Updated: Jul 1
The short-term rental market has been growing rapidly in recent years, and it's not just the availability of homes that makes the difference. The nature of this market is also changing with the introduction of more 'Airbnb-style' rentals.
How people view a stay has changed, and it's no longer just about the space you have or the number of bedrooms you have. It's also about what your home can offer with modern short-term rentals, including all the facilities and features that guests may need to make their stay more comfortable.
Some homeowners can feel it's not easy to become a successful 'short-term rental' host. They may face difficulties finding the right guests, avoiding bad reviews or making the most out of their available space for renting.
We have decided to share with you what we know about this market and how to get more short term rental bookings on Airbnb and other short-term websites. We hope our recommendations will help you reduce the number of guest rejections and ensure you receive more bookings.
Let's take a look at these ways:
1. Ensure your Price is Appropriate
It's crucial to balance the rent you're offering and the amenities you have. Before you start thinking about pricing, ensure customers can find a stay that matches their budget.
If your rental is too expensive, guests may choose to use other short-term rental options. In order to have the right pricing, use Airbnb to run a comparison analysis. To do this, type in your property's address on Airbnb's search bar and view the homes within a 5 mile radius to your home. Compare your pricing with the properties that are the same amount of beds and bedrooms as yours. The properties should also be in the same condition as yours, (such as newly renovated vs not renovated) and they should also have the same amenities as yours. Once you've found at least 3-5 homes that you can compare to yours, the pricing that you charge should be about the average of the homes you'd compare yours to.
2. Avoid Depending just on one Option for Short-term Rentals
While there are numerous solutions for guests, if your home is not on at least on a few of the major online short-term rental platforms, chances are you won't attract many potential guests.
The major platforms such as Airbnb, VRBO and Booking.com allow you to easily follow reviews, respond to or update your property, and control your calendar. Make sure to be on all the most popular platforms.
3. Add Quality Photos of your Property
Your photos will add value and help potential renters find what they need without spending a fortune on travel articles or websites. A rental listing with professional photos will get more interest and short term rental bookings than one without. Photos of your property are always the first thing a potential renter sees when they look at a listing, and putting them in good quality is important.
On the other hand, If you use poor-quality photos, it will reflect badly on your property, and many potential renters may just not bother to look further. With good quality photos, you will get a better response from viewers as they will be able to imagine themselves in the property and what it offers for their holiday.
4. Show your Property USPs and Write Catchy Headlines
Your property's USPs (unique selling points) may be the key to booking a higher percentage of reservations. When you know what sets your business apart from others, customers are more likely to select your destination before even reading the details of competing accommodations.
This is why it's important to pinpoint your business' USPs. What makes you different from the competition?
A compelling headline is the key to getting people to notice your ad and click on it to read it. A great headline can engage users and keep them reading. Moreover, an attractive headline grabs attention, hooks the reader in, and compels them not only to stop but also to make them take action.
5. Make your Business Website
The internet offers many ways for you to market your business, and one way is through direct short term rental bookings on a website. With the convenience of building a website that offers direct booking, you can expand your reach to accommodate multi-deals, which will surely give you an advantage in the market.
In addition to this, you will also be able to help your renter to better understand all the information that they need regarding the type of services offered by you. Your online presence will give more credibility to your business and create confidence in the minds of your potential customers.
6. Get More Positive Reviews on Your GMB Profile
It's not just about getting more short term rental bookings. A positive review can help you stay competitive.
Positive reviews on your GMB profile can really help boost your business's profile on "Google Maps ."It's important to have a high star rating on your GMB profile so that people will know you're serious about keeping up quality work and delivering what you promise. Furthermore, having reviews on your profile can also help you improve your search engine optimization because it's one of the best ways to get a high place in search results.
7. Enhance Your Internet Visibility
Property managers should take all the necessary steps to ensure their property is as visible on the internet. Prospective tenants find new housing more often by browsing websites like Zillow, Craigslist and Rent.com, so it's important to take advantage of this opportunity by listing your property with them. This will increase traffic to your listings, which will lead more people to inquire about your properties which can, in turn, lead to a higher rate of short term rental bookings than ever before.
8. Automate the Processes
If you're renting out your property on Airbnb, you can automate the booking process with a service that automates things that speed things up.
An automation platform for property managers and owners automatically updates your calendars and calendars, handles guest requests for short term rental bookings simultaneously as it handles their payments and collects deposits from guests who book your rental. You don't have to be online to manage all of your properties, and you don't have to keep marking available dates.
9. Choose a Short Term Rental Management Company like Ours
Having to deal with the day-to-day responsibilities of renting out a residence can be time consuming and labour intensive. If you’re managing a property that has more than one unit, it can become even more challenging. That's where Opuluxe comes into play. Here are just a few of the benefits that your tenants will benefit from:
- Convenience: We'll ensure you have a steady income stream. All you have to do is stand back and relax.
- Transparency: You'll be up to date of bookings in real time, as they come in. You'll be able to see the pricing of each booking as well as information about each guest.
- Peace of Mind: With a professional short term rental management company such as Opuluxe, you won't need to worry about making sure that your property is cleaned and prepared for each booking.
- Less Hassles: Opuluxe will take care of all day-to-day matters that may arise like responding to guest inquires, managing cleaners, dealing with maintenance issues, and more.
In summary, the short-term rental market is changing rapidly, and you need to adjust to the changing needs of guests.
Maintaining a good availability as a host on various popular platforms, having clear and efficient photos uploaded of your property and highlighting your house's unique features are great ways to give yourself an edge in this competitive market. You can also get in touch with our professionals at Opuluxe to manage your investment easily.