As you’re only too aware, it is becoming increasingly difficult to stay competitive in the rapidly changing vacation rental industry. Now, I’m sure you’ve read lots of blogs on how to improve your Airbnb listing and there is certainly plenty of useful advice out there. So, there’s no doubt you’ll have:
- Taken the best pictures possible
- Written a great description
- Activated Instant Booking
- Started keeping your calendar up to date
- Become Business Travel Compliant
- Always rated your guests and replied to messages promptly
- Done everything you can think of!
Are you thinking there is nothing else you can possibly do? Well, there is!
How can guest data help you improve your Airbnb listing?
As a host myself, I know only too well the difficulties of staying competitive in such a dynamic and ever-growing marketplace. When I was managing over 30 vacation rental properties in Switzerland, I came to realize the need for accurate and affordable data which would give me an insight into the performance of my own vacation rentals compared to my competitors.
I wanted to get a view on the marketplace within my location and what my potential customers were searching for when making their bookings. I knew that this type of information would give me a serious edge on my competition and help me to better meet my future guest’s needs.
Data for existing hosts
Using data takes the guess-work out of promoting your vacation rental. If you are an existing host, you can use data reports to find out about the competition in your city. Information such as keywords which customers are using to find rentals and to rate rentals, details about what amenities your competitors have, what cancelation policy they are offering and even the total number of listings in your city can give you a much clearer idea of the market you are operating in.
Once you understand your market more fully, you will be able to plan better, make adjustments to your own listing and even make changes to your vacation rental accommodation to give your customers a better experience.
Data for property investors
For individuals who are thinking of investing in property for vacation rental purposes, access to clear and accurate data is invaluable. It is vital to do thorough research into the best location and type of vacation rental in which to invest.
You can use data to compare the vacation rental market in different cities and locations. You may find that there is a lot of competition in the city you are considering for vacation rentals at the price/size you are considering investing in. It may, therefore, be useful to compare with other cities to find out whether there is more opportunity for you to keep your vacation rental full and increase your ROI quickly. By looking at data from across different locations and markets, you will be able to pinpoint exactly where to buy and which type of property to invest in.
Data for the hotel industry
The rapid rise in the market for owner-operated vacation rentals has been a real challenge for the hotel industry. It has opened up an array of new competitors previously unseen in the marketplace. In order to stay competitive in this “brave new world”, hoteliers need to look at new, innovative ways to understand their market and better serve their customers. With the use of accurate data and statistics, hoteliers are able to get a better understanding of the marketplace in which they are now operating.
Get your geek on and dive into the data for your city!
As we all know, reviews are really at the heart of our vacation rental business. As a host, I always want to know:
- What do guests want from their stay
- What do guests love
- What don’t guests like about their stay
- What are guests searching for in my city.
My favorite piece of data (yes I have a favorite!) is what I call The Pulse. Using this type of data, you can delve deep into the keywords which guests are using to describe their vacations and get the pulse of your city! Once you know what keywords your potential guests are using to find their perfect vacation rental, you can ensure that you include the most relevant ones in your descriptions and marketing.
Overall, data can be a huge asset to your vacation rental business. When used creatively it can really help you to push your listing up the ranks in Airbnb, and it can give you the insight needed to improve the service you provide.
About the Author
During his time as a vacation rental host, Ilan Cohen saw a real need for accurate, affordable data on the vacation rental market – Bnbstat.com aims to fill this gap. By amalgamating publicly available data from sites like Airbnb into detailed reports, customers get the information they need to stay competitive.