How to increase your Airbnb revenue

There are actually several tips that can help you earn a bit more money with your short-term rentals. You simply need to adjust the way you operate.

 

1. Change Your Cancellation Policies

 

Depending on how easily you can rent out your property and the time of year, it may be better to set your cancellation policy to the strictest option. This way, you can secure a source of income during slower periods. However, if you are in an exceptional situation such as COVID-19, it is better to set your policy to the most flexible option to encourage local travelers to book with you.

 

2. Increase the Minimum Number of Nights

 

One advantage of having a tourist residence is the ability to offer both short-term and medium-term rentals (31 days or more). While medium-term stays may sometimes be less profitable, you can optimize your sales strategy by setting a minimum stay of 10 nights for dates more than 60 or 90 days in advance. This increases your chances of securing longer bookings at higher amounts. Managing your Airbnb must be done actively.

 

3. Open Your Calendar Early

 

Optimize your pricing as early as possible to attract early-bird travelers. Every month, new listings appear on the platform. You want to secure your income as early as possible. So, based on your previous bookings and competitor pricing, try to open your calendar as far in advance as possible. If you’re unsure what prices to set, check statistics on websites such as www.airdna.com.

 

4. List All Year Long

 

For various reasons, some hosts only list their short-term rentals during certain times of the year. This also means vacation rentals become less available during part of the year. Depending on your location, listing all year long allows you to earn interesting revenue even during low seasons.

 

That said, you should not directly compare your high-season income with your low-season income. Instead, budget your earnings on an annual basis. It is preferable to list your rental all year to establish a consistent yearly average and maximize your occupancy rate. A good Airbnb concierge team will help you maximize your profits.

 

5. Ready to Accept Pets?

 

Many families love to travel with their pets, and you can stand out as a short-term rental if you allow them. However, you need to furnish your apartment accordingly. Provide a dog bed, food bowls, a sofa with hair-resistant fabric, and waste bags. In short, if you love animals, there are safe and effective ways to offer this service and increase both your revenue and your security deposit.

 

6. Hire an Airbnb Management Company

 

If you rent short-term properties, it is best to hire a management or concierge company for tourist residences. As professionals, a short-term rental management company will save you time and help you make more money. Make sure you choose a company that truly cares about your property and your interests!

 

7. Can Your Property Host More Guests?

 

One trick to earning more money is to increase your guest capacity. If you have the space, adding a sofa bed often increases your listing’s visibility.

 

To increase your earnings on Airbnb, adjust your Airbnb management style and think outside the box!