When Airbnb rental investing, you’ll get a whole bunch of issues that arise in your way. Among them is the Airbnb occupancy rate. It indicates your booked nights and can give you a significant insight into how well your investment property is doing when compared to other Airbnb rentals in your area.
Without further ado,
Proven methods to boost your Airbnb occupancy rate
Optimize your listing title
Same as the real estate investment world, Airbnb rentals play a numbers game. The more views and clicks on your listing, the more bookings you will eventually cash in. Therefore, you must come up with a catchy name that forces viewers to click on your listing. Additionally, you must have a full profile to ensure that your Airbnb guests are getting the fullest idea about your rental property.
In addition to that, divide your paragraphs when describing your Airbnb rental property. This will help guests read further as you’re more likely to read shorter sentences and paragraphs. This is guaranteed to boost your Airbnb occupancy rate.
Is your investment property photogenic?
This may be an overlooked fact for real estate investors as they constantly think of numbers and forget that an investment property needs to have a certain sex appeal. Simple cleaning and tidying are always necessary before a photo shoot for your property. Additionally, it never hurts to have a flower vase here and there.
Many beginner real estate investors going for an Airbnb rental strategy don’t see the value of a good photo. Big mistake! Photos are what the Airbnb guest will see before actually arriving at your property. Haven’t we all booked Airbnb properties just because we liked the looks of things? Don’t hesitate to invest in quality photos. Just wait and see their effect on your Airbnb occupancy rate.
Expand the property’s guest capacity
Let’s take it to the hypothetical for a bit and say that you have a two bedroom rental property. In a typical scenario, you will get the two rooms booked with an average of two in each. However, you can make more if you play it right. Yes, we’re talking about putting more beds in one room while retaining the other as is. With today’s tiny furniture, you can fit four beds in a room and list them as affordable short-term rentals. There are many travelers seeking a cheap accommodation option but they dislike the public feel of a hostel. By doing so, you’re boosting your Airbnb occupancy rate by simply appealing to a wider range of customers.
Conduct an analysis
The most valuable method on the list by far! Real estate investors can enjoy the fact that technology is making the impossible happen. For a real estate investor, whether a novice or an expert, a real estate market analysis is as valuable as a gem! You can find the potential in your investment property before buying or looking for investment property financing methods!
So, fear not my fellow real estate investor, we have a real estate market analysis tool to aid you on your way to building a real estate investment portfolio that you’re proud of. With Mashvisor’s investment property calculator, you can find out all the real estate comps along with the Airbnb occupancy rates of each property and even capitalization rate! To learn further about the use of a real estate market analysis, read this blog post: The #1 Best Resource for Performing Real Estate Market Analysis.
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Dynamic pricing
If you’re not updating your pricing options, you’re missing out on a lot my friend! You must adjust your prices in both low and high seasons. If you’ve ever taken basic economics in college, then you know the effect that supply & demand can have. A simple rise in demand can skyrocket prices and you can triple your nightly rate with no problem whatsoever.
Of course, Airbnb gives you a hint of what the prices in your area look like. However, you must constantly surf Airbnb and check what’s out there to be on the safe side. In peak times, you can make a lot of Airbnb rental income even if you have a low Airbnb occupancy rate. Additionally, your Airbnb occupancy rate is going to fluctuate during the off and peak seasons, so plan that strategically when your pricing your rental.
Be hospitable
Among the worst experiences I’ve personally had as an Airbnb guest are not about the property, they are about the Airbnb host. When you’re in the short-term rental business, you’ve gotten yourself in the hospitability business, my friend! You must ensure your guests that you are welcoming and accommodating and help them along their trip to ensure safety and comfort.
Moreover, guests are looking for that extra thing that’s going to make them feel bedazzled. From personal experience as an Airbnb host, Airbnb guests enjoy receiving gifts just as much as the next guy! A simple welcome gift and a map can do wonders for your Airbnb occupancy rate thanks to the positive reviews you’ll likely receive. With Airbnb hosts getting promoted to super hosts, you must learn the tricks that involve that. Read this blog post to learn the ins and outs of becoming a super host: The Ultimate Guide on How to Become an Airbnb Super Host.
Don’t shy away from asking for reviews
When talking about real estate investing and especially with Airbnb investing, reviews matter! Airbnb guests will review you and give you a shout out if you’ve been good or give you a slamming review that will stick forever. A simple case to make sure you’re not getting bad reviews is to ask for good reviews! By asking the guest for a good review, you are demonstrating that their opinion of your investment property matters. Additionally, the more reviews you have, the more your Airbnb occupancy rate will rise.
If you’re wondering how to always get positive reviews, read this blog post: How to Always Get Positive Airbnb Reviews.
Final words
The best teacher is time! You will get many different types of Airbnb guests in your investment property’s life! You must be accommodating and ensure that your guests are happy by listening and keeping an open conversation when needed! These methods will do wonders for your Airbnb occupancy rate by bettering the booking and staying experience of your Airbnb guests.
If you’re a real estate investor in the Airbnb real estate investing business, please share your tips with us in the comments section.