Some tips to increase your income with your Airbnb
1. Open your calendar early
Optimize your price as early as possible to get early bird reservations. Every month, there are new homes that appear on the platform. You want to guarantee your income as soon as possible. So, based on your previous rentals and the price of the competition, try opening your calendar as soon as possible. If you are not sure about pricing, check out statistics of similar rentals on sites like www.airdna.com.
2. Change your cancellation policies
Depending on how easy it is to rent your accommodation and the period of the year in which you are, it may be preferable to set your cancellation policies to the strictest possible mode. This way, you can secure a source of income in more difficult times or in case clients change their minds a couples of weeks before the check in. However, if you are in an exceptional situation such as the COVID-19, it is better to set your cancellation conditions as low as possible to encourage local travelers to book with you.
3. Increase the minimum stay for your rentals
The advantage of having a tourist home is that you can offer both a short-term rental product and a medium-term rental product (31 days or more). Indeed, there is sometimes less profitability in the medium term, however you can optimize your sales strategies by deciding to display 10 days minimum for dates later than 60 or 90 days. In this way you are putting the odds on your side when it comes to having more occupancy and less traffic at your residence. The management of your Airbnb must be done actively.
4. Go throughout the year
For many reasons, some hosts post their rentals only in high seasons. It also means that vacation rentals are less available for the low season. Depending on your location, when you list all year long, you will be able to have interesting income even during low seasons. You should not directly compare high season income to low season when renting all year long. Instead, budget your income on an annual basis. It is best to have a vacation rental all year round and get an average annual revenue. Typically you should have a minimum of 20% to 30% more revenue than a long term lease.
5. Ready to accept pets ?
Many families love to travel with their pets and you can stand out with your airbnb if you allow them to bring their pets. However, you have to furnish your apartment accordingly. With a dog bed, food bowls, a sofa with a fabric that does not trap dog hair and also dog waste bags. In short, if you love animals, there is a way to provide a safe service and therefore increase your income and the deposit.
6. Hire an Airbnb Management Company
If you have tourist homes, it is best to use an Airbnb management company. As professionals, hiring a short-term rental management company will save you time and make you make more money. Make sure you have a company that has your home and interests at heart!
7. Can your home accommodate more travelers ?
One of the tips for earning more money is to increase the number of travelers you are receiving. If you have the space to do this, often a sofa bed can give a greater visibility in your listing. To increase your revenue with Airbnb, adjust your Airbnb management style and think outside the box!