The short-term rental industry is on its way to recovery, with travel opening up in Sydney and all the major cities in the country. After more than a year of lockdown policies, people all over the world are excited to travel to their favourite destinations.
As more and more visitors book stays in your property, it’s important to keep track of how your Airbnb listing is performing. Your first priority should always be to keep your occupancy rates consistent, but another essential aspect of your property ownership is to keep an eye on key success metrics.
The Importance of Assessing Rental Success
The best investors keep a close eye on all their investments, big and small, which is why being conscious about your financial situation is essential. You should know how your short-term rental properties are performing if you want to continue making the most out of this investment.
Additionally, continuously assessing and re-assessing your rental metrics will tell you what areas need improvement and ways to take your investment to the next level.
Fortunately, there are several ways to assess your Airbnb’s performance. Read on for a comprehensive guide on how you can keep track of your short-term rental properties in Sydney.
Airbnb Professional Hosting Tools
The most accessible performance metrics are right on Airbnb’s platform. You can access your hosting dashboard by going to your account settings and clicking the Performance tab from the Professional Hosting Tools. From there, you can track historical, future, and real-time performance data for your listings.
There are five tabs available on the Performance page: Opportunities, Quality, Occupancy & rates, Conversion, Earnings, Superhost, and Cleaning. You can view performance data by time frame (up to 365 days in the past and projected future performance up to 180 days) or region (if you have multiple listings). You can also opt to compare your 5-star ratings to other listings in the area.
All owners and short-term rental property managers should take advantage of the wealth of data available right on the Airbnb platform. It’s best to always aim for higher performance metrics such as listing-to-booking conversions, average page views, occupancy rate, and the overall quality of reviews you get from your guests.
Remember to keep a level head about guest reviews, whether they’re positive or negative. Treat every booking and all customer insights as an opportunity for improvement and growth. The short-term rental industry is continuously evolving, so it’s crucial to go along with current trends and preferences.
Short Term Rentals in 2021
Airbnb’s new Opportunities tab also lists several tips for property owners to make listings more competitive as travel begins to pick up. You can update your listings with options for flexible bookings, hospitality tools, self-check-in options, hygiene-specific additions, and many more.
AirDNA and Alltherooms are two other platforms that offer performance data that can help you analyse how your rental property is faring in your area. You can study rental market trends to understand how the industry is evolving and what you can do to keep up. There are even metrics for future demand to help you set the perfect price at all times.
One of the best ways to set your short-term rental up for success is to keep a close eye on your property’s performance metrics in the long term and when compared to similar listings in your area. Thankfully, Airbnb’s platform makes all the critical data easy to access and track. Soon enough, your properties will be fully booked, and you’ll be rolling in the gushing reviews!
Managing a rental property can be complex and time-consuming, so you should hire a short-term rental property management company to help carry the burden. Own Better is a one-stop property management shop that can maximise the returns on your investment. Contact our experts today!