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Airbnb monthly rentals offer an incredible opportunity for property owners to generate significant income regularly. Statistics reveal that there’s an average of 55,714 guest nights each day in London – and this is only for the 3rd quarter of 2023. Although this is a combination of Airbnb, Booking.com and Expedia, it still shows the huge potential of bookings your short-term rental can enjoy in London.
Of course, this also shows the competition that your property will deal with once you start marketing for short-term guests. Millions of tourists and travellers have thousands of Airbnb properties to choose from. You need to make your property stand out so you can elevate your earnings and maximise your occupancy rates.
In this article, you’ll discover 7 strategies that you can use to increase your Airbnb monthly rental income in London.
7 Strategies to Boost Airbnb Monthly Rental Revenues
The key to success in the London short-term rental market is implementing effective strategies focused on maximising rental revenues. Several factors affect the monthly rental income and each of them can be optimised to increase occupancy rates and in effect, the property earnings.
Here are 7 strategies you can use to boost the monthly income potential of your Airbnb property.
Keep your property visually appealing
The visual appeal of your property has a huge effect on a potential guest’s decision to book a stay in your property. Getting a professional photographer to take photos of your property is a worthy investment because you can capture the attention of your target market. The photos should reach out to the viewers and make them feel the premium quality of your unit. It has to create a welcoming space that calls out to guests.
Apart from the photos, you should also add elements to make your property look inviting and alive. Things like flowers, modern artwork and comfortable furniture will improve the visual effect of your property and will encourage guests to choose your place to stay in.
Regularly improve your property listing
Continuously improving and updating your property listing is another strategy to increase your monthly rental income. Every time you change or rearrange furniture in your property, take a photo. Upload it to your property listing so guests will have the right expectations when they arrive.
You can also change the description of your property to highlight improvements. If the season is high for family travellers, change your property description to call out to them. If you know that business travellers are high, make your headline highlight a comfortable work area for them. You can also update nearby attractions and local facilities or amenities. These could appeal to some guests and will help them decide on booking a stay.
Check out guest inquiries and pay attention to their requests. This will give you ideas on what improvements will satisfy your guests.
Use dynamic pricing strategies
Harness proptech solutions to implement dynamic pricing strategies that adjust according to seasonality and demand fluctuations. Airbnb has a Smart Pricing tool that you can use to adjust nightly rates according to market trends. You can also partner with property management companies like City Relay to take advantage of their proptech. Use it to set rental rates that’ll maximise your rental income without being so expensive that it lowers your occupancy rates.
Dynamic pricing strategies also include adjusting the price based on the length of stay and the number of guests staying. Learn the different factors influencing your rental price so you’ll know how to maximise it.
Capitalise on local events
Check local events that are happening around your property and capitalise on that. If a trade market or fair is happening, highlight that in the description of your property listing. You can also include sporting events, cultural celebrations or music festivals that usually attract tourists worldwide. Make sure you mention the proximity of your property to these events. Market your property as the ideal accommodation for those who want to join the activities.
You can adjust your pricing based on how popular these events are to maximise your monthly earnings.
Boost your marketing campaigns
Focus on increasing the visibility of your property listing to get the attention of more people. Partner with local businesses and attractions. Use social media platforms to promote your property. Post photos and use catchy captions that end with a link to your Airbnb profile. This will encourage people to go to your profile and see what your property can offer. Put a virtual tour or a video of the scenery around your property so they can appreciate the interior design and location of your property.
If you have the budget, you can even pay for an ad. Or you can work with a property management company to benefit from their reputation by association. They can help you reach a wider audience and get more bookings.
Offer discounts and special promos
The rental price plays a huge role in the final booking decision. If you can throw in discounts and special promos now and then, it will entice guests to secure a booking. There are many types of discounts to offer. If they stay for 3 nights or more, you can give them a discount.
You can also use the partnerships you made with local businesses. Encourage guests to book a stay and they’ll get vouchers to local restaurants or nearby attractions. These can increase the appeal of your property.
Make sure you highlight these promos and discounts in your profile and social media accounts.
Provide excellent customer service
Probably one of the best ways to increase your rental income is by providing guests with excellent service. Give them a warm welcome by doing personal check-ins. Leave a welcome basket so they’ll enjoy a pleasant surprise when they arrive. Be as thoughtful as you can be in making sure they have a positive and comfortable stay.
If there are inquiries, respond promptly to each question or request. This will show how professional and attentive you are. It’ll help guests feel special and welcomed. If you exceed their expectations, they’ll give stellar reviews – which is a great way to get more bookings and increase rental income.
Work with Property Experts to Boost Airbnb Rental Income
Partnering with a reputable property management company is another strategy that you can use to boost your Airbnb monthly rental income. As mentioned, you can benefit from their reputation by association. For instance, City Relay has a 4.8 Trustpilot rating. They’ve also been a host on Airbnb for a long time. They have the reputation and length of service that can work in your favour. With the accumulated reviews about them, you’ll gain the trust of potential guests. They can help you reach a wider audience and get more bookings.
That’s not all that property management companies can do. City Relay has an in-house housekeeping and maintenance team. They also have partnerships with sustainable companies that offer eco-friendly toiletries and amenities. You’ll get access to this network of professionals. You can also benefit from the state-of-the-art technology that City Relay uses to monitor property bookings and performance data.
Find out more about the benefits of working with a trustworthy property management company. Contact us so our property experts can help you plan how to increase your Airbnb monthly rental income.
