Updated: September 17, 2024
Attracting guests during the low season is one of the challenges every vacation rental faces. It’s that time of the year when property managers must rethink their revenue management strategy to stay profitable. So, what should you do if your short-term rental bookings are low?
9 Strategies to Use When Short-Term Rental Bookings Are Low
The solution for off-season bookings lies in a flexible plan that responds to market changes. Let’s examine effective property management strategies when short-term rental bookings are low.
Analyze the Reason Behind Low Bookings
Every season brings new reasons to travel. So, monitoring vacation rental KPIs (Key Performance Indicators) is vital to fill your STR spaces.
Regularly analyzing your vacation rental’s performance will help you understand and define the low seasonal vacation rental pricing for your listing. Moreover, you’ll identify the factors influencing non-peak demand.
Start with tourism trends and weather conditions in your location. Further, check what your competitors are offering in your listing area. Monitoring local trends using the PriceLabs data reporting tools will help you make informed decisions.
Adjust Length of Stay Requirements
Usually, people plan short trips during the low travel season. That said, reduce minimum stay length restrictions on your property listings at the off-peak time of the year.
For instance, update your 5-night minimum stay policy to 2 days. This tactic will grab the attention of travelers who prefer short weekend breaks or last-minute vacations.
Drop Down Minimum Nightly Price
Let’s be honest: Low season demands lowered rates. Pricing too high during these periods leads to missed opportunities. However, your vacation rental pricing strategy must improve bookings without hampering overall profitability.
It’s advisable to experiment with a 5-20% reduction in your minimum nightly pricing and monitor its effect on the occupancy rate. Property managers usually use the vacation rental dynamic pricing tools to analyze market conditions and comp rates before deciding their minimum price for the low season.
A Reddit user said he dropped the rates by 15% on his Airbnb home for winter lows using the PriceLabs Dynamic Pricing tool.
Reoptimize Your Listing
If your vacation rental is experiencing low occupancy during peak demand season, reevaluate your property listing’s health on Airbnb. Reworking on your listing will maximize discoverability, leading to better conversions.
Optimize your Airbnb listing description and title with relevant keywords based on the non-peak market trends. Mentioning the proximity of an upcoming local event to your property in your description will also attract potential guests.
Besides, highlight your USPs with high-quality Airbnb photos to reflect what the guests will experience and see in the current season.
As the host of Airbnb ABCs said, “Your property’s cover photo must stand out when people scroll hundreds and thousands of listings. Whether it’s unique seasonal views or a desirable inside pool, put it out there for people to see.”
Make Small Upgrades to the Property
Adding some of the best Airbnb amenities will enhance the property’s appearance and entice off-peak period guests. One-of-a-kind amenities will also help you outperform competitors in your region.
Emphasize upgrades that potential guests would prefer in the low season. A detailed chart on the PriceLabs Market Dashboard will help you assess the common and most desired amenities among travelers in your area.
Let’s say a hot tub or the inclusion of indoor activities at a mountain cabin to boost bookings if your local area has a low winter season. If you’re targeting digital nomads, create a laptop-friendly workspace with a coffee machine. Or add festive decorations in your garden or dining area if the off-season in your location falls during Christmas.
Upsell to Enhance Guest Experience
Going above and beyond creates an unforgettable Airbnb experience for your guests, leading to repeat bookings and referrals. For example, extending your regular check-out time to 3 hours will add a wow factor for visitors.
Ensure the chosen services suit each season and guests’ preferences.
Like Tony & Sara Robinson said on their podcast, adding cakes, balloons, flowers, or a champagne bottle for guests celebrating their special occasion is an excellent upselling option for property managers.
Exceptional guest service also means positive reviews on Airbnb.
Launch Discount Offers
Consider seasonality-focused offers for increasing off-season vacation rental bookings. According to the Booking.com survey, around 63% of travelers like deals, while 61% prefer advance vacation planning.
So, offering exclusive discounts to people who book in advance for the off-season is an excellent idea to boost occupancy rates. Weekday offers will be perfect to attract people planning short breaks.
Besides, email non-peak season deals to guests who have stayed in your property before to build long-term relationships.
Partner with Local Businesses
When short-term rental bookings are low, give your guests opportunities to explore the local culture and attractions. So, partner with local tour operators to promote travel packages.
Contact local event organizers and propose an offer to become an accommodation partner. Another great idea is collaborating with nearby restaurants to host a private dining service for couples.
The goal is to enhance their stay with unique or personalized local experiences.
Boost Visibility on Social Media
During the slow period, highlight the views and newly added best Airbnb amenities on your social media page. Instagram Live is a superb feature to showcase your vacation rental’s USP.
Reshare guests’ personal stories and experiences on your feed when they book your STR home in low seasons. Further, engage with your followers by responding to their comments and messages to build a positive online presence.
Use PriceLabs Market Dashboard To Understand Market Trends and Enhance Bookings
Property managers who integrate the PriceLabs Market Dashboard gain an edge in their local area through in-depth competitor and vacation rental market analysis.
Here’s why you need this tool if your short-term rental bookings are low
- The tool provides insight into local booking patterns and missing opportunities, including cancellation policy for vacation rentals, popular cleaning fees, weekly/monthly discounts, extra-person fees, and most desired amenities.
- The graphical representation also allows you to search and review demand trends for specific amenities before upgrading your STR homes.
- Analyze historical booking data and future occupancy rates for the slow season on particular dates.
- The charts enable you to compare your minimum stay restrictions with the average length of stay in your local region during the non-peak period.
- Thorough comparison metrics help property managers create comp sets and refine their nightly seasonal pricing for Airbnb.
This video tutorial will help you understand how the PriceLabs Market Dashboard works.
Frequently Asked Questions
1. Why are we not getting bookings on Airbnb?
Several factors drop bookings on Airbnb listings, including current market demands, seasonality, nightly price, responsiveness, reviews, trust, LOS, comp rates, and amenities. Use the PriceLabs Market Dashboard to spot the real reasons for decreasing occupancy rates for your Airbnb property.
2. How do I increase my midweek booking on Airbnb?
Release weekday deals, target business travelers, activate instant booking, reduce the minimum length of stay, drop nightly rates, or upsell extra guest services to entice more guests on Airbnb during midweek.
3. How to make money off Vrbo?
Track changing local area demands and guest preferences regularly. Updating nightly rates and listings while providing apt amenities will maximize your occupancy rates on Vrbo throughout the year.
4. What is the busiest month for holiday bookings?
Usually, June – August and November – February are the peak travel seasons.
Bottom Line
Adaptability is key for the slow travel season. Optimizing STR revenue strategies based on vacation rental seasonality and guest demands will allow property managers to manage low occupancy rates.
You must streamline your vacation rental business by integrating data-driven solutions to set competitive rates that attract target guests.
About PriceLabs
PriceLabs is a revenue management solution for the short-term rental and hospitality industry, founded in 2014 and headquartered in Chicago, IL. Our platform helps individual hosts and hospitality professionals optimize pricing and revenue management, adapting to changing market trends and occupancy levels. With dynamic pricing, automation rules, and customizations, we manage pricing and minimum-stay restrictions for any portfolio size. Prices are automatically uploaded to preferred channels such as Airbnb, Vrbo, and 100+ property management and channel integrations. Every day, we price over 350,000+ listings globally across 135+ countries, offering world-class tools like the Base Price Help and Minimum Stay Recommendation Engine. Choose PriceLabs to increase revenue and streamline pricing and revenue management. Sign up for a free trial at pricelabs.co today.
