Short Term Rental Percentages
We are about to roll out our first house on the short term rental market. We are going to list on the big sites, but have two questions. Are there places other then Airbnb/VRBO that we need to be advertising and does anybody have the break down of what percentage is coming from which platform?
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Hey @William Timmons, we only use AirBNB and VRBO. We are at about 30% from AirBNB and the majority from VRBO. We are nearly fully booked for the season this year and booking some for 2023.
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Originally posted by @Michael Baum:Hey @William Timmons, we only use AirBNB and VRBO. We are at about 30% from AirBNB and the majority from VRBO. We are nearly fully booked for the season this year and booking some for 2023.
We also only use Vrbo and Airbnb. Just like Michael most of our bookings come from Vrbo.
I have out pricing currently set well over the competition and am waiting for most of them to get booked up before adjusting my pricing. May, June, July and August will all end up renting for top dollar. I'll get top dollar for Clemson Home games.
I'll adjust pricing as needed once spring gets here, but I'll get more bookings before then at my high rates.
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The big two are AIR and VRBO. VRBO is much older (by 13 years) but AIR is generally bigger ( I think). Who uses what will depend on the house and location......one of ours is 75% AIR, while another is about 50/50. The reason is a mystery.
One thing you will discover is that AIR attracts younger people, while VRBO attracts the more mature set. I would personally prefer to do business with VRBO, but ya gotta take what you get when you start.
The end game is to draw repeat customers and have your own website as well (although that will not draw many initially). I hear Facebook works but I don't use it. I'm sure a lot of social media could be used to attract guests if used correctly.
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I'm on airbnb and get less than 6 inquiries a year. My craigslist ad gets 1-2 a week.
@Paul Sandhu do you do anything specific to screen the guests from Craigslist? I know the protection through Airbnb and VRBO isn't perfect, but it is something.
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Originally posted by @William Timmons:@Paul Sandhu do you do anything specific to screen the guests from Craigslist? I know the protection through Airbnb and VRBO isn't perfect, but it is something.
They are all refinery contractors with a per diem. My day job involves giving them pre-access drug screens.
@William Timmons
I have seen Paul post about Craigslist in the past. I decided to give it a whirl. In 1 month I have gotten 4 - 7 night bookings over 5 inquiries and there are no service fees. I average 3 night stays with airbnb and VRBO. So far I've been impressed with CL. I have good STR insurance and I have them sign a rental agreement provided to me by my attorney. So far so good.
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Originally posted by @Dan Thomas:@William Timmons
I have seen Paul post about Craigslist in the past. I decided to give it a whirl. In 1 month I have gotten 4 - 7 night bookings over 5 inquiries and there are no service fees. I average 3 night stays with airbnb and VRBO. So far I've been impressed with CL. I have good STR insurance and I have them sign a rental agreement provided to me by my attorney. So far so good.
Do you list the ad in your local area, or in areas where you're trying to attract people from? Or both....
@Bruce Woodruff
I post in NH where my rental is. Honestly I haven't considered posting in MA, CT and NJ where alot of my guests come from. That is a good idea. Thanks!
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Originally posted by @Dan Thomas:@Bruce Woodruff
I post in NH where my rental is. Honestly I haven't considered posting in MA, CT and NJ where alot of my guests come from. That is a good idea. Thanks!
Ahaha...no problem. I just thought of it myself by asking the question....
@John Underwood so you don't use their smart pricing feature at all?
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Originally posted by @William Timmons:@John Underwood so you don't use their smart pricing feature at all?
Absolutely not.
My home is in Washington and I have all Airbnb and have had 1 guest via VRBO. I think it depends on what part of the country you are in as to which is more popular.
i will have to check out craigslist to see if that works in my area.
@William Timmons run don't walk away from abnb smart pricing
@Aaron Oetting any good articles or advice you would recommend for pricing your Airbnb?
@William Timmons
Find houses in your market that are similar to yours and use their pricing and occupancy data to determine your price. Be less money than them or provide more value to separate yourself. In my market providing linens and WIFI are two easy ways to separate from most of the competition. Those are probably expected in most markets.
@William Timmons price labs is a great ap. But it can get pretty in depth with all the options
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William,
Have you verified with your Insurance agent that the policy has no limitations on Short Term rental. Some of our carriers have guidelines that limit or restrict the Short term rental. Its worth a call to your agent to make sure.
I get about 2/3 of my stays from VRBO and 1/3 from AirBnb. The smart pricing on AirBnb benefits them, rather than me. I use BeyondPricing to manage the pricing at my units.
Originally posted by @Aaron Oetting:@William Timmons price labs is a great ap. But it can get pretty in depth with all the options
Add wheelhouse to that list of third party revenue management programs.
@Jonathan Avellaneda I have a similar experience. Almost all my guests are through Airbnb. Would like to get more through VRBO.
@Aaron Oetting
That's good insight, thank you! Have you used pricing tools like Airdna?
@Will Feetham I use airdna more when looking into new areas or for rough proof with lender justification. It's to broad an average to analysis a specific property