Over the past few years, many home owners have capitalised on the home sharing craze that was led by AirBnb, resulting many property owners in gaining very massive revenues in renting out their homes on short term rental portals. As competition heats up , many owners wondered what are some of the best ways to maximise your income on AirBnb.
Location is one key factor that decides the occupancy of your property. Always to research on your neighbourhood on the pricing of the properties on short term rental portals or hotels. If your property is located in area that has access to restaurants, shopping malls and good transport links, naturally you are able to charge a higher asking price compared to those in less desirable locations. However please take note that over-charging just because of your so- called perfect location, as many guests will probably choose a property in a more inconvenient location or even stay in a hotel due to the unjustifiable pricing that you may be asking for. Therefore research is critical in determining the pricing of your property.
2. Dynamic Pricing Policy
One of the ways to attract many more guests paying the right money to you , is to adopt a dynamic pricing for your property , according to different rates on weekdays and weekends or holidays. Also adjust your rates accordingly due to certain events in your location that will attract more travelers to your area, such as exhibitions, trade shows, or concerts. It’s always good to bench mark your pricing to those of hotels in your location.
3. Make your place look attractive and ” Instagrammable”
The first way to attract visitors to your listing online is make your listing outstanding. The only way to do so , is to make your listing stand out by having professionally taken photographs of your property in the most optimised state. Having the property professionally staged will of course help to attract more eyeballs to it. Have a detailed and well written description of your property will also tell your guests that this is a property that’s well managed by a very dedicated host. From our experience, having an optimised listing have helped us to attract many more guests than it should have, even when your property is not in a ideal location.
4. Maintain a pro-active customer service
Always monitor all enquiries to your listing closely and make it a point to answer them as soon as possible. Always follow up and clear all obstacles so that guests are able to book your place swiftly and effortlessly. Post- booking, always ensure that you provide crystal information on the ways to access to your property. To further maximise your revenue, you may also consider providing options for limousine transport or any other added value services, i.e food delivery services to your property or during their stay.
5. Personalised and curated interaction with your guests.
Besides providing a clean and presentable home for your guests, it’s also important to maintain personalised communications with your guests. Always make it a point to meet up with them. Offer them any kind of gestures or bring them out for a tour if time permits.
Looking at all of the above, it may not be easy for a amateur host to comply with the above. Therefore it’s highly recommended to find a professional to host your home. Not only it helps to save your time and hassle , it will definitely help you to maximise your income and improve your ROI on your property !