3 Tips for Maximizing Your Airbnb Property During Peak Seasons

What’s up guys, in today’s video, we’re going to talk about how you can maximise your Airbnb and short term rental performance during peak season, when bookings are flooding in, you want to make sure that you’re capturing all the potential revenue you can. And one huge mistake that I see property investors, property managers, anyone in the short term rental space making all the time is that they have this kind of bleeding neck problem that they’re not aware of where they’re getting booked up in high season, but unknowingly leaving a lot of money on the table, because they think that they’re doing as well as they could be, when in reality, they could be getting way higher nightly rates and way better occupants in than they are. So in this video, I’m going to share with you a few different strategies and tips that are going to help you to take all the money that you possibly can off the table during peak season. So number one, it’s important to understand the game that you’re playing in high season and how that differs from low season, the name of the game during low season is largely to maximise your occupancy rate, meaning that in most low seasons, you’re just really going to try to get your property booked up. Because how most people tend to fail is that they just don’t get booked up. The reality is in low season demand is far lower than supply. So it’s not necessarily about getting the highest possible nightly rate, as much as capturing some of the limited amount of demand that there actually is and getting your property booked. The name of the game is kind of the opposite in high season. In high season, there’s usually a surplus of demand, but more people looking for properties in a given area than there are properties for people to stay at. So it’s not so much about getting your property booked up. That’s almost a given during high season. The name of the game during high season, though, is to really optimise your nightly rates, and make sure that you’re capturing as much as high in nightly rate as you can as much revenue as you can when you do get your properties booked up. So that’s the first thing is just to understand that that is the name of the game. My second tip is going to be to open your calendar up far in advance of high season and start optimising your prices at least six months out in advance of high season, I see too many people that just wait to open their calendar up. And they think that it’s a better strategy to keep your calendar blocked off and then open it up last minute, when in reality, you’re far better off opening your calendar up and just setting high prices so that you start to get some really high dollar value bookings come in. And then only lower your pricing as you need to as you get closer to those dates. So you also don’t want to when you do this set your pricing sky high, I’m not talking about double or triple the nightly rate that you’d be okay with then just getting kind of screw you pricing on your listing, you want to set your pricing maybe 1015, potentially 20% above what you suspect a premium nightly rate would be for that night, and then go from there, you can always lower it, but you don’t want to set your pricing too low and then have to raise it. Because the reality is once your night gets booked up, you then lost it on the opportunity to raise your nightly rates. So set your prices on the more aggressive side for high season, open it up far in advance. And then if you need to, you can always lower your prices back down. A little tangent to this is for events, you might actually want to go sometimes two, three or four times your average like prime premium nightly rate, depending on how big the event is. I was recently talking with one of the investors that we work with. And he was talking about the Taylor Swift concert that’s coming into town. Now for that unprecedented huge amount of demand that’s going to be coming into the city, I actually did recommend setting rights rates to begin with at three or four times what you normally would for a premium night, because you can always lower it back down. But you’d be absolutely amazed at how high the nightly rates can go for some crazy events like that. So that’s your pricing, you want to open it up further in advance, you want to set premium pricing, guys just want to take a quick break here to say that for those of you watching, who want to build cashflow, and long term wealth by purchasing Airbnb and short term rental properties, there’s a link in the description right down below for a free training that will walk you through my exact strategy for investing successfully in Airbnb. Now, if you’re not ready to actually buy properties, and you want to get started managing other people’s properties on Airbnb the same way I got started and build a full time income managing other people’s properties. There’s actually another free training linked in the description down below as well. That’ll be a really great fit for you. So whether you want to invest in short term rental properties and actually build amazing cash flow and long term wealth by acquiring the assets, buying the properties themselves, or you’re looking to earn a full time income managing other people’s properties on Airbnb, we’ve got some awesome trainings that are linked in the description down below. That’ll definitely help you out. When you sign up for the trainings. We’re also going to send you a few other tools and resources completely for free just to help you get started. Again, the links to sign up are in the description down below. And both trainings and all the tools are completely free. So make sure to register for the trainings, links in the description. down below. And then the third tip that I have for you, that’s going to be really, really, really important to combine with this second tip is going to be to stay consistent, stay calm, stay cool. Don’t lower your prices. Crazy when you don’t get booked up. If you’re not getting booked up, you want to be having a pricing strategy that allows you to look at your your numbers and assess where you are on, I would recommend a weekly basis, you don’t need to do more often that because I find tends people to become more emotional, more fanatical about it, but less frequently not and you’re going to start to miss out on some opportunities. So once a week is ideal. And you want to have a data driven strategy that allows you to assess for any given months of the year where you are relative to where you should be. If you’re overbooked, then you want to increase your prices, if you’re under booked, you want to decrease your prices. If you’re right on pace where you should be, then obviously, you want to just keep your pricing consistent with where it is. And so you want to do this on a weekly basis. And again, stay calm, do not panic. In high season, again, I’m going to come back to the first point where the name of the game is really to get the highest nightly rate possible. So you don’t need to freak out if your nights aren’t fully booked. What I see all too often is that people again, try to really just get their calendar booked far in advance, so they can have some peace of mind. And they leave a lot of money on the table by doing so if you’re approaching certain set of dates, and they’re not booked up. Just realise that you can always start to lower your prices more and more, you can always run promotions last minute to get people in there. And the reality is a lot of people depending on the property, I’ll defer exactly what percentage but a lot of people are still going to be booking that property last minute. That’s not to say that you should hold out and wait until the last minute to do anything. But it is to say that you shouldn’t freak out if you have the odd day that’s not booked up when you’re maybe a week or two out from those dates in your calendar. So don’t freak out, don’t panic, you can always lower your rates more as you get closer to. But it’s better to do it consistently over time in small increments than waiting and doing just one huge drop in your pricing where you’re going to lose out on a lot. And also just realise that if you do have nights that sit vacant, it’s not the end of the world. What I’ve found is that most people stand to make a lot more in revenue on their property. By pricing higher and staying consistent having some nights go on booked than they do by pricing way lower and getting all their nights filled up. I always tell people as kind of a you know, a polar end example that you can make $100,000 a year with a short term rental by getting one night booked for $100,000 For that one night, or getting 365 Nights booked for whatever the nightly rate is there. Either way, you’re going to end up at the same destination for revenue. But all else being equal, you’d rather get that one single guest staying with you that’s gonna pay $100,000 for that night, then you would get all your nights booked up at a much lower nightly rate. So it’s oftentimes better in high season especially to get a few of your nights on booked and have really premium nightly rates for the nights that do get booked, then to have all your nights booked up and have your rates be lower as a result. So those are my tips. That’s what I found works really, really well for pricing during high season. If you follow those three fundamental tips, then you’re likely not going to be leaving much money if any at all on the table, you’re going to maximise your revenue in high season and that is definitely the best time to be maximising your revenue because there’s the most opportunity during high season. If you have any comments, any thoughts any questions, let me know in the comment section down below. If you liked this video, if it was helpful for you if you found that the tips were valuable, and it’s going to help you to make more money, or if you just want to do me a solid and help out with growing this channel then hit the like button down below the video as well. It does help me out tremendously with getting these videos in front of more people helping grow the channel overall. So if you just hit the like button, I really would appreciate it. 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