As professional vacation rental property managers in Canmore, we at Hydeaway Stay know that running an Airbnb can be a very profitable business, however, it takes more than just listing your property online to attract guests and maximize your revenue. In this article, industry veteran, John Brownlee will share some expert tips on how to boost your Canmore Airbnb revenue just in time for the peak season.
1. Competitive Analysis
The Canmore vacation rental market currently has 1800+ properties with many more brand-new builds due to come online this summer. Increased inventory can sometimes mean decreased demand so it’s important to stand out in a crowded competition. This is why it is crucial to conduct a competitive analysis. Use a spreadsheet and make note of similar properties in your area to see what they offer and how they price their rentals. This will give you an idea of what to do to make your Airbnb stand out from the competition. You can also use this information to adjust your pricing strategy and ensure you’re offering a fair price for your guests and securing maximum bookings.
2. Dynamic Pricing
Dynamic pricing is the latest buzzword going around the short-term rental (STR) industry, but what is it? Dynamic pricing is a strategy that adjusts your rental rates in real-time based on market demand and competitor behaviour. Using a service like PriceLabs or AIRDNA will automate this process by analyzing market trends for you so you can set your rental rates to match the demand for properties similar to yours. This means you can charge more during peak season and less during the slow season, which can help you maximize your revenue.
3. Flexible Cancellation
Offering flexible cancellation policies can be a big selling point for guests. The past three years have proven how consumer confidence has been adversely affected by unpredictability in the travel market. In uncertain times, guests want to know that they can cancel their reservation without penalty, or can easily rebook for another date if something unexpected happens. By offering flexible cancellation policies, you can attract more bookings and increase your revenue.
Offering a range of top amenities can make your Airbnb more attractive to guests and be the difference between them booking with you or the competition you identified in your competitive analysis. Consider offering:
- Free blazing-fast Wi-Fi
- Basic cable TV is fine but a smart TV with streaming services is even better
- Add a unique item to your already fully equipped kitchen like an espresso machine and get more bookings
- Adding a hot tub is not for everyone but our research shows this is one of the most highly searched amenities for Canmore vacation rentals
These and other premium short-term rental property amenities can set your property apart from the competition and justify a higher price point.
Isn’t this what makes the difference between us and hotels? We are proud of our property and our town of Canmore and we want guests to have an amazing time with us. Adding personalized touches to your Airbnb vacation rental can create a memorable experience for guests. Leaving a welcome note with a small gift, like a bottle of wine or a snack, can make guests feel welcome straight away. Personal touches and mid-stay checks to ensure everyone is happy can lead to positive reviews and repeat business.
6. Design and Quality Furnishings
Competition can be quite fierce at times and if you want to maximize your rental revenue stream then you may want to look at a redesign and updating to hotel quality furniture that will last. This can make a big impression on guests who are searching online for that unique and beautiful place to stay. Consider investing in the services of a designer and going with their suggestions to add quality furnishings, decor, linens, and toiletries (like the ones offered at Hydeaway Shop), to create a comfortable and stylish space. A well-designed Canmore rental can lead to positive reviews and repeat business.
7. Professional Photography, Video, and Staging
What comes after design and upgrades? Professional photography, video, and staging! Investing in quality imagery and video is an absolute must to help you showcase your Airbnb in the best possible light. Arranging furniture and décor in just the right way and adding a splash of colour with an accent wall can be just the strategies to us to make your listing stand out from the competition and attract more bookings.
8. Social Media and Online Marketing
Social media and online marketing can be powerful tools for promoting your Canmore vacation rental. Consider using platforms like Instagram, Facebook, and TikTok to showcase your rental and garner a personal following.
PRO TIP: Choose one platform to start, or hire a freelance social media expert if you need help.
These days videos like reels, stories and short clips are the most popular on these platforms. You can also use online ads to target specific audiences and increase your reach. Share wonderful guest reviews and promote any updates you have recently added to gain likes and influence!
9. Add-ons, Upgrades, & Upsells
Offering add-ons, upgrades, and upsells can increase your revenue per booking and can be accomplished before guests arrive using emails, calls, or texting. Consider offering additional services like mid-stay housekeeping, grocery delivery, or special occasion decorations for an extra fee. You can also upsell guests to a larger property or one with a premium view if you have more than one rental and open availability.
10. Guest Reviews and Feedback
Positive guest reviews and feedback are critical to your reputation and success as a Canmore vacation rental owner. They can be quite powerful as a marketing tool as well because they give a subjective account of stay experiences with you. Encourage guests to leave reviews and feedback by providing excellent service and amenities. Responding to reviews, both positive and negative, is just as vital as making sure guests write them and this can also help you improve your standing on the top sites and gain more bookings. An excellent reputation is priceless for owners of Canmore short-term rentals.
11. Discounts for Longer Stays
Offering discounts for longer stays can better and long-lasting guest experience while reducing the frequency of housekeeping cleans and other expenses. At Hydeaway Stay, we do recommend a touch-up clean once every two weeks at a minimum just to ensure guest satisfaction, replenish consumables and make sure the property is in good condition. Usually, discounts start for bookings that are a week or longer and can be very handy for maximizing your revenue by filling any gaps in your rental calendar.
12. Partner with Local Businesses
Partnering with local businesses and activity providers can help you attract more guests and offer unique experiences. Local restaurants, tour companies, or activity providers will not only offer your guests discounts or a special package, but they may also pay you a commission for sending business their way.
By implementing John’s expert tips, you can boost your Canmore vacation rental’s revenue and also create some pretty amazing memories for your guests that will keep them coming back again and again.
Then again, for some, the idea of implementing even a couple of these suggestions may seem pretty challenging. Don’t worry, Hydeaway Stay is here if you need professional help with property management. Contact us today to find out more about how we can help you with this and more.
