10 Ways To Make More Money From Your Vacation Rental Property (STR/Airbnb)

  1. Add more amenities

Without adding amenities, you’ll have a hard time raising prices over your competitors successfully.

  1. Charge for parking

  1. Add bikes, watertoys/snorkeling gear, or workout equipment and up the rate for $5 per night

  1. Use per person charges at $3-$15 more per person after the 4th person per night

  1. Charge a higher rate on Friday and Saturday

  1. Use a revenue intelligence software like wheelhouse, pricelabs, or beyond pricing; they can offer “dynamic pricing” suggestions

  1. Reduce overhead where can like only offer Netflix, don’t provide water bottle, install motion sensors on light switches

  1. If you have open nights that are hard to fill (mid-week maybe), make existing guests special offers to stay an additional night

  1. If you don’t have an experience in price maangement at all, what you can do is:

  • Collecting price data in your location at similar listings and what they charge for what they offer.

  • Do a search for different seasons to get some price fluctuation.

  • Try to encourage bookings early on with an early bird discount setting the window at one month or more. Don’t give more than 5%. But other than that, trust your instinct for what you believe is fair.

  • Weekend prices are always higher than weekdays. To increase overall revenue, you can require that people book a minimum of two days on weekends. This should be either Friday and Saturday or Saturday and Sunday. Ask them to stay on Monday as well by offering 50% off for Monday if they stay Saturday and Sunday. You never know.

  1. Make sure you stand out from the competition by staging the home

Pinterest: Nox Boutique
  • Hire a photographer to take professional pictures, and target a higher end demographics.

  • Use market data to identify you competitors.

  • Take all advice facebook with grain of salt as folks who give advice often.

Focus on hospitality, the rest will come.

Leave a Comment

Your email address will not be published.

eighteen − one =