The hottest season is about to begin and traditionally is the time of year when Australia welcomes the largest number of tourists. According to Tourism Australia statistics from last year, the country has welcomed more than one million people in December 2017. This number is up 4.0% over the same period of time. 39, previous year and the trend is to continuous growth year.
Australia's warm weather, iconic coasts and beautiful beaches are among the reasons that attract so many tourists to visit in the summer. This has a huge impact on the short-term rental market. With a higher demand for accommodation, the owners have, during the high season, an excellent opportunity to maximize their rental income.
If you rent your property on Airbnb and other booking sites during this season, you can do other things besides just setting higher daily rates for your property. MadeComfy
Business Intelligence Manager – also known as Dynamic Pricing Expert – Maria Li, shares three tips that can help you maximize the rental income of your property during this period.
Increase night rates and wait for last minute bookings – Maximize the value of your high season bookings. Set your prices higher than average in the suburbs and let other ads start making bookings. The goal is to catch last minute bookings during the last week by customers who have few options. Of course, this requires a tolerance for risk and patience. On high demand days, you will have a very good chance of getting last minute bookings at a high rate.
New Year's Prize – If your property has a view of the New Year fireworks or is close to these celebrations, it is more likely that your property will be searched during the New Year. Set a higher price and a minimum stay of 5 nights on the weekend of the holiday to make sure the property will be booked for the entire period, not just for one or two nights.
Extending the Length of Stay by Reducing Rates – Better than changing the minimum stay, it's to encourage longer stays over the weekend by applying daily rates Thursday and Sunday to increase the occupancy rate. This way, your list will always be present in searches for shorter weekend stays.
It's really important to adjust your nightly rate according to seasonality and timing to maximize your returns, rather than just aim for a 100% occupancy rate throughout the year.
But dynamic pricing is only one aspect of the successful hosting of a property on Airbnb. The tips above only help you if your property meets the quality standards and expectations of your customers. It is at this point that an effective professional property management can help. This includes everything from interior design to style, professional photography for your online ads, effective customer management, housekeeping and routine maintenance.
If you need professional management of your property or want to unlock its rental potential, contact an award winning real estate management specialist at MadeComfy.
With over 10 years of experience in the financial markets
and commerce industry, Maria Li at the head of Business Intelligence
team in MadeComfy.
His experience and passion in data analysis are essential to help
The owners of MadeComfy are getting accelerated returns.
Eager to see how a short-term leasing strategy could unlock stronger cash flow?
Get your free short-term rental forecast from MadeComfy.
Ph. 1800 526 133 30
www.madecomfy.com.au
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