Seeking Advice on Boosting STR Occupancy and Revenue in Downtown Miami

Member since 2024 · 5 posts · 3 votes

Hello everyone,

A family member of mine owns a short-term rental property in Downtown Miami and is looking to increase both occupancy rates and revenue. I’d greatly appreciate any tips, strategies, or insights you might have to help improve these metrics.

https://www.airbnb.com/rooms/1190498899249740651?guests=1&adults=1&s=67&unique_share_id=8c890f50-8be8-484a-baac-c7844f26a1b1

Thank you in advance for your help!

Best regards,

Luis Palacios!

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Salvatore Ross

Property Manager · Miami, FL · Member since 2021 · 48 posts · 26 votes

Hey Luis, I live in Brickell very close to this property and also manage properties in South Florida.

Does your family member leverage a dynamic pricing tool like PriceLabs? If so, are they regularly making changes and optimizing within the tool? I also leverage a tool called Intellihost which helps with pricing strategy and conduct A/B Testing with listing changes.

The listing description seems to be just a paragraph. I would segment it into bullet points highlighting the unit and amenities of the building. Highlight local attractions as well.

Please let me know if you have any questions or need help!

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Salvatore Ross
Property Manager · Miami, FL · Member since 2021 · 48 posts · 26 votes
2y
Hey Luis, I live in Brickell very close to this property and also manage properties in South Florida.
Does your family member leverage a dynamic pricing tool like PriceLabs? If so, are they regularly making changes and optimizing within the tool? I also leverage a tool called Intellihost which helps with pricing strategy and conduct A/B Testing with listing changes.
The listing description seems to be just a paragraph. I would segment it into bullet points highlighting the unit and amenities of the building. Highlight local attractions as well.
Please let me know if you have any questions or need help!
2 Reply
Julia Lyrberg
Lender · TX · Member since 2024 · 308 posts · 197 votes
2y
One great tip I received from Rob Abasolo is to invest more into your existing property to maximize revenue. Short-term rental guests love entertainment, so consider adding features that make your property more appealing. Enhancing your current property can often give a higher ROI than purchasing a new one. Get creative! If you need help with ideas, You can upload photos of your property to ChatGPT asking for ideas of how to make it more attractive to tenants.
1 Reply
Luis Palacios
OP
Member since 2024 · 5 posts · 3 votes
2y
Quote from @Salvatore Ross:

Hey Luis, I live in Brickell very close to this property and also manage properties in South Florida.
Does your family member leverage a dynamic pricing tool like PriceLabs? If so, are they regularly making changes and optimizing within the tool? I also leverage a tool called Intellihost which helps with pricing strategy and conduct A/B Testing with listing changes.
The listing description seems to be just a paragraph. I would segment it into bullet points highlighting the unit and amenities of the building. Highlight local attractions as well.
Please let me know if you have any questions or need help!
Hi Salvatore,
Thank you very much for your response! My family member does use PriceLabs as a dynamic pricing tool, and I'm curious about Intellihost. Do both tools work well together? I’d love to learn more about your experience with A/B testing and how Intellihost helps with pricing strategies.
Looking forward to your insights, and thanks again!
Best regards,
Luis

0 Reply
Luis Palacios
OP
Member since 2024 · 5 posts · 3 votes
2y
Quote from @Julia Lyrberg:

One great tip I received from Rob Abasolo is to invest more into your existing property to maximize revenue. Short-term rental guests love entertainment, so consider adding features that make your property more appealing. Enhancing your current property can often give a higher ROI than purchasing a new one. Get creative! If you need help with ideas, You can upload photos of your property to ChatGPT asking for ideas of how to make it more attractive to tenants.

Hi Julia,
Thank you for the great tip! I appreciate the advice and I’ll definitely keep that in mind.
Best regards,
Luis

0 Reply
Salvatore Ross
Property Manager · Miami, FL · Member since 2021 · 48 posts · 26 votes
2y
Quote from @Luis Palacios:

Quote from @Salvatore Ross:

Hey Luis, I live in Brickell very close to this property and also manage properties in South Florida.
Does your family member leverage a dynamic pricing tool like PriceLabs? If so, are they regularly making changes and optimizing within the tool? I also leverage a tool called Intellihost which helps with pricing strategy and conduct A/B Testing with listing changes.
The listing description seems to be just a paragraph. I would segment it into bullet points highlighting the unit and amenities of the building. Highlight local attractions as well.
Please let me know if you have any questions or need help!
Hi Salvatore,
Thank you very much for your response! My family member does use PriceLabs as a dynamic pricing tool, and I'm curious about Intellihost. Do both tools work well together? I’d love to learn more about your experience with A/B testing and how Intellihost helps with pricing strategies.
Looking forward to your insights, and thanks again!
Best regards,
Luis

Both tools go hand and hand with each other, they actually integrate with one another. Intellihost gathers data of the area and similar listings and will automatically adjust pricing for you in PriceLabs. So, essentially it takes out a lot of the guessing and constantly looking at your competition to get you more bookings. The A/B testing aspect syncs directly with your AirBnb listing. Once you make a change in AirBnb it automatically tracks that change in Intellihost. It will tell you if that change increased/decreased clicks & First Page Impressions & Booking Rate overtime.
1 Reply
Andrew SteffensBusiness Member
Tampa, FL · Member since 2022 · 4k+ posts · 3k+ votes
2y
I am in Tampa so different but similar market. I second the idea of watching pricing. I use RevMax + live revenue manager who checks pricing daily and a unfamiliar with the limitations of PriceLabs. I would be checking pricing as close to daily as possible.
The next thing is getting on more platforms than just Airbnb. VRBO and Booking.com as a minimum. Furnished Finder if near a hospital.
You can always add more amenities but you would have to calculate ROI.
Best of luck!
[email protected]813-563-0877
Vacation Rentals of Florida53 Reviews
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2 Reply
Monique P.
Member since 2023 · 88 posts · 62 votes
2y
Hi Luis,

Nice of you to help your family by bringing fresh ideas. ;-)

I recommend picking a different hero photo. The other apartment windows & balcony facing the bedroom will not be as appealing as some of the other photos offered on the listing.

Also, the first 5 photos are the most important. For example, I'd bring in one of those pool pictures that is at the end. You want travelers to stop scrolling on your listing so you need to make the top 5 photos very engaging!

Adding some silk plants for pops of green would be helpful. As well as getting some colorful artwork on the walls for a splash of color will help listing stand out and feel more inviting.

All the best!

2 Reply
Luis Palacios
OP
Member since 2024 · 5 posts · 3 votes
2y
Hi Monique,

Thanks so much for your feedback and suggestions! I really appreciate your fresh ideas.
Best regards,
Luis!
1 Reply
Garrett BrownPro Member
Rental Property Investor · Houston, TX · Member since 2024 · 519 posts · 560 votes
2y
Hey Luis! Welcome to the forums. There is a lot of good feedback here already. I have a few thoughts on the place. It's a great location and has potential.
1) I think the place lacks any flair. It looks like a very simple or basic apartment, and it needs some serious design pieces. It needs to feel more like an Airbnb. Explore amenities like Video games, dartboards, etc. Look into pops of color, fake plants, and ways to make it feel less sterile.
2) The reviews are not good to start. I would address these issues people are having and even explore starting fresh with a new listing.
3) I would find something local to offer by partnering with a local business to give a discount for maybe something like jet ski rentals, restaurants, etc.
[email protected]
2 Reply
Luis Palacios
OP
Member since 2024 · 5 posts · 3 votes
2y
Hey Garret, thanks for the feedback! I really appreciate you taking the time to share your thoughts. You're absolutely right and there’s definitely a lot of work to be done in this unit.
Best regards,
Luis!!
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