Airbnb Bookings Going Down - What to do now?
You may have realized that your Airbnb property isn't bringing in the cash it used to. Although bookings were down 85% in 2020, they have started to pick up, with bookings now higher than in 2019. After a major slowdown in travel due to the COVID-19 pandemic, people are starting to take the plunge and book holiday accommodation again. . Demand for Airbnb stays is up, so why are your bookings down? There can be many reasons that drive potential customers away from your property.
There's a lot you can do to understand why your bookings have slowed and reverse the trend.
Things to focus upon
1. Setting up the Price Right
You want to be able to make money from your Airbnb home, but if your listing price is too high, you'll find yourself out of the price range of most customers. Check out comparable homes on Airbnb to see if your nightly rate is competitive. Of course, there are times when you may charge more, such as holidays and weekends. Even in these circumstances, however, you want to make sure you're in line with the price that similar properties command.
If you're not sure how to price your home, check out sites like Smart Rates, a vacation home pricing tool that measures your home against 10 million other vacation homes to make sure your price makes sense.
2. Be Pet-Friendly
If you don't allow pets at home, you're missing out on several people who want to travel with their furry companions. Consider changing your policy to expand your potential customer base. People will also pay more for a pet-friendly home, which means that if a deep cleaning or damage repair is needed, you'll have the extra money to make it happen.
3. Review Your Cancellation Policy
Airbnb defines a strict cancellation policy as a full refund only if guests cancel within 48 hours of booking and two weeks before check-in. If canceled between 7 and 14 days before check-in, you will be charged 50% of all nights. If canceled after that, you will be paid 100% for all nights. Airbnb recommends switching to a flexible cancellation policy if your bookings are down to attract more visitors.
The flexible policy is defined as allowing guests to receive a full refund if they cancel 24 hours in advance. If they cancel after that, you will be charged for each night of your stay plus 1 extra night. While it can be a little frustrating to plan, a less strict policy could open up your home to more vacationers.
4. Update Listing Photos
If your bookings are unavailable, it may be time to update your listing. Review the photos you've posted on Airbnb and decide if they're really good photos and if they're an accurate representation of your property. To get great photos, clean your entire home and make sure the camera you use takes high-resolution images. You can use a phone, but make sure it's a newer model to get the clearest photos.
Capture multiple angles to give people a really solid idea of the rooms, and make sure you take your photos when there's plenty of light coming in. Additionally, make sure the photos show what makes your property special. Hot tubs, pools, large kitchens, and fireplaces are as prominent as can be because guests tend to book based on these hot amenities.
5. Set a Reasonable Cleaning Fee
Customers usually see the nightly fee, then only encounter the cleaning fee when they are about to make a reservation. However, a particularly high cleaning fee could deter people from booking a property. Based on how many bedrooms your home has, it is recommended to keep the cleaning fee between $55 and $250 max.
Keep in mind that $250 would still be considered high for a one or two-bedroom home, so only go for that price if your home has three or more rooms.
6. Reviews Matter a lot
A good review can go a long way. Buyers usually look at home reviews before they decide to commit. If you have happy vacationers at your home, encourage them to write a review so that your rating reflects how well they had a good time at your place.
If you get bad reviews, try to look at them as constructive criticism. Try to fix everything you can and reply publicly so that future customers can see that you fixed the problem.