Airbnb is one of the most popular platforms for landlords and guests; in fact there are over 4 million hosts signed up with 150 million total users as of 2021. Therefore, it is essential for any successful host on Airbnb to be mindful of the competition.
We’ve highlighted a few key points on how to stand out on and off the platform and ultimately boost your sales.
Check Market pricing
Within a highly saturated and dynamic market the price is likely to fluctuate throughout the year. This can be seasonal, or as a result of new competition entering the market. Demand can easily rise and fall throughout the year, so in order to maximise bookings and profits, Airbnb hosts need to understand their market.
A great place to start is by understanding all of the seasonal events and holidays within your area, as these can be peak visitor times. In doing so, you will gain a better understanding of your local area and what is coming up.
It’s also a good idea to take into account upcoming events for alterations to your interior design. This is a great way to help you stand out from your competition.
Next, you can turn your attention to the pricing strategies of your competition. Everyone will go through slow seasons, but they may not always be at the same times. If your competitors start lowering their prices, you need to pay attention as it may drastically reduce your bookings for that time period. This can be achieved through regular monitoring of the Airbnb venues in your area.
High Quality Photographs
While spending time to check through the pricing of your competition, it can be beneficial to look into the style of photographs they are using. Understanding how high-quality photographs can attract guests is crucial for a successful host.
If you are able to spot what makes your competitors successful then you can use the information to help your listing stand out more. Airbnb recommends that you show off your unique amenities, to make people remember your listing. With the vast amount of competition out there it can be easy to blend into the crowd, so highlight features that will make you stand out.
Did you know that Airbnb offers a service to help connect you with local photographers for a professional look to your listing?
The reviews left on an Airbnb listing can make or break a customer’s decision to stay at an accommodation. Even after the hard work and attention to detail within your pricing and photography, multiple poor reviews can turn people away. This is why it is so crucial to care for and to impress your Airbnb guests.
However, you are not the only host facing this issue – all of your competitors will have the same problem. Looking at how other hosts manage guests can provide great insight into what you need to do to provide a good service.
More importantly, the reviews will also highlight what customers do not like about particular listings. This could be poor customer service, lack of cleanliness or a lack of furnishings. Spending time to understand exactly what the customer wants will prove to be beneficial for your listing, with more positive reviews making your property look far more attractive.
Social Media Presence
The majority of your market will use social media in some form. For example, in the UK 71.64% of the population uses social media. This is why it is so important to utilise social media and its marketing potential.
Searching for your competitors on social media sites helps you to identify their marketing tactics, but it can also help you spot gaps within the market. If no one else is using a social media platform, use it first! There is a massive audience there waiting to see your content. Instagram and TikTok are two of the best platforms to boost customer awareness of your Airbnb.
Within the different social media platforms, trends rise and fall dramatically, especially within the fastest growing platform TikTok. Airbnb themselves have even used the TikTok algorithm to predict the trends for 2022.
To sum up…
So, with everything considered, a strong focus on how your competitors operate will allow you to adapt and improve upon your own rental strategy. High quality photos, great reviews and a strong social media presence will give your listing the highest success possible.
- Rental Seasonality: Pricing Your Short-Term Rental Across the Year
- Making the Best Use of Photos in Your Airbnb Listing
- 5 Important Steps on Using Social Media to Promote Your Airbnb
- Strategies for a Successful Airbnb in the Slow Season
- How To Successfully Price Your Airbnb Across The Year
If you want even more tips on how to increase your bookings, feel free to contact our specialists at Keey today.