Keeping Your Airbnb Fully Booked and Earning All Year Round
With so many people embracing the Airbnb model with gusto, the competition is hot. Keeping your Airbnb booked and earning requires some strategic-thinking and smart tactics.
Here are a five easy-to-review points to consider right now.
1. Seasonality – Increase your price in peak season
If you’ve ever shopped for hotel accommodation, you’ll have noticed that their prices vary dramatically throughout the year. It’s not because they feel generous. It’s because they can estimate demand.
And their prices increase dramatically in peak season. This is to cover times when demand is low and the property rental price needs to drop to keep it occupied.
Follow the same model, and your Airbnb could provide your annual income in just five months of the year.
2. Events in your area
Of course, that doesn’t mean you can expect your property to empty for the other seven months.
If your Airbnb is fortunate enough to be based in a capital city, you can take advantage of all kinds of events throughout the year.
For example, some well-publicised theatrical shows stay in town for several months. Watch competitors in your area to see how their prices adapt for these. Other events include Food and Wine festivals, New Year’s Eve, sports grand finals, and conferences of all types, so check out your area’s events calendar well-ahead of time.
But what if your Airbnb isn’t in a capital city or major town? Even small towns have festivals and other interesting events. Visit your council’s website and make a list of all the events in your area. You’ll be surprised at the interests people have.
3. Clientele – Holiday or Business?
Decide on your clientele. Do you want your Airbnb to be a relaxing holiday destination? Or do you want to cater for the seasoned business person in town to visit colleagues or clients?
Making your Airbnb Business Travel Ready according to Airbnb’s guidelines will earn you a special badge highlighting your business-ready status.
Setting up for business clientele can be expensive, but it offers the following advantages:
- You can charge businesses more because of fewer budget restraints.
- You’ll take bookings during the week because that’s when businesses work.
- Seasonality is less of an issue because business bookings occur all year round.
- Repeat bookings, with business travellers returning to the same locations.
You can set yourself apart from other listers by going beyond what Airbnb requires and providing a wireless printer/scanner, coffee machine, shoe shine kit and a clothes steamer.
And to make sure your traveller doesn’t go hungry, provide a list of restaurants that can cater for business lunches and dinners.
4. Filling the void
There’ll be times when bookings of your Airbnb will slow down. It’s unavoidable. But you can do things to prevent as much of this as possible.
- Reduce your prices in line with other Airbnbs in your area.
- Highlight cheaper weekday rates.
- Talk about your Airbnb to everyone you meet. Your hairdresser, your publican, your friends. Everyone knows someone who might like to stay for a few days to visit family or catch up with friends.
- Advertise elsewhere – some Airbnb hosts use booking.com, HomeAway, their local tourism office.
- Print a leaflet and pin it to local noticeboards.
- Have professional photos taken for your listing – these can have a huge impact on your listing.
These are just a few suggestions on marketing your property. Think of other ways you can get the word out and you’ll be turning away bookings.
5. Length of stay
Deciding on your stay length can be tricky. You’d charge more for short-term stays, at a risk you may not be fully booked. Or you can charge less for long-term stays for the security of a regular income.
It’s worth considering a tenancy agreement for stays longer than 30 days. And some state laws require it. Check with local authorities if you want to take this path.
And if you do decide to take the path, you’ll need to make sure your tenant has the resources to pay you over that period. You may have to run background checks and ask questions that may make you feel uncomfortable.
So, while the regular income may be tempting, you may have to work harder for it. And remember, you’ll be missing out on charging higher rates and the all-important guest reviews of short-term renters in that time.
There’s no doubt that self-managed Airbnb property owners must be prepared to plan well and be engaged in the business of keeping their properties full and earning an income. It’s not a buy, advertise and leave process that’s completely headache free. However, there are many ways to achieve great occupancy rates and income that are stress-free.
Call Easy Home Rentals on 0402 149 626 and ask Prak how.