Get your geek on! How to interpret the stats to unlock your SuperHost power!
Yes, we love data! What we really love about the data we provide is how it can help Hosts to maximise their investment in their vacation rental property. As former Hosts ourselves we know just how hard it can be to get your vacation rental high up in searches on Airbnb or perhaps you’re really trying to reach SuperHost status. In this blog we explain what our data covers, how to best interpret it and how it can help you maximise your Airbnb or vacation rental business.
How are Relevant Listings Determined?
A few factors help us determine which listing is active, and which is not. Other factors that determine the relevance of a listing include the number of reviews, the last review date among other indicators. Another critical factor is to effectively point out listings from the actual city versus listings from the area; indeed, Airbnb’s search filters will most of the time include listings from bordering cities, which of course impacts the end result. Therefore, bnbstat.com has developed a refined algorithm in order to present to its Customers accurate city reports by researching results per neighbourhood, if requested.
Why is the Total Number of Guests so Important?
The total number of Guests can be of high importance sometimes in terms of revenue. When you have an important event in your city, search for the estimated number of total attendees, look for the number of hotel rooms available and the number Airbnb listings available, and it will give you a benchmark; if you have many more attendees than there are rooms available in your city, you can significantly increase your price per night.
We have seen cases where Hosts were able to triple and quadruple the price per night!
Why Do Beds Matter?
The number of beds in a property can significantly increase your revenues! 3 beds are in high demand as more and more families decide to rent BNBs rather than hotels.
Estimated monthly revenues – how is it evaluated?
The revenues are computed per beds available in an entire property, as we believe that the number of beds is the most relevant factor in terms of Guests’ interests and therefore prices and many other factors will be directly impacted by bed numbers. It is calculated as following:
Average price per night multiplied by 30 day multiplied by Yearly bed occupancy in town with a 10% Error margin.
Estimated revenue per property type – how is it evaluated?
If rented on a short-term basis, an entire home/apt brings significantly higher revenues on a monthly basis, instead of renting the property to full-time tenants.
A private room has an average monthly occupancy rate of 65-67%, and a shared room averages at 40%, computed with a 10% margin of error.
Discount or No Discount?
Weekly and Monthly discounts are quite common but not a decisive factor when Guests book your property, especially for shorter trips. Usually, Guests who are planning to stay more than two weeks tend to automatically ask for a discount. Economically speaking, it is not really relevant to offer high weekly or monthly discounts. However, when Guests are scooping for long stays, Airbnb’s algorithm will push forward listings offering discounts.
Price versus Ratings
Prices vary throughout the year, mainly depending on the demand. A high demand can create some inconsistencies in prices. Low-rated properties tend to have a higher average price, which is not logical. Many reasons could affect the numbers here. Either there is a very high demand at the time the prices were seized, or low-rated property managers have a lack of experience and are pricing in an inconsistent, hence their lower ratings.
Price versus Minimum Stay
Hosts have a tendency to increase prices for longer stays, except for 6 days and more than 8 days. We believe it is because Hosts have an advantage to allow shorter stays and at the same time decrease prices for the upcoming days in order to fill gaps in their nearby calendar, and boost their revenues.
An ideal strategy would be for Hosts to allow longer stays (minimum 7 days) only in the long-term, and decrease the range as time passes, if their calendar is still not full. This will bring a certain consistency in your agenda and allow you to plan more efficiently your upcoming reservations. It will also increase revenues and decrease your amount of work, as you will have the same amount of nights sold, but yet less check-ins and checkouts to handle.
Cleaning Fees – top tip!
The impact of lowering your Cleaning fees but charging a small amount per extra Guest per night is huge, and yet brings the same revenue, if not higher revenues for the Host!
Minimum and Maximum Stays
Airbnb allows Hosts to customize their calendar in many ways. Take advantage of it! In the long term, it is recommended for you to set longer minimum stays and adjust your calendar to a monthly basis.
We recommend you to set your minimum stay as 1-night for the upcoming 30 days, as it is highly valued by Airbnb’s search engine and will improve your ranking.
Amenities are of course a game changer in renting out your property. The more you have, the higher amount of Guests you will reach! Be sure to have at least the most popular ones, such as Wi-Fi, heating, basic amenities in your kitchen and toiletry essentials. Be sure to know who to call if your Wi-Fi is down!
Rating is Everything!
The Shared Economy offers a high level of transparency, and you might want to take action in order to keep the pace. A high number of ratings brings your listing up in Airbnb’s search engine, and of course, the more stars your listing have, the better chance it will be booked!
What is The Pulse?
The Pulse shows you the most frequently used words and expressions that appear in comments left by Guests who stayed in your city. These are very strong indicators of what Guests like and dislike about your city, and about holiday rentals in general. Airbnb Guests are composed of all sorts of people, from all over the world. Therefore, this Pulse is a strong, standard benchmark for short-term rentals in your area.
How is the Pulse determined?
Our algorithms scan local comments by keywords in 7 different languages, plus some local keywords such as famous points of interest (in red if any significant word). We will search for popular monuments, famous beaches and more. He
Why is it so important?
Comments are the core of this game. The more positive comments you have, the higher the chances your property will get booked and the higher your revenues will be. The Pulse brings you a true emotional sample of the market. This is exactly what your Guests want or don’t want, not only in numbers but also in words. Use these indicators and make sure that they stand out in your listing’s title and description, it will have a tremendous impact on your listing and attract more attention.