A second property can be an excellent way of earning additional income, but it does take a little bit of maintenance and know-how.
Without proper management, it can easily go from ‘additional income’ to ‘drain on finances’. If it doesn’t generate enough interest, then you’re stuck paying utilities and taxes on a property that is mostly empty.
The good news is there are several ways in which you can maximise the effectiveness of your Airbnb listing in order to generate new and return customers.
Here are our three tips on how to do so.
1. List your property on multiple rental sites (not just Airbnb!)
You might think that Airbnb is where just about everybody goes to find short-term rentals. In reality, while many people do flock to the popular website, there are still many more who use different websites to scout for staycation properties.
By listing on multiple websites, you will be able to cast the widest net possible for customers and generate interest from different demographics you may not have even considered. As you receive more interest in your property, you will also gain greater freedom to screen for the best tenants, reducing your chances of a no-show or a tenant who leaves your place a mess – it is rare, but it happens!
You will also be able to increase the amount of time your property is rented for throughout the year, increasing your profit and maximising your rental ROI. Those taxes and utility bills we mentioned before? They will go right down when you rent your place out more often: the surest way to guarantee this is by covering all your bases when it comes to listing your rental.
2. Offer referral incentives to previous guests
If you are trying to boost the popularity of your short-term rental, one of the most powerful resources at your disposal is your previous renters. Word of mouth is a timeless, unbeatable marketing tool, and offering incentives can often entice people who were previously reluctant to leave reviews to come forward.
Referral incentives can work in one of two ways. You can extend an offer to previous renters, promising a discount if they book a stay with you within a certain time frame or date range, which will incentivise them to come back and visit your property. If they enjoyed their first stay, they are very likely to want to return!
You can also offer referral incentives as a way of enticing previous renters to encourage others to rent your property. For example, if a previous renter refers a friend who books a stay, you could offer them a free night’s stay, a complimentary service, or a booking discount. This is simple yet incredibly effective way of growing your network and maximising the value your short-term rental listing.
3. Make sure you’re getting social!
Social media is one of the most powerful tools you have in your property owner’s arsenal. If you haven’t already, create social media pages for your property, and update them regularly with news, informative tips and stunning photographs.
Encourage engagement with your posts by asking viewers to like, share, comment, and rate your property. As many people book short-term vacation rentals online, reviews are the metaphorical bread and butter of many property owners’ livelihood.
Invite your previous tenants to write positive reviews on social media, and you will see a massive uptick in traffic and interest.
When all is said and done, the best way to promote your short-term vacation rental listing comes down to utilising your existing network and thinking beyond promotion on one single platform. Realistically, the more eyes that view your listing, the more chance you have of renting out your property more often.
By listing on multiple sites, offering discount-based incentives to customers, and effectively harnessing social media, you will be well on your way to the status of property tycoon.