There are many ways you can maximise your earnings as a short-term rental host.
As we mention in our free e-book, start with taking excellent photos. After that, work to hit the daily rate sweet spot with a dynamic pricing tool, do your best to attract direct bookings, and consider any upselling opportunities you might offer.
Here are 16 ways to maximise your earnings and keep those monthly profits rolling in.
1. Professional photography
It's number one on the list for a reason. Professional photography can make or break your listing. Great photos will make a positive first impression and ensure your listing stands out. They will also help you fly up the rankings on the online travel agencies – helping you to attract more eyeballs and more bookings.
2. Optimise pricing
Adjust your pricing based on demand, seasonality, local events, and market trends. If you manually adjust your rates, it is likely you are missing out on revenue. Try using a dynamic pricing tool like Beyond (HCH sponsor) to hit the sweet spot.
3. Use a Property Management Solution (PMS)
A PMS can help you deliver most of the items on this list – helping you to save time and earn more revenue. Take a look at these options (all HCH sponsors):
4. Enhance your property listing
Craft detailed and compelling property descriptions that highlight unique features, amenities, and nearby attractions. Provide accurate information to manage guest expectations.
5. Offer additional services
Provide upselling services such as cleaning, airport transfers, grocery delivery, or guided tours to increase your overall revenue per booking.
6. Build a direct booking website
Create a direct booking website to attract guests without paying commission fees to third-party platforms like Airbnb and Booking.com. Offer special promotions or discounts to incentivise direct bookings.
7. Flexible booking policies
Offer flexible booking policies to attract a wider range of guests, including those who prefer longer stays or have specific check-in and check-out preferences.
8. Leverage social media
Use social media platforms to market your property. Engage with potential guests, share local tips, and leverage user-generated content to create a sense of community.
9. Encourage direct communication
Establish direct communication with guests from the inquiry stage to post-stay follow-ups. Address their questions promptly and provide personalised recommendations. A host of products can help take your communication to the next level, including Orana Stay and Touch Stay (both HCH sponsors).
10. Implement guest loyalty programmes
Encourage repeat bookings by offering discounts or special perks to guests who choose to stay with you again. Send a regular newsletter to keep in touch with your past guests and offer them special rates.
11. Stay informed on market trends
Keep yourself updated on market trends, local regulations, and shifts in traveller preferences. Adapt your pricing and marketing strategies accordingly.
12. Optimise for search engines
Improve the search engine optimisation (SEO) of your property's online presence. Use relevant keywords, update content regularly, and ensure your property is easily discoverable online.
13. Collect and utilise guest feedback
Collect feedback from guests and use it to make improvements. Positive reviews can attract more bookings, while addressing concerns can enhance the guest experience. Here are some tips on how to achieve great reviews every time.
14. Network with local businesses
Establish partnerships with local businesses to offer exclusive discounts or packages to your guests, creating added value for them and potentially increasing bookings. You could recommend some businesses in your communications and earn a commission if guests utilise them.
15. Diversify marketing channels
List your property on multiple short-term rental platforms to expand your reach and attract a diverse range of guests.
16. Go green
Sustainability is a global trend across numerous industries, including short-term rentals. Studies show guests are more likely to book a property with green credentials. To ensure your property is compliant and achieving improvements year after year, sign up for the Sustonica (HCH sponsor) sustainability validation for short-term rentals. This will show travellers, owners, employees, regulators, and investors that you are committed to sustainability.