Setting the Right Price
One of the most common causes for a low occupancy rate is inaccurate pricing for a listing – whether too high or too low. Having a strategic pricing plan based on data-driven research is crucial to maximizing revenue. Listing an accommodation too high in relation to the surrounding competitors could mean potential guests automatically disregard the property, while listing a property too low could mean that guests distrust the property listing. AllTheRooms Analytics Reports provide Airbnb hosts with granular-level data that allows hosts to make the most out of their property.
Enabling the Instant Book feature on Airbnb can significantly improve occupancy rates. The Instant Book feature enables guests to secure a booking without having to wait for confirmation from the host. Airbnb reports that two out of three bookings on Airbnb are now made via Instant Book, which matches the share of supply.
As many travelers search for a place to stay on Airbnb by filtering for Instant Book properties, hosts can maximize their visibility by enabling the feature. Additionally, once a new property has started gaining positive reviews and traction, instant booking can be removed and the host can be more selective about its guests. Notably, the Instant Book option has been linked with the status of ‘Super Host’, which is certainly favorable for guests.
Photos & Language
The photos and description are the first things a potential guest sees on a listing page and are therefore crucial to occupancy rate. If photos are blurry, misleading, or untelling in any way, guests are less likely to book. Airbnb reports that owners who have professional photos of their properties earn 40% more in earnings and had a 24% increase in occupancy.
Similarly, the vocabulary used to describe a property should be chosen very carefully. For example, a property in Manhattan, New York may attract more attention if words like “modern, chic, local” are used in the title, whereas “cozy, quaint, comfortable” are more suitable for a cabin in Aspen. In fact, many property managers are now actually electing to outsource the copywriting for their property pages to companies like Guest Hook in order to capture potential guests.
Write and Encourage Reviews
The value of a single good review is hard to overestimate. It can be the difference between a booking, and it can make your property stand out from the rest of the pack. Before your guests leave, give them some subtle encouragement to leave a review. If you think they’ve had a great experience, there’s absolutely no harm — and asking for reviews has become an industry norm.
Another great way to encourage reviews is by writing your own reviews of the guests. As the platform hides host reviews until guests leave a review of their own, it gives them an incentive to leave a review. And while it may seem impersonal, having a pre-written review template can save you time if you manage multiple properties.
Offer an Enjoyable, Personalized, Local Experience
Much of the reason travelers opt to stay in Airbnb rather than a hotel is because the experience feels more personal. Travelers want to feel like they’re staying like a local, not like a tourist in some far-off cookie-cutter hotel room. Knowing this, there are tons of subtle, tasteful additions you can add to your listing that improve the guest experience. Offering welcome baskets, refreshments, continental foods, and information on things to do nearby are surefire ways to increase your home’s rating and its occupancy rates.
Understand the Market
Keeping updated on the highs and lows of occupancy within the local market is valuable, especially when trying to identify trends throughout the year. For example, ATR Analytics data shows that Miami’s high occupancy months tend to be in March due to spring break and events like Miami Music Week.
AllTheRooms Analytics utilizes current and historical data reports to provide property owners and clients with the most accurate, representative information about occupancy rates, as well as supply, demand, booked, and blocked properties. The industry is constantly changing and it’s vital to analyze data that will ultimately improve a property’s overall performance. AllTheRooms Analytics can supply valuable insights around a given market, including future projections. To find out more about AllTheRooms Analytics tools, contact us.