In theory, you would think that in order to grow your Airbnb revenue, you’d simply buy more properties and add them to your listings, right? That is one way to do it but that can get overly expensive.
On average, an Airbnb rental can bring in upwards of $20,000 per year. Having several different properties can increase your revenue but it can also eat into that revenue if you don’t manage it correctly… There has to be a better way to grow your Airbnb revenue without going into debt taking on too many properties… and there indeed is.
That’s not saying that you can’t have multiple properties and profit from them, but if you take on too many, the likelihood of slipping up somewhere is very high. The goal would be to start small first and then add more properties to your listing to grow your real estate portfolio. Now, whether you have one property or multiple properties, these techniques are sure to increase your Airbnb revenue and will help you better calculate your earning potential.
Check out these tips and tricks to ensure your vacation rental is always booked.
Promote Your Vacation Rental
Just like with any other product or service, no one will know about your Airbnb unless you advertise for it. This is a large reason why lots of credible hosts don’t earn as much as they possibly could… They rely only on people going onto the site and searching for properties and stumbling across their property; Airbnb traffic alone is just not enough.
Things like social media platforms, various websites/blogs, and even online forums are great ways to get the word out about your property. Believe it or not, Airbnb actually has rankings just like search engines, and by promoting your property over multiple online platforms, your property ranking will increase on the Airbnb site, which will lead to more bookings, and ultimately, more revenue.
Sell the “Lifestyle of the Locals”
When people book vacation rentals, understand that they’re going on a vacation and are looking for more than a place to lay their heads… If they wanted a place to just lay their heads, they could have booked a hotel, but no, they want a vacation rental property, which means they want an entire vacation experience in every facet.
With your listing, give the local experience of what it will be like to vacation in your property’s area. You’ll want to list all local attractions and the distance from your property to those locations, and include high-quality photos of not only the property but also of some of the beautiful attractions there.
To really impress potential guests considering your property, you can let them know that you know the city like the back of your hands and include a “guidebook” with their stay. It should include all the great restaurants and tourist attractions. But also, there are some guests who, when they vacation, like to go off the beaten path away from tourist attractions… If you know any of those locations, you’ll score even more brownie points with them!
Incorporate a Fair and Reasonable Pricing Strategy
In most cases, when people go on vacation, they’ve planned and saved for the common expenses associated with it, so paying for a nice accommodation isn’t going to be too big of a problem for most people. However, people can also tell when they’re being “nickel and dimed,” too… especially seasoned travelers.
To prevent turning off potential guests from booking with you due to price, consider these pricing techniques.
- Set a minimum number of nights a guest can stay just for a little consistency in pricing
- Refrain from charging large amounts for common fees
- Always keep your prices competitive. Check out the prices of other listings in your property’s area to keep the pricing around the same dollar range without short-changing yourself or turning off guests.
- Offer last-minute special discounts to anyone who books for a weekend that your property is vacant
From selling the local experience in your listing to keeping your prices competitive, these are some of the top ways to grow your revenue with your Airbnb. Of course, the more properties you have, the more revenue you can generate, and it will be even more lucrative with these growth strategies.