This Brand New Feature Uses Comparison Data to Boost Your Airbnb Revenue
If you’re an Airbnb host, you likely monitor your listing’s performance like a hawk to see what you can tweak about your listing—pricing, availability, minimum booking requirements—to increase revenue.
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Should you charge less and book more often? Or charge more and hope that fewer bookings will match (or beat) a more conservative pricing strategy? And how does your pricing compare to similar properties in your market?
If you’re using AirDNA (a Bigger Pockets Pro Perk), you can now use a feature called My Properties to get this information quickly about any Airbnb listing you manage.
How the New “My Properties” Feature Can Help Boost Your Listings
Here’s how My Properties can show you how your Airbnb investments are shaping up compared to similar listings in your region.
In the new My Properties area of MarketMinder, you get a comparable set of up to 20 properties (“comps”) for each your listings. This set is automatically generated based on your region and looks at the number of bedrooms, bathrooms, and guest capacity of nearby properties to measure your performance based on the market average.
Using the information above, what can we do to boost our listing’s revenue?
We should probably test lowering our rates and reducing minimum stay requirements.
It’s easy to see that ADR is hurting our occupancy and overall revenue potential—we’ve had a lot of gaps in our calendar that our competition hasn’t experienced. By making quick changes to our rates and minimum stay requirements, we’ll likely begin to match or beat our comps’ occupancy rates and RevPAR.
After making these changes to our listing, we can return to the My Properties dashboard at the beginning of December to see how these changes affected our Revenue Potential in November.
Related: How to Use Airbnb to Travel & Live for Free in Retirement
But Wait… Check Out This Demo
Watch a short demo of My Properties in action below:
Ready to get started? All BiggerPockets Pro subscribers get 30% off their first 6 months of AirDNA—a savings of up to $180. Get the promo code in your Pro Perks dashboard, then sign up for MarketMinder to start comparing your listings head-to-head with the competition today.
To read more about this new feature, head over to the AirDNA blog.
If you’re already an AirDNA user, you can use this feature by logging into MarketMinder and clicking on My Properties on the left-hand side. From there, simply follow on the on-screen prompts.
Will you be checking out this new feature?
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