My 3 & 3 for Airbnb's in 2023

[Matt Osojnicki]

Are you looking to purchase a Short-Term Rental or increase your revenue for the coming summer? As a STR property manager who loves data driven results, here are my 3 and 3 for Airbnb. These hacks have boosted my revenue and created a space that separates our listings from the competition!

Furnishing:
Bedrooms - Want to create instant value to your home and increase revenue the quickest? Take your current homes office, study, or flex space and turn it into another bedroom to increase the amount of guests that can enjoy your home.
Hot Tub - If you haven't considered this option before now is the time. Hosts are trying to stand out amongst a competitive market and there's no better single addition you can make to a home than adding a spa. On average, we see a 15% increase in our annual revenue based on similar comped properties in our area.
Accent Walls - For 10 years Boho designs and other flat colored features have been the craze. As cozy and as warm this interior design may feel, everyone's listings are furnished in a similar manor these days. Our premortal selves are coded to recognize the movement and danger lurking in the grass. If you really want to stand out be the danger in the grass and mix it up. Try adding some darker modern industrial features to your property and showcase them! Your property will be guaranteed to stand out in front of the bland competition.

Listing:
Photos - Airbnb is psychological warfare. The first thing a guest will see is your featured photo. This HAS to be your best photo that describes your place with visual emotion. Even if a guest doesn't book your listing the amount of clicks you generate off a click bait photo boosts your conversion rate in the algorithm. Also, don't be afraid to interchange this photo for the seasons. 
Price - It's very important to run a comparative market analysis against other properties close by that share the same amenities. If your property offers a greater value then your competition then you're continuing to funnel the guests into booking Your Stay.
Reviews - The almighty judgmental 5 stars in the sky. As much as it makes me cringe, we must succumb to the review. All our guests care about is a high rating with plenty of reviews when booking. Here's my one hack to great reviews. Offer a product that exceeds a guests expectation after booking while providing timely customer service.

All of these tips and tricks will increase your nightly rates, occupancy, and annual gross income in just a few easy steps. 
Hope this helps some hosts out there as we head into the summer months of 2023 :) 

[John Underwood]

Making a sleeping area out of any area not designed for could work or it could be tacky. 

I don't have a hot tub at my Lake House. Hardly anyone else does. My calendar stays full and for top dollar so I do not need to add one as the return on investment would be near zero. Now if everyone else had one then I would need one to be competitive. If my occupancy numbers were poor then it might be helpful.