Updated: Nov 1, 2022
We have a lot of data and experience with Airbnb, and we've used that to figure out how to make the most money possible from Airbnb, even in the slow season. This post is about making more money from Airbnb when business is slow. By following these steps, you can ensure that your Airbnb rental property is bringing in a healthy income, even during the slow season. Read on.
Lower the Minimum Stay Requirement
You should lower your minimum stay requirement to ensure that more of your calendar is booked. This is especially important in less busy periods when stays are often shorter.
Consider lowering your minimum stay requirement from seven days to two days during the winter months, as guests may just be looking for a short break. With bookings being so few and far between, it doesn't make sense to have restrictions on how long they can stay.
Offer Generous Discounts for Longer Stays
In periods with less demand for Airbnb accommodations, hosts can offer discounts to guests to encourage them to extend their stay. By doing so, hosts increase their chances of making a profit off of that particular booking.
Utilize Dynamic Pricing
Pricing your listings using data-driven techniques gives you a better chance of success from the start. If you're not using a dynamic pricing engine, you're missing out on potential revenue. It's that simple.
Pricing engines like DPGO use real-time data to determine the right price for your listing. You need to think of pricing as a balance between maximizing earnings and securing a booking. The only way to do this accurately is to find the best pricing engine for you and your business goals. You can be sure you are getting the best price for your rental property every time.
Share the Capacity of Your Airbnb
Adding capacity to your rental property can help you to attract more guests and generate more revenue. By increasing the number of guests you can accommodate, you make your rental more appealing to a broader range of potential customers, including families, corporate groups, and larger parties. This can help you to maximize your earnings and make the most of your property.
Accommodate Business Travelers
One thing that doesn't stop in the winter months is business. Business travelers still need catering during the off-season, and by optimizing your listing to attract them, you give yourself the best shot at appealing to the few bookings that come around in quieter times.
The 'digital nomad' is a relatively new tourist group, but remote workers are increasingly common, so don't forget to market your property to this group! Adding faster internet, a desk, and printing facilities would appeal to business travelers. Creating a detailed guest guide, with taxi services and the details of nearby conference facilities, would also be beneficial. Investing in a fancy coffee machine could also attract guests.
Make Your Property Suitable for Kids and Pets
Updating your Airbnb listing to appeal to families and pet owners is a great way to boost your income in the off-season. By permitting both children and pets in your listing, you will increase the likelihood of securing a booking in any season and increasing your earnings!
There are a few key ways that you can boost your Airbnb income during the off-peak season. Firstly, by making sure that your listing is as appealing as possible and is correctly priced. Secondly, by being proactive and reaching out to potential guests. And finally, by offering discounts and promotions. Following these and other tips above can help ensure your Airbnb business is successful all year round.
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