or an entire building/house, or private rooms?). Also, consider the number of people you can accommodate. A single bed typically accommodates one person whereas a double bed can accommodate up to three people. Another important thing to consider is the amenities you can offer your guests. A secure Wi-Fi connection, a well-stocked kitchen, supplies such as toilet paper/cleaning liquids, a parking space, and working air conditioning are the very basic items guests require. If your property is expected to have more bookings in winter, make sure you have an ample supply of hot water and a good internal heating system.
If you have hired an Airbnb cleaning service, you can manage these things effortlessly.
- Plan your booking calendar wisely
Being a little flexible with your booking calendar can help you supercharge your Airbnb property. Most people resort to Airbnb when they cannot find an appropriate hotel or other lodgings, therefore, last-minute reservations are quite common. Consider opening your calendar in the last seven days to one-night bookings. Being a little flexible in minimum stay requirements might sound like a big compromise but it will surely help you fill the gaps in your booking calendar. The increased income is surely worth the trouble, right?
Another suggestion is to reduce your nightly rate but increase the minimum stay. Although it is the opposite of being flexible, this can be a useful tip to increase the overall occupancy rate. Longer bookings will ultimately lead to more consistent revenue, and can negate some of your other costs.
- Value addition
Offering complimentary services (such as breakfast) won’t cost much, but it can help you attain more 5-star reviews. If you don’t want to incur any additional costs, simply keep in touch with your guests, this is a hospitality business, afterall. Always ask them about their stay and patiently listen to any complaints regarding your property. Being an attentive host can give you a lot of bonus points. If you have the means, investing in an Airbnb cleaning service can offer you a lot of return. Such services help to get you 5-star reviews by offering a more personal experience for your guests. Turnify offers services such as welcome kits, listing optimization, and photography as well. So, a little investment in a good Airbnb cleaning helps you a lot in the long run.