13th May 2019
5 Simple Ways to Maximise Revenue as an Airbnb Host
Regardless of how long you have been hosting on Airbnb, there are always ways you can alter your listing and approach to improve profits and maximise your revenue. With competition amongst New Zealand Airbnb hosts increasing as more and more property owners try their hand at the platform, it has never been more important to ensure you are doing all you can to get the best results possible from your efforts.
Starting out on Airbnb and generating your first few stays is one thing but, actually establishing an impressive income from hosting is another milestone altogether. While many may be content with resting on the lower end of the host income spectrum, those that are looking to make the most of their property rental need to keep switching up techniques and trying new things to get exceptional results.
Attaining the best possible earnings from Airbnb hosting can only happen when the right steps are taken to attract, secure and delight every single guest. While this isn’t always an easy task, it is extremely worthwhile when income potential is realised. Airbnb is a highly lucrative venture for property owners when executed properly. As a massive contender in New Zealand’s short-term accommodation industry in 2019 and geared to see strong guest numbers in the near future, it’s now the perfect time to start preparing to maximise your hosting revenue.
There is no one-size fits all approach to working on revenue maximisation, however, these five methods will help you to attract more guests and ensure the highest profitability with each stay.
1. Optimise Your Listing
Your very first step towards increasing revenue should be to take the time and energy to optimise your Airbnb profile and listing The optimisation process involves taking a number of steps to improve the appearance of your property on the platform. At the end of these steps, you are likely to experience better visibility for your listing, more enquiries and higher revenue as an end result.
Optimising your listing will require you to verify your identity (through government ID and/or credit cards), complete all fields required on your profile, have attractive images of your property and reply to users promptly upon enquiry. The aim of optimisation is to do all you can to improve the positioning of your listing in Airbnb search results. This means that by having a fully completed profile with all the correct information, a good track record in guest correspondence, and an attractive listing, you’ll show up in the top few spots when people search for properties with your features.
Listing optimisation is one of the most effective ways of increasing Airbnb revenue. However, it’s important to note that it’s not likely to be a one-off task. The chances are that you will need to continually work on your profile and listing to continue attracting guests.
2. Adjust Your Pricing Regularly
Prices for short-term accommodation fluctuate frequently throughout the calendar year. There are certain months that command top dollar from tourists, while at other times, can be a struggle for many Airbnb hosts to attract people in. For the most part, pricing is designated by season. The high-season will have the highest nightly-rates, while the low-season, winter, will have the lower charges. Within these seasons there will be certain events that call for higher nightly-rates. These will need to be considered on a case by case basis and require you to stay up to date with what’s going on in your local area.
The takeaway from this should be that pricing should not remain stagnant but rather adapt to the market. Hosts that are aware of current events and the market will always have a much better revenue than those that keep their pricing the same regardless of what’s going on around them.
3. Focus on Occupancy-Rates
The periods when your property is empty are gaps in your income as an Airbnb host. Focusing on your occupancy rates will always help you maximise your revenue. One of the most effective ways to ensure higher occupancy rates is to entice long-term and repeat guests. Long-term guests are particularly helpful during winter as this is most often when hosts find large gaps between bookings.
You can find out more about attracting and securing long-term Airbnb guests here.
4. Increase the Number of People You Can Accommodate
One of the easiest ways to increase profitability is to increase the number of people you can accommodate on your property. This can be as simple as purchasing a fold-out couch or extra bed and will allow you to increase your nightly-rate as your property becomes available to a new group of people. For example, by increasing your person limit from two to four with the addition of an extra sleeping space, you become suitable for a family rather than just a couple.
5. Consider Hiring an Airbnb Management Company
Airbnb management companies are designed to make your property an entirely hands-free profitable investment. These professional Airbnb hosts are able to optimise your listing, manage it and grow your business through expert techniques. While hiring a company may eat into a percentage of your revenue, the potential for a company to grow your earnings is very high. Survey Airbnb property management companies in your area, consider the benefits and weigh them up against the costs, it could be the case that you end up seeing better results with a professional than you would on your own.