Airbnb is one of the fastest growing industries in the world. With over 1 million listings and a valuation of $30 billion, it’s no wonder that more and more people are turning to this platform for their accommodation needs. But what if you want to maximize your earnings? This article will give you five tips on how to do just that!
Step 1: Go Multi-Channel
You can’t always rely on Airbnb to match your listings with the right travelers. With so many people using their service, it can be difficult for a traveler to find what they want in one place. That’s why you should create profiles on at least two of the major marketplaces; like HomeAway and Booking.com.
Step 2: Airbnb SEO
You’ve heard of search engine optimization, but did you know that Airbnb has a system for it as well? You can optimize your listing by choosing the right title and description. This will significantly raise the chances of people finding your place when they are looking online.
Steps to Optimizing Your Listing:
● Pick an eye-catching title with keywords in mind
● Write a captivating description highlighting what makes your property special and unique
● Specify whether or not pets are allowed on site (and if so, make sure to mention this in the description)
● Add quality photos that showcase various angles of the space/facility
This is just a brief overview of everything you need to be doing. For a further in depth understanding of how to get on the first page of Airbnb, click here to view our free training.
Step 3: Refine your nightly rates
It can be tempting to list your nightly rates as high as possible, but this is not the best idea unless the data suggests that you can. You want people to book you for at least a week in advance so that they’re guaranteed lenient cancellation fees and no surprises on their end. Set up three prices: one low rate, one middle rate and one high-end price for different times of the year and timeframes.
Steps to Refine Your Rates:
● Make sure there are enough vacancies available before establishing what type of pricing model you will use
● Keep track of how many reservations per day/week it takes before deciding whether or not to increase prices.
Step 4: Set a variable minimum night stay policy
Airbnb offers the option for hosts to set a minimum stay period. This is useful if you want to avoid people staying just one night because they're in town on business and will be gone after that day or two. Alternatively, it can also work as an incentive for guests who are willing to commit to more days/nights at your property.
Steps Regarding Your Minimum Night Stay Policy:
● Review how often this policy has been used before deciding what type of minimum night stay model you should use (e.g., five nights per week)
● Establish whether there will be any exceptions made for shorter stays due to special circumstances like illness, weather conditions etcetera
Step Five: Optimize Pricing Models with Booking Tools
You can maximize your earnings on Airbnb by optimizing pricing models. This means that you should adjust the cost of a night's stay as time goes on or when things like tourism seasons change to avoid any confusion among potential guests and land more reservations in the long-term.
Conclusion:
Airbnb is one of those industries where people are attracted to it for different reasons – some want low prices, others high quality rooms etcetera. The key is finding out what value proposition stands behind each listing and focusing on them accordingly with these tips! With just a few tweaks here and there, you’ll be able to optimize your earnings using this platform even better than before (which was already quite good!).
If you'd like to learn more about how to optimize your Airbnb earnings, you can attend our next upcoming webinar, where we'll go into granular detail on how to get the most out of your short-term rental business. Click here to secure your seat now!