18 Oct Host revenue: Multiple streams
A few years ago, Airbnb represented the only revenue stream for short-term rental owners. Nowadays, things have changed and there are others short-term rental booking platforms that offer the opportunity to have more revenue streams. Here is a small recap of all your possible host revenue streams.
“Don’t put your eggs all in one basket”
We can consider Airbnb like the founder of the short-let 2.0 -where everything is online- but, nowadays, it is not the only and main booking platform.
For sure, Airbnb is a good stream of revenue for owners, but there are many others listing websites.
For example, in the Greater London area, a platform like Booking.com could bring you a lot of bookings as well.
Beyond the popularity of each platform, there is one basic aspect to bear in mind. The more you advertise your property online, the more you have the chance to get many bookings.
List your property on the most popular platform in your area only, it is not a smart choice for 2 main reasons.
First, by using multiple channels, the revenue stream is diversified. If one platform goes down, your property is still available on other platforms.
Secondly, users demography on different platforms are different. For example, Airbnb users are mostly young people that normally go on vacation during the summer and have a small budget. If your flat is listed only on this platform, you risk to have a great listing performance during the summer and have an unbooked flat during the rest of the year.
If you use different platforms, the variety of people is high and the listing performance will be great and constant throughout the year.
More platforms, more bookings, more management
List your property on many platforms is the perfect strategy to get a lot of bookings, but it requires many management skills: booking calendar, optimization of the listing, daily check of the prices and a lot more… and you have to do it on every platform, updating and synchronizing a lot of information daily between each platform.
Manage all these information requires a lot of time but it’s not impossible. Hosts oriented software like Channel Manager Softwares are really helpful and make really easy all these processes.
City Relay developed OutSwitch, the final software that helps hosts in their business.
Outswitch manages easily host’s booking calendar but not only. It calculates and updates daily the night rates of the property improving the occupancy rate.
More bookings, less effort
Airbnb found the idea that really animated the short-letting economy making it really busy. New platforms offer to hosts a big opportunity to increase their income even if this operation requires a big effort.
Other companies like City Relay, want to simplify the short-letting rental market: from the marketing, with OutSwitch to the management.
In fact, once the guest has booked your property, a guest services team handles all the communication with guests, check-in, check-out, cleaning, maintenance and all other needs offering one of the most professional housekeeping services in London.