Must have to drive revenue for AirBnB/VRBO?

Question

Hey all -

Looking for feedback and "must-haves" for those in the short-term rental game. I am looking to acquire primarily single-family properties as well as provide more value and insights to investors seeking the same strategy (I am an agent fulltime). What are some key features that have made your property more desirable? How do you consistently generate bookings on Airbnb/VRBO? Approximately how much do you invest in furnishing the property in order for it to be highly desirable?

The article outlines that consumers desire these features:

• Reachable by car 
• Entire properties 
• Longer stays 
• High-end features
• Clean and Safe 
• Short Lead Times

Would love some insights from the short-term Pros out there!

** Inspired by the article posted in the latest BP Wealth Magazine - credit to Nicholas Barron for the article**

Zachary Beach · Answer

@Alexander Knowles the things are less important than the algorithms and pricing that’s where you make money in STR’s. Lots of people have tons of ￼ amenities and make no profits. ￼

Paul Sandhu · Answer

It depends on your market.  My market is 99% refinery contractors.  Welders, fitters, boilermakers, electricians and other such ruffians.  A full kitchen, washer/dryer and a place to S.S. & S. is all they need.  But I throw in wifi, smart tv, grills and an atmosphere like Hugh Hefner's mansion.

The other 1% of my renters usually ask me "why are there naked women all over the place?"

Daniel Johnson · Answer

@Alexander Knowles great topic! Ours are 100% unique design elements mixed with clear photography providing the potential guests a full understanding of the property. We also want to provide them clear information on how far they would be from particular attractions.

We don’t do over the top amenities, just basics like coffee, televisions and comfortable linens.

Lastly, allowing for pets is a huge benefit and certainly increases revenue and occupancy rates.

Collin Hays · Answer

It all depends on where the property is, and what market you are after.

I am in the Smokies, and I am after upper middle income renters.  So all of my properties are water front (more $$$).   I have all stainless appliances, leather furnishings, antiques, unique (and expensive) decor, game tables or arcades, large, smart TVs, wifi, and hot tubs.

But amenities are really only part of the game.  How professional are your photos?  How competitive are your rates?  How fast do you respond to inquiries?  How seamless is your reservation process?  How onerous is your payment requirement?

Lots of ingredients in this soup.  Just remember, the profit margins at the local tote-the-note car lot are often much larger than those at the BMW dealer across the street.  Know thy market.

Patricia Taveras · Answer

@Alexander Knowles

Hi Alexander. I'm sure "must haves" very by location, by property, and by guest. What we provide that many people mention they love:

Smart tv in every room

Coffee - drip and k cups

Great neighborhood

Pet friendly fenced in back yards

Entire house to themselves

Easy keypad entry

Not a must have - but our stand out feature is a pool table in each garage (insulated with heaters and AC units for comfort).  Some guests use it, some guests don't. But they are my favorite part!

Jessie Gonzales · Answer

This varies so much! It can depend on your market, your competition, the type of guest you want to attract, etc.

I’ve hosted a couple short term rentals over the years. My most successful one is one I bought back in May of 2020. Since May of 2020 it has only had two days of vacancies. It’s a garage apartment detached from the house. It is appx 400sq feet.

People seem to love that it is private and close to downtown.

Here is what I typically get for pros:

Private parking spot (fits 2 cars)

Keyless entry (combo touch pad)

Exterior security camera pointed near guest parking.

Sparkling clean interior

Entire place

Comfy bed

Full kitchen/full bathroom/living room/wifi

My typical type of guest is usually someone in the area for work looking for a place to stay. I’d say roughly 90% of them are traveling nurses because I live half a mile from a block of hospitals and physician offices.

Jonathan Stone · Answer

@Alexander Knowles

Others here have more direct information but I believe having a lot of reviews is very helpful. Obtaining large amounts of reviews quickly or very high reviews quickly seems to be an important step.

Justin Anderson · Answer

It depends totally on your market.

For example, in my market, hot tub is more important than high end furnishings.  And most people get shorter stays and don't want long ones.

Daniel Johnson · Answer

@Alexander Knowles - yes, we charge a pet fee. We find that $50-75 for the first pet and an additional $25-50 for each additional pet is a reasonable number. We find that the properties book further out(higher ADR) and we get the additional revenue from the pet. In addition, guests get to bring their pets, save money on not having to board them. It ends up being a win-win situation for everyone.

Collin Hays · Answer

We have a stand-alone website, and a good amount of our rentals come through that site.  We do not incentivize good reviews.

Must have to drive revenue for AirBnB/VRBO?

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