Have you ever wondered if your Airbnb’s performance is considered exceptional or subpar compared to industry standards? There are a number of ways to assess and in this article, we have listed 3 tips on how to gauge your short-term rental’s success and help you understand just where your property stands.
Airbnb consistently offers useful data they have gathered in their newsroom to both entertain and help hosts and short-term rental property managers. Some useful information include how Airbnb and travellers are redefining the experience in 2021 or updates on new health and safety mandates. If you find that your Airbnb is up to speed with these developments, this will give you a clue on how up to date your management style is, as well as provide you with more insight on how to manage your current listing.
Many platforms also offer insightful data that will give you a ballpark figure on how many nights an Airbnb property is booked on average or the usual pricing to listings within the same area. Platforms that offer these include alltherooms and airdna.
Another and possibly the most telling one on how your Airbnb is doing is how happy your guests are with their stay. Do keep in mind that unhappy guests tend to be more vocal in their reviews vs guests who are just satisfied enough. In order to rack up some 5-star reviews, the experience you need to provide would have to set you apart from the rest and should also, undoubtedly, be worthy of 5 stars.
Negative reviews typically provide specifics on why the guests are unhappy. More often than not, they will let the hosts know if it was the cleaning, the supplies, or the communication, that led to their unsatisfactory experience. Hosts should pay attention to these as they give insights on what can be improved with their short-term rental space. If dealt with properly, negative feedback can be constructive and lead to better performance in the future when corrected. It’s important to also respond to negative reviews noting that you have read their review and will work on improving. This will set new guests’ minds at ease when looking to make a booking.
One of the best things about signing up for Airbnb management is that these short-term rental firms usually have a large portfolio under their belt. Due to this, they have their own database and will not only offer valuable analytics on pricing, marketing strategy, listing photography, interior design, but also guide you on actionable items based on the insights derived from this data, turning information to a concrete plan tailor-fitted to your property. In terms of occupancy, a good estimate for self-managed Airbnbs is around 60%. Professionally managed Airbnbs with specialist pricing teams can deliver occupancy rates of up to 75% and above.
Airbnb management firms like Hometime also offer their hosts and hosting partners access to their platform that provides a detailed breakdown of costs, income, occupancy rates, and many more. From there, you will get a good idea if you are maximizing the rental income of your Airbnb and just where your property stands performance-wise.
Reach out to us at Hometime for a free estimate of your property.