How to Increase Your Airbnb Occupancy Rate and Profitability
Updated: Jul 1
Increasing your Airbnb occupancy rate is one of the best ways to ensure you are maximizing your short-term rental (STR) profitability. Every night your property stays vacant is a lost opportunity. A combination of four basic strategies will make sure that your place stays booked throughout the year.
Customize Your Pricing Strategy
The easiest way to improve your Airbnb occupancy rate is to simply drop your price. If you were charging $1 per night I’m sure you would be booked solid throughout the year. However, you want to also make sure you are maximizing profitability so the $1 nightly rate doesn't make too much sense. The best way to do this is to ensure you are fluctuating your STR price on a nightly basis depending on market demand. The higher the demand the more you can charge, but you still want to make sure you understand your competition to remain competitive and ensure you are keeping the bookings coming in.
Increase booking opportunities with easy amenities
Adding amenities to your listing is an extremely easy process that can quickly result in additional bookings for any STR. Providing as many amenities as possible will maximize the changes that your home still shows up in the search results even when people filter their search for specific features. Every time your property shows up in a search result is another booking opportunity. The minimal cost associated with providing many of the amenities is certainly worth the investment for the increased search exposure. While building a pool in your yard might take a while to recoup the cost, there are several amenities you can quickly add to your listing without breaking the bank. Things like buying a low cost toaster, coffee machine, pots and pans, hair dryer, clothes hangers are all extremely cheap, but can quickly increase your booking opportunities. If something costs less than $25 and will allow you to check off another provided amenity, buy it. Not only does this help increase your occupancy rate, but will also help improve your guest’s experience.
Treat your home like a business
Make sure your listing is delivering as much value as possible. All of your photos should be professionally done. All of your copy should be written professionally and in a way that encourages bookings. And all of your messaging with the guests should be thorough and professional (and automated whenever possible). When a guest reaches out reply as quickly and as professionally as possible. This is especially important for new booking requests. Doing all of these things professionally will easily set you apart from the competition and quickly drive your occupancy rate up.
Ask for a five star review
After any guest stays with you, you should always request a review. And within that request, you should be specifically requesting that they leave you a five star review. Communicate the positive impact a five star review can have on your future bookings. Also, make sure you offer them the opportunity to express any issues they may have had during their stay. Messaging them directly to address any issues privately often avoids potentially negative reviews. With the right messaging you will not only get more five star reviews, but it will also improve your guest experience. And getting more five star reviews helps across the board. It not only helps improve occupancy rates, but also provides the opportunity to charge a higher nightly rate and improve profitability.
If you have any more questions or would like any additional advice, please feel free to reach out to us directly! We are a group of STR professionals with experience in improving listing performance while also helping navigate and understand local STR regulations.