25 May How to identify your Airbnb competition?
It’s a fact, Airbnb is becoming more and more popular, with new listings every day. Travellers now have a lot of choice and possibilities, and their expectations are higher than they use to be. You need to find new ways to be competitive. Challenge accepted!
#1 New listing
If you are new on Airbnb, the best way to increase your number of bookings is to have a nightly rate lower than the lowest rate of your competition. Of course, you need to cover all your costs and expenses, but don’t be too greedy from the start, it’s not a good strategy on Airbnb. And if you don’t have any booking, your price is probably not low enough.
#2 Regular listing
If you are regular on Airbnb, the best way to identify your competition is by using Airbnb search functionality and identify the specificity of your competitors. By narrowing the search, you will be able to identify the listings similar to yours and identify what and how your competitors are selling their flats. Then what do you need to pay attention to when you are spying on the competition?
Well, firstly, you need to focus on your location because your competitors are your neighbours. Also, pay attention to their calendar to see which dates are available and which date has been booked. You’ll be able to determine the activity of the listing and when you’ll really be in competition. You’ll also be able to determine which period is popular with other hosts.
You also need to study the descriptions and the specificity of the listing. One very important is the minimum stay. If your competitors have short night stay, they will be more attractive than you are. Also, note the extra fees: do they include cleaning? Do they have a deposit? Find your real competitors!
Then, focus on flats with good reviews, and note what guests like about this accommodation. And obviously, don’t forget to take into account extra features because they might be the ones justifying a higher price! What do they offer that you don’t? You need to study your competitors with a guest eye: why would you want to stay there?
When you host on Airbnb, it’s really important to develop a good strategy. Study your competition is very important because once you have gathered enough data, you can make an estimation of what to offer to your guests that other won’t!
We know it’s hard work, but a good strategy is the only way to make the most out of Airbnb! And the work doesn’t stop here! Once you have bookings, you need to take care of check-in/check-out, cleaning, laundry, and any problem your guests might have… Relax! City Relay will take care of all the management, from guest communication to housekeeping, so you don’t have to.