If you are an Airbnb host, chances are that you have experienced slow months at a certain time of the year. To everything, there is a season, and your Airbnb business is not an exception.
Trends in the travel industry vary based on location, so seasonal fluctuations in booking requests are to be expected. It’s normal to have high off seasons and times when dips in rental bookings occur.
However, short-term rental seasonality is only one of the many factors in your Airbnb’s business success, and fortunately, there are ways to handle your Airbnb off-season. Keep reading to learn how to deal with the seasonality of your business.
When your Airbnb hosting business has been booming, and suddenly it’s a low season in rental bookings, it can feel like a hard blow. After all, low occupancy and seasonal drops have a significant impact on your revenues. If you aren’t getting any booking requests, you aren’t making any money either.
While seasonality results from climate and institutional factors, not everything is out of your control.
The upside of the off-season gap is that you can predict it. Therefore, you can adopt various strategies to ensure you maintain full occupancy rates even during the slow months.
Here are a few tips on how to prosper during those uncertain times of the year:
During the high season, everything is going smoothly. However, no matter what your financial situation is, it’s important to stay in control of how you spend your cash. While you make sure all your bills are covered, it’s also a good idea to start building up cash reserves.
If your cash flow is stronger, you can match any significant expense investments to revenues. That said, with some cash stockpiled, your Airbnb business won’t suffer during the off-peak season.
Create Demand Through Added Value
To push your Airbnb bookings ahead during low-demand seasons, consider enhancing the value of your property through strategic and creative planning.
You can add more rooms or upgrade fixtures to increase the value of your property. Or you may consider allowing same-day bookings or lowering the minimum stay requirement. Such amenities can help you attract guests during off-peak periods, keeping you ahead of your competitors.
Consider diversifying your rental business to make the most of your Airbnb off-season. You can attract guests by hosting short-term home rentals in different locations at specific times of the year.
For example, the volume of bookings during the summer is pretty flat in Arizona. Instead, Arizona’s busiest season is during the fall and winter days. On the other hand, Seattle is a very busy market during summer days due to the pleasantly warm weather.
You want to give your potential tenants every possibility to book with you. So, taking a long-term approach is a must for your Airbnb hosting business. In addition to listing on multiple platforms such as Homeaway, Airbnb, and VRBO, consider working with a professional syndication investment management group.
As an experienced syndication firm, Plus One Syndications will help you identify the best property opportunities, and maximize rent and occupancy rates. Check our website to learn more about what we do and how we do it. Book an appointment with us today to get started!
PREVIOUS POST« Investing in Airbnb Syndications