Managing an Airbnb may seen straightforward enough, sign up and create a listing on the app, welcome guests, clean up after each stay, and welcome another guest. However, with the increasing popularity of short-term rentals, it’s expected that your competitors will step up their game and try to make their property even more appealing to attract a larger share of guests. In this article, we’ll touch on 3 different points that can help you maintain your edge in this competitive yet rewarding market.
Does your listing look professional?
When you take a look at some of the best performing properties on Airbnb, you notice that their listing looks professional. How would you know if it’s performing well? A good indication is its booking calendar. Airbnb occupancy is public so if you see that it’s booked most of the time, then it’s a good sign that the said property is in demand. If you want the same for your listing, then it might be time to take a closer look to see where you can improve.
The first thing you can review is your property’s title. It would be better to have a descriptive title that would let guests know what your property is all about. It’s the first copy they see when they browse listings. Another important aspect of your listing is its photos. Has your property been professionally photographed? Professional photos will place your property in a good light and guests will appreciate it more if it’s been styled and presented in the best way possible. Lastly, in your description, it would be good to highlight your property’s location and all the nearby landmarks, shopping districts, popular restaurants and other must-visit places. Disclosing the number of bedrooms and bathrooms, available amenities and such are a given but letting guests know which attractions are in the neighbourhood will add to your Airbnb’s appeal.
How do you answer guest reviews?
Guest Reviews are heaven-sent especially if these are 5-star ratings. Those who are happy with their stay will give your property praises and these reviews will serve as a testament to your hosting abilities. However, how you answer these reviews is equally important. It will help guests get a better feel of your personality and remaining pleasantly professional can only help to entice them more. Airbnb hosting is a business and like all businesses, there may be one or two occasions where guests will leave less than stellar reviews. How you answer these is equally, if not more crucial, than your positive reviews. A good rule to stick to is to keep your response shorter or at least the same length as the review you received. Too lengthy responses will only give the impression that you are defensive about the shortcomings that these guests have pointed out. Once you acknowledge the negative review, assure them that the issue will be resolved and what steps you took to improve that specific aspect of the complaint. This will also reassure future guests that these will no longer be a problem should they decide to book your property.
Are you utilising dynamic pricing?
Dynamic pricing is a must if you want to optimise your Airbnb earnings. You would need to carefully consider which dates you can charge more or less for. If you know that you need bookings for next week and those dates are fast approaching, it is better to lower your nightly rate than have them unoccupied all together. Following this logic, you also know that not all days are created equal and Saturday nights are understandably more sought-after than a Tuesday night. The same goes for special holidays and for when there are festivities or events happening around your neighbourhood. You stand to gain as much as a 43% increase in your returns when you switch from static to dynamic pricing, according to a report from Beyond Pricing. So if you want to maximise your property’s potential revenue, dynamic pricing is definitely a key factor.
The good news about all these enhancements is that it doesn’t involve any major changes to your property. All you need is a bit of tweaking and you can improve your Airbnb’s performance. If you want to learn more about Airbnb property management, don’t hesitate to reach out to us and we can discuss how you can set-up your Airbnb for success.