Being an Airbnb host nowadays requires not only having a spare space to rent but also having some marketing skills to make your proposition noticeable. Basically, there are 3 ways you can influence you Airbnb income and maximize your profit: optimizing your listing, setting the proper prices and improving the property.
Optimizing Your Airbnb Listing
Airbnb hosts usually underestimate the role of the listing and consider it as a formal step. Still, without knowing the property the only thing your potential guest can rely on while making their choice is the listing. Thus, your listing is your main tool in the guest acquisition. So, how can you improve your listing to make it more convertible?
Headings and Bullet Points
This is a simple trick, but it will help you to break the information into smaller blocks that are more comprehensible and easy to look through. Not to make unsubstantiated statements here are two examples.
Actually, this listing is not the worst example, as the most important points are capitalized here. However, the text is quite difficult to perceive. It is too long (and this is just a tiny part of the whole description) and hardly anyone will manage to read it till the end. Grasping just some pieces of information your guest may get a wrong image of your property, which can result in confusing situations.
You must admit, that this piece looks much more readable than the previous one. The information is logically divided into blocks. This allows the brain to seize it all and digest without getting overwhelmed. Still, this listing can be even more improved by using bullets in each of the sections. By the way, this tactics is not that common among Airbnb hosts. Thus, it will be easier for you to stand out.
Just another good example of how you can shape your Airbnb listing. Using the FAQ, you can arrange the information nicely and cover the most important issues.
Highlight the Amenities
Your listing is not the proper place for modesty. If there are some additional advantages you consider worth mentioning don’t hesitate to highlight them. These can be access to the full kitchen, private bathroom, free parking, Wi-Fi, heating and air conditioning, fireplace, whatever. You should always highlight such things, as they can tip the scales in your favor and increase your Airbnb booking. Here is an example of how you can do it.
Airbnb is not only another way of additional earning. It is, first of all, a community where your reputation really matters and your success is measured by the feedback you get. So the more reviews you have, the better. And it doesn’t really matter whether they are good or bad. Having even three-stars rating is much better than an unrated profile. The number of reviews in the listing usually indicates its occupancy rate. Moreover, if the guest leaves a feedback this means the stay at your property didn’t leave him cold. Don’t worry about the negative reviews if you have some. Of course, take them into consideration, but mind that this is just a subjective opinion. And the majority of the potential guests understand it as well.
Provide Nice Photos
Let’s face the truth, very often photos are the only thing that the guests look at, except, perhaps, for the price. It is quite clear, as visualizing gives you more information about the space than a written text in the same period of time. Thus, beautiful pictures are your main key to success. You need to optimize your photos to show your property the best way. An awkward perspective or bad lighting can spoil the whole image of your apartment. So what can you actually do?
Airbnb provides the hosts with free professional photography services. Just click here to apply.
Pay attention to the captions. Don’t state just the formal “this is a living room”, “this is a kitchen”. Provide custom captions that will help the guests to imagine themselves staying at your place.
The order and the number of photos are also very important. This should be a logical walkthrough of your house. It is better to start with the most captivating photo. Keep in mind that the first photo would be also your showcase photo in search results. Try not to duplicate photos of the same room, unless they add some extra element to the whole image. And usually, 10-15 photos is enough.
Setting a Proper Price
This is a tricky question, as you can set whatever price you want. If you have just started renting your place this might seem difficult for you to estimate your property. A little cheat is to check out what hotels in your area are charging across a certain range of dates. Still, keep in mind that you are not a hotel and pricing yourself like one you can frighten the guests. Entrepreneur states that the average Airbnb price for a private room is $65 whilst an entire lodge goes for $141 on average and shared rooms are $45 per night. But this is just a general image. Manipulating with prices you can significantly influence your Airbnb income.
Get Rid of One-Size-Fits-All Pricing Strategy
Whilst setting one price seems the easiest option, don’t get tempted because you are likely to miss the opportunity of increasing your income. Depending on the location of your property it might worth more at certain times of the week, month and year. Don’t miss this chance.
Airbnb allows you customizing your pricing. You have a possibility to set weekend prices. The demand on the weekends is higher, so you can boldly charge more and still be fully-booked. The same is with setting custom or seasonal pricing. If there is some festival, conference, concert or any other event in your area, you can use it for your benefit.
You can also go for another strategy charging less and providing weekly or monthly discounts. This may encourage guests who are planning a long stay. In this case, you may lose a couple of dollars per night but get a lucrative and longer-term guest.
Don’t Despise Short-Term Stays
The high turnover is more beneficial than you think. The researches show that a guest stays 4 nights at an Airbnb in average. 99% of guests stay less than a month. Single-night or two-night bookings are quite common, so don’t reject such guests.
Don’t Chase for Being Fully-Booked
This might sound surprising, but being fully-booked doesn’t always mean getting more profit. First of all, most of the people prefer booking the place closer to the current date. Thus, seeing your place is fully booked months in advance, they will simply overpass it. Setting the lower price may result in a fully booked-out calendar, but let’s make a simple calculation.
Host #1: Fully-Booked, Cheaper Pricing
Nightly rental price: $80
Monthly Occupancy: 100%
Monthly Airbnb Income: (30 x 100%) x $80 = $2,400
Host #2: Partially-Booked, More Expensive
Nightly rental price: $130
Monthly Occupancy: 75%
Monthly Airbnb Income: (30 x 75%) x $130 = $2,925
As you can see, the second Airbnb host is still $525 ahead despite being partially-booked. The only conclusion we can draw is that under-charging your property can sometimes be even a bigger loss than over-charging it.
Improving Your Property
You can find lots of recommendations on how you can improve your property. Everything depends on your budget and imagination. You don’t need to spend a fortune on your home renovation if you tackle the problem reasonably.
Define Your Target Audience
This is easier than it might seem at the first glance. First of all, consider your location. If your city often hosts some youth festivals or scientific meeting it is logical to assume that your guests will be mostly young people or serious scientists. If your location is suitable for a versatile audience consider your own preferences. Whom do you want to host? Families? Elderly couples? Businessmen? Backpackers? You can also rely on the classification of the modern travelers Amadeus, the major European IT Provider for the global travel and tourism, gives in one of the reports:
- Obligation meeters
- Simplicity searchers
- Reward hunters
- Social capital seekers
- Cultural purists
- Ethical travelers
Each of these categories requires a different approach and has its own particular needs. Defining, what kind of guests you want to host will help you to adjust your apartment up to their needs.
Personalize Your Space
After you have decided upon your target audience you can start your house renovation. Whether you will do the complete replanning of your apartment or just add some aesthetic strokes is up to you. It is always better to stick to some topic to provide your guests with unique and authentic experience. Add some original details, experiment with colors and textures. However, try not to go too far. It is easy to overdo here and to turn a stylish well-balanced interior into а cluttered-up closet. If you are renting a residential part of your house make sure you have removed all personal items like family photos, toiletries, clothes, etc.
It would be also nice of you to add some pleasant bonus for your guest: a bunch of flowers, a vase of candies, anything that will show that you are a welcoming and thoughtful host. You can show your creativity and invent your own welcome basket, where you can put some local specialties and booklets of the places you recommend to visit. This small thing will help you to make a good impression and will surely be mentioned in the reviews.
As you can see, being a good Airbnb host requires creativity and some visionary thinking. Basically, everything that makes you stand out among other hosts will help. Don’t be afraid to experiment and to try some new approaches, as it is something that will increase your Airbnb income and bookings.
For more assistance over Airbnb hosting services contact archiparti.