How Can You Improve Your Occupancy Rate?
Re-Evaluate Your Nightly Rate
The incorrect pricing of a listing is one of the main reasons for low occupancy rates. A strategic pricing plan is essential to maximize revenue. It should be based on research on the average Airbnb price in your area, including your direct competitors. Listing an accommodation at a higher price than the nearby competitors could lead to potential guests not paying attention while listing a property at a lower price could cause guests to distrust the property.
Peak season demands peak pricing. To attract more guests, lower your prices in the off-season. Offer bundles or discounts. Many off-season travelers choose to travel off-season in order to maximize their vacation by booking lower flights and staying in more options. This type of traveler will love your place.
This will allow these smart travelers to plan their off-season trips well in advance. To attract anyone who is just passing through, adjust your minimum stay requirements. Your page will have more positive reviews if you have more off-season guests. Your status as a superhost will increase if you build a client base during off-season travel months by opening your availability and lowering your prices.
Enable Instant Book
The Instant Book feature can be used to increase occupancy rates. Instant Book allows guests to book a room without waiting for confirmation from their host. Airbnb claims that Instant Book is now used to book two-thirds of all bookings. This matches the share of supply.
Instant Book properties are searched by many travelers who search for Airbnb accommodations. Hosts can increase their visibility by activating the feature to maximize their visibility. Once a property is getting positive reviews and traction, the instant book can be disabled and hosts can be more selective about their guests. The Instant Book option is linked to the status of “Super Host”, which is a positive for guests.
Wow Photos & Clear Grammatically Correct Language
Photos and descriptions are crucial for determining the occupancy rate. Guests are less likely to book if photos are unclear or misleading. Airbnb reported that professional photos of properties can help owners make 40% more and have a 24% increase in occupancy.
The language used to describe a property’s location should also be carefully chosen. A property in Manhattan, New York might attract more attention if it uses words such as “modern, chic, and local”, whereas words like “cozy,” “quaint” or “comfortable” would be more appropriate for an Aspen cabin. Many property managers now outsource the copywriting for their property pages to GuestHook to attract potential guests.
Revamp Your Space
You may need to change the look of your space when updating your listings. People who are just browsing through rental sites may be attracted to a new design. They will likely choose the ones that look the best. The photos you post on listing websites play an important role in attracting guests.
Pinterest is a great place to start if interior design is not your thing. Pinterest has a lot of inspiring interior and exterior decor photos that will inspire your creativity. In this age of social media, setting up a backdrop that inspires Instagrammers may help you to attract new guests even when it is slow. You can also hire property management companies to help you manage your vacation rental properties year-round, from cleaning the house to furniture assembly. You must keep your property in top shape, even during shoulder and off seasons.
Write & Encourage Reviews
One review can make all the difference. This can help you stand out from your competitors. Give your guests a gentle reminder to leave reviews before they leave. It doesn’t hurt to let them know that you appreciate their experience. Asking for reviews is now a common industry practice.
Writing your own reviews about guests is another great way to encourage reviews. The platform hides reviews from guests until they leave their own reviews. This gives them an incentive for leaving a review. Even though it might seem impersonal, having a prewritten review template can help you save time if managing multiple properties.
Hosts should not forget the basics to encourage positive reviews. Providing a solid guest experience is the best way to increase your chances of getting reviews. You must communicate with guests regularly, be an active host, recommend local attractions and hotspots, make sure that your rental properties have all the amenities you need, and take care of the little things.
Offer An Enjoyable, Personalized, Local Experience
The reason that travelers prefer to stay in Airbnb over hotels is that it feels more personal. It’s important for travelers to feel at home and not as if they are staying in a hotel room. There are many subtle and tasteful ways to improve your guest experience. You can increase the rating of your home and improve its occupancy rates by providing welcome baskets, refreshments, local food, and information about nearby attractions. You can also use a variety of apps to improve the guest experience and simplify your job as a vacation rental host.
Positive online reviews are a great way to get guests in low seasons. The amazing reviews from peak-season guests will bring in off-season customers. A solid guest experience is a great way to attract more positive reviews. You can do this by being open with guests, being active hosts, recommending local attractions and hotspots, as well as making sure that your rental properties are regularly stocked with amenities.
Understand Your Seasonality Location
It is important to keep track of the occupancy levels in your local market. This is especially useful when trying to spot trends throughout the year. Our Airbnb statistics indicate that Miami’s highest occupancy months are March and April due to events such as Miami Music Week.
Consider Using A Property Manager
You can also sign a contract to have someone else manage your Airbnb property. These companies will optimize, market, and manage your listing in order to maximize your potential Airbnb revenue. This service is available for a fee, or commission. However, not all property managers are created equal and you’ll want a reputable local one, not a big-box national manager.
Try A Property Management Software
You can increase your occupancy rates without hiring a property manager. Another option is Airbnb property management software. There are many features to these services, but the core principle is that you can list your property on multiple booking sites (Airbnb. Vrbo. Booking.com, etc.) and synchronize your reservation schedule in one place. This allows you to get more exposure for your listing, while also removing the hassle of bookings being coordinated across multiple platforms.
Gain Superhost Status
You can increase your occupancy rates by becoming an Airbnb superhost. You must meet certain cancellation and response requirements, but the increased visibility on Airbnb can result in more bookings and higher occupancy rates.
How To Earn Superhost Status
Superhost status cannot be given away, it must be earned. Hosts and property owners who want to be promoted must demonstrate excellence in four metrics.
– Response rate
– Guest ratings
– Host cancelations
– Booking frequency
Superhosts’ response rates must be at least 90% in order to keep their status. This means that hosts must respond within 24 hours of receiving a message. This applies to both booking inquiries and questions about the property. Airbnb values efficient communication in order to maintain a trusting and fluid relationship between host and guest.
The most important metric hosts should adhere to is guest rating. If guests have negative experiences with hosts and their property, they won’t be able to become superhosts. Hosts must have a minimum rating of 4.8 within the past year to reach the guest-rating standard. This scale is based on Airbnb’s 5-star rating system.
Airbnb is very concerned about cancellation rates. Airbnb believes that guests will not return to the site if they have their accommodation canceled by a host. Superhosts should have a cancellation rate of less than 1%. This is equivalent to 0 cancellations per 100 bookings over a calendar year. Airbnb will not cancel any booking unless there is a valid reason to cancel. These scenarios are listed here.
Booking frequency is another indicator of how experienced a host can be and thus warrants superhost status. Superhosts must have stayed at least ten times in the property during the past year, 100 days or more, and have at least three stays.
What are the Advantages of Being a Superhost?
Superhosts are always at the top in search results. Airbnb promotes superhosts properties on its platform. This is perhaps the greatest perk to achieving super-status. A property’s visibility is greatly improved by ranking higher in the listings. Hosts earn more when their listings are visible and have higher occupancy rates.
In its marketing materials, such as newsletter emails, Airbnb also promotes superhost properties. These properties also receive increased traffic from the “Superhost” search filter when guests are looking for highly qualified hosts.
Superhosts can also enjoy other fun perks. Superhosts receive $100 travel coupons each year they are “super”. Superhosts are eligible to receive $100 travel coupons every year if they refer friends to host. However, superhosts can see this amount rise by 20 %.
What are the Disadvantages of Being a Superhost?
There are no restrictions for hosts who are serious. It may add pressure for casual hosts looking to rent out their homes occasionally. It takes some effort to maintain superhost status once it is achieved. Superhost status is for those who are superhosts. The superhost designation is very popular among professional Airbnb property managers.
Superhosts are people who are willing and able to manage the additional expectation of maintaining their superhost status. They should treat their Airbnb property like a business.
Engage On Social Media
You can attract a large online audience by using social media. For your vacation rental business, you might consider setting up social media pages. These include Instagram, Facebook, and Twitter. To attract tourists throughout the year, you can market your vacation rentals year-round. Social media allows you to launch promotional campaigns whenever and wherever you like, offer discounts to your followers at any month to increase occupancy rates, and provide quality content to build a strong, active following. Engaged followers mean more people are aware of your rentals.
Promote your incredible properties on social media to attract your next guests.
Market To A Larger Audience
To reach a wider range of tourists, you can use the data you have collected about peak-season guests and the audience you might be missing. You might own a Miami beachfront home and attract young vacationers in the summer. These travelers may be looking for a place to rest between club outings and beach activities. You can target other travelers in the fall, winter, and spring. This applies to business travelers, families, and retirees as well as locals, foodies, and honeymooners.
You can update your listing on booking engines to highlight the property’s benefits for other types of travelers. A beachfront view that is popular with group vacationers in the summer might also make a great romantic getaway. Your place could be close to the action of the city, making it a great spot for foodies who want to try the local restaurants. Your marketing strategy should be rethought to reach guests that you don’t usually book.
Host Local Events
You may have noticed it is more difficult to book international guests in low seasons. If this is the case, you can target locals to increase domestic sales. Your city is your best resource, so market your area for cultural and local events throughout the year. You should keep a handy calendar and note all holiday weekends, events, school year breaks, and school holidays that occur during the low months. These should include four-day weekends and no-school days as well as work breaks that visitors might want to enjoy while they are in the city. To attract domestic guests, you should market your short-term rentals at these times. This strategy will allow you to keep an eye out for local and cultural events and target “staycationers”, who are looking for weekend getaways.
Which Airbnb Amenities Most Increase Occupancy Rates?
The Airbnb amenities can make a huge difference in the rental market. Location, pricing, marketing, and all other factors are important. But, having a well-curated set of kitchen necessities, a fireplace and top-speed WiFi is what really makes listings stand out.
Implementing amenities can be difficult. Because each listing is unique, with its own style, and features, amenities that are essential in one area may not be necessary in another.
Learn the Basics
There are a few small amenities that hosts can offer to boost occupancy rates in each area. All areas (beaches, cities, and resorts) can increase occupancy by providing basic amenities such as shampoo, basic cooking necessities, and extra bed linen.
Hosts who do not indicate whether there is hot water or WiFi are subject to a 7.7% penalty on their occupancy rates. The data shows that small investments in amenities can make a big difference. Hosts also benefit from listing every amenity that is available, regardless of how redundant or obvious it might seem.
Going Above, But Only A Little Beyond
It is possible to go beyond the basics and provide a more functional and comfortable experience for guests with minimal investment. The occupancy rates in the four regions were all increased by adding creature comforts like a microwave (with a 1.5% increase), a hairdryer (3.9%), an iron (3.7%), and a coffeemaker (1.0%). A property that includes all four amenities can result in a 5.3% increase of occupancy. These add-ons can be especially helpful in marketing your listing to business travelers or appealing to people who use Airbnb for work.
If they have the resources, there are many other changes hosts can make. Advertisements that are family-friendly can increase occupancy by 2.9%. A 3.5% increase in occupancy can be achieved by indicating if there is parking available on-site. Other listings features like self-check-in and long-term stay availability can also boost occupancy rates by 3.2% to 4.6%, respectively.