- Karen Lau
Maybe you’re new to being a host or perhaps you’ve been doing this for years. Either way, you likely stumbled across this article because you want to find the best ways possible to increase revenue for your Airbnb or VRBO. You are not alone and that is why we are here. There are a few things you can do to make your property more attractive to potential guests and look no further because that is what we will go over together.
Ready To Increase Your Revenue?
Together we will go over and give you helpful tips for:
1. Marketing your Airbnb or VRBO property
We cannot stress this enough – Marketing your short-term rental effectively is one of the most important things you can do to increase revenue for your Airbnb or VRBO. Let’s go through some tips to help you market your Airbnb or VRBO listing in a compelling way:
Use High-Quality Photos
High-quality photos can make a big difference in how your Airbnb is perceived by potential guests. Make sure your photos are well-lit and show off the best features of your property.
The Listing Description Matters
Your description is your chance to sell your Airbnb or VRBO to potential guests. We like to make listing descriptions personable and friendly – as if you’re talking directly to your new guest. Make sure it’s well-written and highlights the unique features of your property .
Know Your Target Audience
Understanding where your Airbnb or VRBO is situated will help you market your property to the right people. You will be able to add the right keywords to the title and description of your rental listing which will bring more traffic to the page. We’ll talk more about knowing your targeted audience further in this article.
Know Your Competitors And Pricing
One of the most important things you can do to increase revenue for you Aibnb or VRBO is make sure your pricing is competitive with other similar short-term rental properties in your area. If your prices are too high, potential guests may choose to stay elsewhere.
Minimum Stays and Discounts for Longer Stays
You may want to consider where your property is located, what attractions are nearby, and what type of people you are targeting based on these facts. Close to a Six Flags park or in the downtown core? Make the minimum stay two nights. Located in the business district or in walking distance to the beach?
Guests looking for a rental home in these areas are likely looking to stay anywhere between a few days up to a week. Offer a discount for bookings over four nights. Offering discounts for longer stays can be a great way to attract guests who are looking for a longer-term rental. The better you have to offer, the more bookings you will get.
Create a Social Media Account For Your Listing
Stay up to date with the trends and hop on TikTok and Instagram. It may take time to build the following if you haven’t already, but share posts to your personal accounts and have friends and family do the same. Once you’ve gained followers, engage with them and offer giveaways that could in turn get you more followers. Followers = potential new guests.
2. Furnishing and decorating to add value
We talked a bit about knowing your target audience and now we’ll go into detail about furnishing and decorating for that specific audience to increase revenue for your Airbnb/VRBO. Here are three quick questions to first ask yourself:
- Where is the rental property located?
- Who are most likely to be the guests?
- How long will their stay likely be?
When it comes to choosing an interior design style for your rental property you are going to want to gear it towards the answers to these questions for many reasons. Let’s dive into why.
Choosing the Right Style Based on Location
Is the property located along a south Florida beach? We suggest you bring in coastal elements (with moderation) via furnishings, lighting, rugs, and/or wall art. This way the design speaks to the city or town it’s located in and attracts more out of town guests.
By choosing the right style for the location of the rental property you are more likely to increase revenue for your Airbnb/VRBO. You may consider reaching out to an interior design professional to help and you can find out more reasons why here.
Know Who's Staying
We bring this back up for many reasons. By knowing who you’re targeting you can furnish the space to cater to the needs of the guests more easily. If your rental property is geared to host out of town business travelers or travel nurses, these guests are going to want their own private rooms with possibly a desk and chair in each.
If families looking for a vacation home are the targeted audience, you are often able to accommodate more overnight guests when there are bunk beds, a sofa bed, or a bed with a trundle in one of the rooms. When you are able to take in more guests you are able to charge a higher rate for each stay and increase revenue for your Airbnb/VRBO.
Consider Length of Stays
So you can source furniture that is comfortable and versatile. Know that guests staying a week long are going to have more down time in the vacation home. If there is an additional family room in the house that would be a great place to include a plush sofa or sectional for lounging, and perhaps a games table to keep guests entertained even while they stay in.
3. Navigating And Understanding The Airbnb or VRBO Websites
Navigating the Airbnb website can be confusing, but if you take the time to learn how, it’s easy to use. Knowing how to use Airbnb’s website to its full capacity will aid in your ability to be a great host with attractive short-term rental properties. Here are a few hints on navigating the Airbnb website effectively:
Search Filters
The search filters on the Airbnb website can help guests find your property. Let’s shift our perspective for a moment to consider how guests will be using the search filters on Airbnb’s website. People will often use the filters to narrow down their search by location, price, amenities, and more.
An important factor when looking to increase revenue for your Airbnb or VRBO is to make sure all property information and amenities are listed for future guests to check off while searching.
Pricing Your Nightly Stay
While you remain comparable and competitive to other hosts nearby, consider that someone searching for a short-term rental is likely to use the pricing filters while they navigate through Airbnb or VRBO’s website. They may indicate their nightly budget is $275.00, which means if your rental is even a few dollars more it will not get seen with their filter settings.
If you price your rate slightly below an average budget – for example $272.00/night – you allow your listing to be visible even when the budget is set. This is an opportunity for you to get more bookings and increase revenue for your Airbnb or VRBO.
Responding To Guest Inquiries
The quicker you respond to guest inquiries, the more likely they are to book with you. It is always best to respond as soon as you see their message and be as helpful and kind as possible. We also suggest personalizing the messages to ensure they feel seen. This can be as simple as referring to them by their name.
This can help increase the likelihood that a guest will book with you in the first place and also encourages them to possibly book another stay in the future.
Reviews And Star Ratings
After their stay, guests have the opportunity to leave a rating and review. Both are impactful, both positively and negatively, to who is looking at your rental listing. You are able to respond to reviews, and Airbnb.com tells you how. We recommend responding in a polite and helpful manner to any review.
If you’ve been following along thus far, we have no doubt that you will have great reviews! The more positive feedback your guests give you, the more other people will book with you and you’ll be able to increase revenue for your Airbnb or VRBO.
Download the Airbnb App On Your Phone
If you have the Airbnb app on your phone it’s a great way to manage your Airbnb property on-the-go. You can use the app to check your bookings, respond to guest inquiries, and manage your calendar.
4. Additional Bonuses the Airbnb Website Has to Offer
We’ve gone through marketing tips, furnishing suggestions, and navigation tips. Now we would like to leave you with a few additional bonuses the Airbnb website has to offer while you continue your journey to increase revenue for your Airbnb or VRBO business.
Superhost Status
If you consistently provide excellent service and receive positive reviews from guests, you may be eligible for Superhost status on the Airbnb website. Superhosts receive additional benefits, such as increased visibility on the website and exclusive promotions – all of which will help you to boost your profits.
Location Mapping And Nearby Attractions
The Airbnb website has a map view while searching for a rental location. This allows people to get a closer look at what the walkability to nearby amenities is like, if there are bike paths or parks around, where the nearest transit stations are, and any other nearby attractions there are.
Aircover
You are covered. While this may be last on the list it could be one of the most important things for you to know as a host on Airbnb. Every host is protected with each nightly stay. From guest identity verification, reservation screening, damage protection, liability insurance, to a 24-hour safety line, Airbnb has your back. Sounds too good to be true? See for yourself here.
