How to Make your Birmingham Airbnb Rentals a Complete Success Story
You may already know the key to the success of your Airbnb rental apartment is booking revenue. The sure-fire way to have an abundance of bookings, is marketing and generating revenue. Therefore, the overall goal is to focus on creating a plan to increase your booking revenue by obtaining consistent bookings.
Here are three easy ways to achieve this:
1. Determine Your Target Market.
Firstly, identify your broad target market. Research and evaluate the guests visiting your location and determine the type guests you should target.
Is your Airbnb rental attractive because is it in the city centre, a coastal location or even in one of the national parks?
What type of people is your location attracting? Families? Business travelers, contractors? adult groups, couples?
Are they looking for luxury, mid-range or economical value?
These factors will surely determine how you should target your marketing.
2. Research your Competition
Research the competition by finding what you are offering compared to other competing Airbnb apartments in the area. Analyse their location, their rates, any special offers, the quality of the property, their facilities (cable TV, Wi-Fi, cots, welcome pack, etc) and any extras services they provide (such as discounts to local attractions or restaurants, welcome baskets, etc.). After you’ve compiled a list of your key competition, take note of where they currently advertise and which marketing channels they’ve chosen to implement. After this determine if you can improve your property to be better or at least equal. Then apply the marketing strategies that will more effectively reach the target renters you have in common.
3. Setting Your Rental Rates
There is a fine balance of making sure your rental rates are line with the appropriate market rates, as this will affect the number of inquiries and bookings that you receive. If it is too low, you may receive many inquiries and bookings at higher levels and at lower profitability.
If your price is too high you may not receive many inquiries and bookings or few bookings at higher prices. Therefore, you need to be careful not to price your property too high or too low and receive good bookings at good market prices.
Moreover, make sure you discount the rates based on duration. Usually, you would discount the weekly rate by at least 10% of the combined 7-night rate and 15% and monthly rate of the combined 4-week rate.
You must highlight peak and off-peak prices. This is because usually you would charge more for the Easter week, July-August and half term holidays and Christmas and New Year’s holiday.
The final hint, is to consider using a Airbnb management company. They will handle to day-to-day physical functions for your rental property, from checking in guests, cleaning and linen changes to checking out guest and complying condition reports. This way you can focus on getting consistent booking rather that changing bedsheets and constantly traveling to your Airbnb rental. FOr more information visit www.airbnbmanager.co.