Are you aiming to boost your Airbnb revenue from last year? Even if you had a very successful 2017, there’s always room for improvement, and some small changes can make all the difference. Perhaps 2018 is the year you hope to expand and manage multiple properties? Whatever your targets for the year ahead, here are some top tips for making more money from your rental.
Get more bookings
It seems obvious, but the quickest and easiest way to increase your revenue is to boost your occupancy rate. The more bookings you have should result in a higher annual turnover. So how do you make sure you secure more bookings for your property? This is where it gets a bit tricky, as being successful on Airbnb isn’t an exact science – but there are guaranteed ways to improve your profile and guest experience in order to encourage more bookings.
- Take time to review and improve your profile. Are you fully marketing your listing and making the most of its benefits?
- Use professional photography. Most guests choose a property based on the images provided.
- Respond quickly to enquiries to make sure guests don’t book elsewhere.
- Provide a five star experience to encourage five star reviews, which then persuade more people to book.
It’s important you set the best price for your property in order to extract the most value from each booking. By using pricing algorithms and industry tools, you can make sure the property delivers higher yields. Hostmaker can review your pricing to deliver up to a 20% increase on yields! This is an effortless way to increase your earnings – without investing time or money into the property management.
Consider alternative suppliers
Work out how much it costs you as a host to host a guest in your property. This should typically include the cleaning fee, unless this is charged extra with each booking, and the payment of anybody else who helps with the guest changeover. Don’t forget to include the cost of toiletries and other supplies – while an extra special touch such as wine in the fridge or luxury toiletries is a great idea for your reviews, could you provide this at a cheaper cost? You could swap brands and still offer the same experience. It’s also a good idea to compare utility prices – could you swap to a cheaper energy provider? These small changes can reduce overheads and result in savings throughout the year.
Find out how we help Airbnb hosts earn more from their property.