The finish of the Airbnb high season can feel like a hammer blow for property owners — suddenly you’ve gone from getting non-stop bookings to not knowing when your next one will be.
But fear not. Just because you’ve reached your Airbnb low season doesn’t mean you can’t continue making some serious money. Seasonality is just one aspect of your Airbnb business’s success, and there are a few things you can do to drive demand and make the most of the down period.
1. Lower your property’s pricing
Just like you raise prices during times of high demand to boost your profits, it’s essential to lower your rates in the off season to attract guests when fewer people are visiting your area. Everyone loves a bargain, so this is a surefire way of increasing your number of bookings.
It’s crucial to get the level of discount right. You don’t want to sell yourself too short, nor fail to discount your property enough. As a general rule of thumb, it’s recommended to charge 20-30% less during the off season. You should make sure that your base pricing is actually correct before doing this. Depending on your location, you can rely on Airbnb listing management companies like Frank Porter, Pass the Keys and bnbLord and their dedicated price estimation algorithms to help you work this out.
Once you’ve got the right discounted price, ensure it’s as clear as possible on your listing, with a common strategy here being to literally include the word “discount” in the title.
2. Consider removing extra person charges
Most hosts set extra person fees throughout the year considering the extra work and property wear and tear involved in welcoming additional visitors. So, if a guest brings more visitors than they said they would, they receive a penalty. However, by dropping such an aggressive pricing strategy during the slower season, you again make it cheaper for people to stay at your property.
That said, it works both ways. You may want to add a substantial extra person charge for any guests over your maximum occupancy. For instance, say this is five guests, you could impose a £100 charge for any stays with guests over this number.
3. Use your space for events
Getting creative with your space is another great way to make it through the Airbnb slow season. By renting out your property for other purposes than as a holiday home, you can recoup a decent chunk of your lost revenue from this downtime.
The most obvious way you can do this is by using your space for events. Say you’re based in an urban area, then you might be able to attract demand for your space as a networking location where businesses can have functions. Take the Big House Co, for example, which hires out large properties for corporate events, as well as parties and weddings.
Meanwhile, there is also high demand for rented properties for filming and photography purposes. Companies like Locations London are always looking for new houses to add to their roster, pointing out that: “Not only can it prove to be quite lucrative, but seeing your home or property in a magazine or on TV is rather exciting.”
Follow the above tips to get through the Airbnb slow season unscathed, ready to make a killing once the peak period arrives again.
The post How to get Through the Airbnb Slow Season first appeared on BusinessMole.
