11 Ways to Beat the “Airbnbust” and Boost Your Bookings Quickly

You’ve probably heard the chatter. “Airbnbust is upon us”. In an earlier post, we proved the statement to be false and explained the reason why many hosts are seeing drops in their bookings – and it’s mostly due to oversaturation. So in this post, we’ll tell you how you can optimize your bookings in the midst of the stiff competition, and give you practical tips on how to beat the “Airbnbust” – as some like to call it.

11 Ways to Beat the “Airbnbust” and Boost Your Bookings Quickly

Why Must We Beat the Airbnbust?

As in any industry, when there’s too much supply of certain product or service, competition gets stiff and the sales get spread out among the many suppliers. That’s what happened in the short-term rental industry last year.

The supply of available listings surged to 1.37 million in the U.S., a 23.3% increase from 2019. That’s a lot of Airbnbs!

Other factors like seasonality, stricter short-term rental regulations, and even changes in Airbnb algorithms can cause a decline in bookings as well.

We also need to note that travel patterns have gone back to normal after 2 years of pent-up demand and “revenge travel”. The market is now stabilizing.

What this means is that we’re up against some fierce competition in our respective markets. We need to beat the “Airbnbust” if we want to keep our business, survive, and actually make money during this challenging time.

You Can Beat the “Airbnbust” in 11 Ways

The good news is that demand for Airbnb stays hasn’t gone down. It’s actually up, and experts say it’ll in fact continue to grow in 2023. 

So how do we catch the wave and stay afloat?

1. Don’t overreact.

First of all, don’t panic. Anxiety can lead you to make unnecessary changes to your policies, operations, rates, and amenities. It may do more harm than good in the long run.

According to AirDNA, 2021 was an anomaly for the short-term rental industry. Because that’s when the short-term rental gold rush happened in the hospitality industry. So if you’re going to use a particular year as a benchmark, it’s 2019. 

And you might be surprised. STRs are actually seeing a 96% increase in occupancy compared to 2019 levels.

The market is stabilizing now and going back to pre-pandemic levels. There’s no need to worry that you’ll be out of business by the end of the year. If your occupancy and revenues are below your 2021 and 2022 figures, it may just mean the market has changed. 

Economies run in cycles, and markets usually correct themselves after periods of highs and lows.

2. Study the market.

Get as much data as you can about your market and carefully study the numbers. Tools like AirDNA, Airbtics, AllTheRooms, KeyData, Mashvisor, Rabbu, and Transparent can help you with this. 

Keep an eye on the current demand. If it has gone down, then you know why your bookings are down. But if it has gone up just like it has in most parts of the country, then find out what you could be doing wrong. And find ways to do things better. 

Read also: Rent to Traveling Nurses — The Quickest Way to Boost Your Airbnb Bookings During Slow Season

3. reevaluate your rates.

If your listing hasn’t been making it to the top of search rankings, it could mean your pricing isn’t as competitive anymore. 

Compare your rates with those of your closest competitors, and see if you should make some adjustments.

If you can decrease your rates by 5%, maybe you can maintain your usual occupancy. You’d only lose 5% of your usual revenue.

Or you could keep your current rates or even increase them a bit, and lose only 2% or 3% of your usual occupancy. At least, that’s what Jamie Lane, VP for Research at AirDNA suggested during an interview with BiggerPockets.

They’re temporary remedial measures that you can use to ride out the downturn

4. reconsider your “hidden costs”.

Re-think your cleaning fees. Guests have been complaining about hidden fees a lot, which may include check-out costs and, more particularly, cleaning fees. Make sure you declare all your costs upfront so you don’t lose potential guests once they see all the extra fees that have been included but were not declared in the beginning.

Check out what other similar rentals in your area charge for cleaning fees. Then set yours to be competitive. You can’t charge much more than the current market rate, or you might lose more bookings.

You can also consider waiving the cleaning fees altogether. Even just temporarily, to make your listing more appealing than your competitors. Big STR companies including Sonder have done it, and are getting back to 100 percent occupancies. 

And remember, if you’re already charging cleaning fees but are still asking your guests to do the laundry, some vacuuming, or take out the trash, then maybe it’s best you did away with those fees.

5. master the airbnb algorithms.

Airbnb recently changed the way their algorithms work to seek out and favor certain features like:

  • listing completion
  • “All-in” pricing;
  • best value; and
  • certain words in the guest reviews.

Here’s what we suggest you do. 

First, fill and tick all the relevant fields and boxes in your listing description: amenities, guest access, room-by-room descriptions, house rules, check-in/check-out details, and extra charges or extra fees that apply (extra guests, pets, etc).

One thing about extra fees though is that guests hate them. And understandably so. As mentioned earlier, make sure all your costs have been baked in. 

Then turn on “Smart Pricing.”

Doing the above will help push your listing back up and give you a lot more views. 

Another thing is guest reviews. Airbnb’s A.I. reads them and looks for keywords to match with what guests are looking for. 

So when you ask for reviews, try to get your guests to mention the amenities and experiences they particularly liked. In this way, the algorithms will pick them up and you get a higher chance of getting recommended when other potential guests search for those features.

5. offer more flexibility.

Many people are worried about the economy right now, which makes them hesitant to spend more money. When it comes to accommodations, that would equate to booking last minute. 

Consider making your cancellation fee more flexible to allow for late reservations.

6. give discounts.

Study your market’s booking behavior and look for trends. Know how much lead time bookers are giving, how often they actually book, etc. That way, you can think of promotional campaigns that are strategically timed toward those trends.

And be sure you’re using dynamic pricing tools so you can maximize your revenue at  different times of the year, based on current supply dynamics. 

If you are going to offer discounts, inform the public about it. Make sure the notification is easy to see on your listing so potential guests know they’re getting a good deal. Even if it’s just a small discount, it could be the deciding factor between you and your competitor. In the minds of most shoppers and travelers, a small discount is always better than nothing.

7. Expand your distribution.

Make sure you’re not limiting your distribution to just Airbnb, Vrbo, Booking.com, and the known biggies. There are a lot more booking platforms out there, catering to increasingly niche and focused audiences. 

There’s a booking channel just for pet-friendly stays; there’s one for families with kids; there’s one for glampers; and there’s one for nearly every demographic out there. 

Try to get listed on as many channels as you can so you get maximum visibility and reach. 

8. add or upgrade some amenities.

Some amenities that made you stand out before, like free WiFi and streaming services, may now be common among your competitors. Perhaps it’s time you added a workstation or a pet-friendly space.

If you didn’t offer free condiments or a refrigerator starter kit in your kitchen before, maybe it’s time you did.

How about smart locks and 24-hour check-in? A game room or a small gym? 

In places like Gatlinburg, Tennessee, or Joshua Tree in California, amenities like hot tubs and swimming pools are the game-changers. Yes, some upgrades can be costly, but you can expect to get an ROI since they’ll also raise your ADR.

Whether your budget is big or small, look for new ways to provide more comfort, convenience, and value for your guests.

9. stand out from the crowd.

Unique stays are skyrocketing in popularity because of what they are – extraordinary.

Creating themed rooms and special spaces – from the avant-garde to the whimsical – can get guests navigating toward your space. Especially Millennials. Known as the “experiential” crowd, they’re always after novel things to do and feel. 

Find a spot in your home or yard that can be decked out and turned into something iconic. From Boho to Mediterranean to Scandinavian, you can choose any thematic design to spruce it up. Use special furniture, decor, lighting, paint color, or even signage. 

Gen Y and Gen Z love Instagrammable places. So even just a uniquely styled corner or feature wall (a.k.a “selfie wall”) where they can take pictures can easily boost interest and clicks.

And be sure to include this in your listing photos. Do everything you can to make your place stand out.

beat the Airbnbust

10. Update your listing description.

Review your listing description and tweak it wherever necessary. Make sure you’re communicating all the value that your property can provide potential guests. From the extraordinary amenities to the local scenery, the activities they can do, and the vibe that they’ll get from staying there.

Additionally, update your photos according to seasonality. Winter amenities won’t look cool during the summer

So if you have a patio or yard, bring out a grill and show photos of that – properly staged with live fire and skewered barbecues. Bring out the swing and the Adirondack chairs.

The idea is to market your property as the place to go in the coming season. 

Also, see if there are upcoming events in your area that you can promote. Find out what’s happening, see what’s new, and let potential guests know.

11. go for super.

Status and reviews count a lot. 

AirDNA says hosts with Superhost status get 24% higher bookings than hosts who don’t – at any time of the year. In 2022, 40% of bookings on Airbnb were first-time Airbnb guests. And because they’re trying the service for the first, this type of guests tend to book with Superhosts because they want to make sure they’re getting the best service they possibly can.

So if you’re already a Superhost on Airbnb, do your best to maintain that status. If you aren’t yet, then it’s a goal you should be working towards.

And reviews do count. Do your best to satisfy your guests, and make every effort to get 5-star reviews.

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