On average, an Airbnb rental will record an annual occupancy rate of anywhere from 40 to 60 percent.
That's certainly not what you had in mind when you took the leap and invested in a short-term rental. You want an occupancy rate that's closer to 80 percent. That's how you'll bank the big profits.
The good news is you have the power to increase your unit's occupancy rate. These strategies for optimizing your vacation rental occupancy rate will come in handy.
1. Focus on Guest Satisfaction
When you're new to vacation hosting, your primary focus might be on getting as many bookings as possible. Your property is still new, and many guests tend to love such properties.
There's nothing wrong with your focus, but if it's at the expense of guest satisfaction, you aren't doing yourself any favors. Guests have no shortage of vacation rentals to choose from. They won't hesitate to ditch your rental if the service is subpar, and that's how you'll lose repeat bookings.
Put guest satisfaction first. Even when your property is new, don't slack on basic housekeeping duties, such as ignoring to check if the appliances are working properly just because they're still new.
If you're self-managing your rental, always be available to attend to your guests' needs. If you're pressed for time, it's better to hand over the management of the rental to a vacation rental property management company.
2. Don't Rely on Vacation Rental Sites Only
Digital vacation rental platforms like Airbnb, Booking.com, and Vrbo have made it a lot easier for hosts to market their properties and get bookings. They also take a bit of the hassle out of vacation property management.
While these platforms can bring a steady stream of guests, it's not wise to overly rely on them. As more rentals get listed on these platforms, competition for guests is getting hotter. There are times when you won't get any bookings for several days on end.
This is why it's important to reduce your reliance on vacation rental sites.
You can build a website with a booking system for your rental. Promoting the property on social media and encouraging directs becomes is also a smart move.
Aside from diversifying your guest sources, direct bookings do away with the middleman. You get to keep the money you'd have paid out as a commission to the brokers.
3. Do NOT Overprice Your Rental
Ever looked at the price of a vacation rental and wondered whether the owner lives on Earth? Poor pricing on your rental will have potential guests wondering the same thing about you.
Price it competitively. Research and find out what other similar-specked properties in the area are going for and go with that price range.
Optimizing Your Vacation Rental Occupancy Rate Is Key
As a host, optimizing your vacation rental occupancy rate is one of your most important responsibilities. You want to maximize the return on your investment. The only way to ensure that happens is to maintain a high occupancy rate.
Do you need help managing your vacation rental in Tampa, FL? Contact us!