As an Airbnb host you have to get used to the fact that you’re going to have to learn and multi-task. Unless you want to be a one trick pony. And not only that, you’re going to have to acquire several business skills in order to handle your business properly. Today, we wanted to share with you a few tips on how to be better at managing your revenue. With the help of these little tricks, you’re going to not only manage your revenue better, but use those managing skills to get an even better income. So, how do you do it?
- Don’t Leave It up to Chance
It’s essential to make a plan of your goals and objectives, and determine the right revenue budget and targets in advance. It’s important to always look in the future, and plan ahead, because that’s what this business is like. It’s competitive and it evolves all the time, and you have to be one step-ahead of every aspect of the game, if you want to be the winner. And who doesn’t want to?
This is important: your objectives should be measurable, realistic, relevant, and attainable. Take into account all the expenses and income, but also make a list of all the possible improvements that need to be done, any additional unforeseen costs that might occur, your marketing plan and strategy etc. You can’t manage your revenue properly, if you don’t have a PLAN.
- Who Risks…
Wins? Truth be told, not all the time, but risking can be good sometimes, especially if you’re just starting of your new business, want to become the best Airbnb host ever, and at the same time manage your own revenue to create a solid stream of income at all times.
But in order to do that and find your unique formula for success, you need to take risks. If you get it right the first time, well, you’re awesome! But, if you don’t you have to take a few risks in order to figure out what works for you. This may include changing the design of your Airbnb, the prices, length of stay, basically, anything that you have to offer.
Think about it, if you don’t risk it and stay in your comfort zone, how will you know if you can do better?
- Pay Attention to Habits
And by this, we mean the habits of your target clientele. By now, you must know that most of Airbnbs target a certain clientele, based on several factors. And, if you are targeting the right clientele, you have to get to know how the make bookings and adjust your pricing strategy according to their habits. So, there could be a group of clients that books everything in the last minute, or the group that like to be early birds and book everything far in advance.
If you don’t know this, you’re not researching the market enough. Take some time, or hire someone to do this for you. However, if you’re really keen on doing it yourself, always keep track of how they book and when they book in order to get the best outcome you can.
- Find Your Place Online
No matter which generation you belong to, you can’t avoid the Internet for long. In fact, you can’t avoid it at all, because Internet is essential for your success. You’d get an even higher revenue if you advertise your business through social media platforms, whether it is Facebook, Instagram, Youtube, Twitter or LinkedIn. You need to put yourself out there.
This can include having your own website as well as linking with other influentials who are trying to achieve the same thing as you are. Your online presence is crucial, because that’s the only way you’re going to maintain connections, as well as build new ones, in this fast-paced world.
- Stronger Connections, Higher Revenues!
You’ll hear many entrepreneurs say that nurturing business relationships and developing a strong network of business people to collaborate with is essential for every entrepreneur in the making. In the hospitality industry, it’s important to stay on top of you relationships with guests, making sure that they have a great experience and want to come back again.
On the other hand, you have to maintain relationships with your business partners, assuming that you have any. This might be a cleaning and preparation service, or a marketing expert, but whoever it is, you have to keep these relationships strong in order to achieve the most effective strategy in revenue management.
Finally, there are those relationships that you create online. Reputation is everything, especially online where only one negative review or comment can leave everyone wondering whether you’re really that great or not. So make sure that you maintain the relationships you’ve created online because they are just as important as the ones you create in real life!
- Stay On Top of the Game
Revenue management is a very important aspect of managing an Airbnb, so if you have the chance or finances to visit conferences and seminars, that might help you develop your managing skills, why not? These events always keep you up to date with the latest trends, as well as give you great advice on what you can do at that exact moment to improve your revenue management strategy. Take advice from the pros from time to time, and you’ll see your business change – for the better.
Research, plan, collaborate, connect, and innovate. If you really want to take your revenue game to another level, then follow these tips. It’s not going to happen overnight, because it does take some time to re-strategize and start practicing what you’ve learned. However, the results will follow and soon you’ll be loving the management game.
Have you got any tips for us? Feel free to share, sharing is caring!