Hospitality Outlook: Using Data to Boost Vacation Rental Occupancy
Vacation rental visitors will frequently state that the small elements made their stay memorable and made them want to return to the property or tell their friends about it. The guidebook is one of those elements that hostesses frequently neglect. It can be in digital or printed form (both are preferable) and contains nearly all of the information a visitor could desire, plus some. We want to give some suggestions for making your guest book more than just a dull “manual” for guests to slog through.
Holiday Rentals: Home Away From Home Or Are you Homesick?
People worldwide have recently supplemented their income by renting out holiday rental units in their houses. We aim to help you comprehend the plethora of information at your fingertips to make the most of your property’s potential, whether you’re an experienced host, just getting started, or still debating whether you should get in on the action.
Working with data is difficult since it requires gathering essential information and comprehending why these particular features can boost or decrease the profitability of your vacation rental. To demonstrate this, PlistBooking.com can discuss raw data to show you what real-world practical solutions you can apply to boost your occupancy.
Should You Increase Your Vacation Rental Occupancy Today?
Basic knowledge is a powerful tool.
As the demand for vacation rentals grows, data service firms that provide hosts with the information they need to maximize income from their vacation properties are becoming more readily available. Here’s a quick rundown of the many types of information you have access to.
- Basic Information
Most vacation rental reports will give basic information about your chosen city, such as its population, number of properties, and average household income. Plistbooking.com goes a step further by providing a basic breakdown of how many of each sort of rental property is currently available. It is significant because it can reveal the most prevalent properties or show you a niche market with less competition that you can exploit. To ensure that the information is accurate and valuable, we exclusively collect data from actively rented properties.
- Information on Previous Listings
Knowing how long a listing has been on the market can be beneficial. This data type depicts the general increase or reduction in active listings in a particular area month after month.
There are various reasons for properties to be removed from the market, but if your area’s overall growth pattern is negative, you may want to reconsider whether your home will be lucrative or not.
- Rates of Occupancy
Because occupancy rates vary significantly by geography, you must have up-to-date information on the region surrounding your property. The number of days rented is divided by the number of days available for rent in a month to get the occupancy rate.
There’s a lot of information available on vacation rental earnings, but there’s one indicator, in particular, that’s quite useful. You may break down revenue per available room (RevPAR) weekly or daily. It allows you to spot holiday or weekend demand spikes and adjust your advertised pricing accordingly to capitalize on the increased demand. You can also observe when the busiest times are and evaluate whether a lesser price would be more competitive than other listings in your region.
Property is only accessible for ten days each month, but you rent it out for 8 of those days, you will have an occupancy rate of 80%.
- Daily Rate Average
Average Daily Rate data shows the actual price a property type was rented for, not simply the price it was listed at. Thus it’s a far better benchmark to use when determining your pricing. You may see a holiday rental property posted for N 80,000 per night in Lagos, Nigeria, but if statistics reveal that individuals are only willing to spend N 65,00 per night, you may want to cut your costs.
Pro Tip: Because the number of occupants has a significant impact on your earnings, simple solutions such as adding air mattresses or cots to a 1-bedroom apartment to accommodate more guests are a terrific way to generate extra cash.
- Amenities, Fees, and Policies
It is where you can truly distinguish your holiday rental from the rest. While most of the information you have access to is highly reliant on the type of property, you own. For instance, or its actual location (which you may not have much influence over), different fees, policies, and facilities can be game-changers when it comes to optimizing your profit. The amenities you provide can influence your occupancy rate. Wi-Fi and a kitchen with basic utensils are almost expected. It is exceedingly unwise to offer properties without them. On the other hand, if you offer a gym or a pool or are ready to accommodate guests with pets, you will most likely be giving something unique in your area.
For sample amenities, fees, and policies: AJ Phoenix Properties LTD.
Pro Tip: Minimum stay policies, fast booking policies, and cancellation policies can all have a significant impact on your occupancy rate. Offer minimum stay lengths of one or two nights to be a constant top performer. During peak seasons, you can extend these policies to take advantage of rising demand. Another strategy that allows you to appear more frequently on vacation rental reservation sites is instant booking. While avoiding fees is crucial, rigorous cancellation policies are also required. Last-minute cancellations can jeopardize your capacity to fill a hotel and reduce your profits.
Are you a Vacation Rental Owner? Ready to Knock Your Guests’ Socks Off?
Although the data we’ve discussed is rather thorough and informative, vacation rental data services provide even more. Statistics on issues like host responsiveness and experience and thorough assessments of holiday rentals are typically included in reports. PlistBooking.com is without a doubt our top pick, while InsideAirBNB and the official Airbnb data archives are other popular options. Now that you have all the necessary knowledge and know-how, you can begin developing simple, practical ways to increase your occupancy rates and revenues.
Do you need assistance ensuring that your vacation rental is in tip-top shape for your visitors? Could you schedule an appointment with us?